Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today reported its financial results for
the fourth quarter and year-end 2011.
Plug Power is pleased to announce its order results for 2011.
For the full year, Plug Power received orders for $46.1 million
from material handling customers; $18.1 million worth of those
orders were received during the fourth quarter. The 2,503 GenDrive
unit order total in 2011 represents almost a five fold increase
over the 543 GenDrive unit orders in 2010.
The 2011 orders include:
- First time customers in North America: Associated Wholesale
Grocers , Proctor and Gamble and Kroger;
- Repeat customers in North America: Walmart Canada, Walmart USA,
Sysco, Coca-Cola, Wegmans and BMW; and
- Global expansion into Europe: Air Liquide, who received Plug
Power's first CE-certified products.
Plug Power enters 2012 with a backlog of more than 1,900
GenDrive units representing approximately $36.0 million in
revenue.
The Company now has more than 2,000 GenDrive fuel cell units
deployed at live customer sites. Units shipped during the fourth
quarter include its next-generation GenDrive architecture products.
The new offering is designed to increase reliability and improve
lift and towing capacity. The simplified GenDrive features 30
percent fewer components; GenDrive product options now provide
customers with a flexible, more cost-effective solution to meet
fleet requirements.
In 2011 Plug Power announced the formation of a joint venture
with Axane, an Air Liquide subsidiary to develop the European
market for fuel cell powered forklift trucks. The JV formation was
finalized in February 2012 and is formally known as HyPulsion. Plug
Power projects that the market opportunity in Europe is larger than
North America.
"The sales momentum that the Company experienced in 2011 is
continuing in 2012," said Andy Marsh, CEO at Plug Power. "The fuel
cell industry is going through a full-fledged renaissance, as
applications from lift trucks to automobiles to on-site power
generation become more broadly deployed. Our technology provides
sustainability and measurable operational benefits to our
distribution and manufacturing customers, driving GenDrive unit
adoption and contributing to the overall success of the fuel cell
market."
Financial Results
Net loss for the fourth quarter of 2011 and year ended December
31, 2011 was $7.2 million and $27.5 million, respectively. On a per
share basis the loss for the quarter and the year was $0.32 and
$1.46, respectively, on a basic and diluted basis. This compares
with a net loss of $8.6 million, or $0.65 per share, for the fourth
quarter of 2010 and net loss of $47.0 million, or $3.58 per share
for the full year 2010.
Total revenue for the fourth quarter and year ended December 31,
2011 was $11.9 million and $27.6 million, respectively. This
compares to total revenue of $6.2 million and $19.5 million for the
same periods of 2010. Product and service revenue for the
fourth quarter and year ended December 31, 2011 was $11.3 million
and $23.2 million, respectively. This compares to $5.5 million
and $15.7 million for the same periods of 2010. Research and
development contract revenue for the quarter and year ended
December 31, 2011 was $0.5 million and $3.9 million,
respectively. This compares to $0.7 million and $3.6 million
for the same periods of 2010.
Total cost of revenue for the fourth quarter of 2011 was $12.2
million, comprised of $11.5 million for product and service cost of
revenue and $0.7 million for R&D contract cost of revenue. For
the full year 2011, total cost of revenue was $36.9 million,
comprised of $30.7 million for product and service cost of revenue
and $6.2 million for R&D contract cost of revenue. Prior
year comparable numbers for the fourth quarter were $9.0 million
for total cost of revenue, comprised of $7.9 million for product
and service cost of revenue and $1.1 million for R&D contract
cost of revenue. Prior full year comparable numbers were $29.5
million for total cost of revenue, comprised of $23.1 million for
product and service cost of revenue and $6.4 million for R&D
contract cost of revenue.
R&D expenses for the fourth quarter and year ended December
31, 2011 were $2.0 million and $5.7 million,
respectively. This compares to the fourth quarter and year
ended December 31, 2010 of $0.9 million and $12.9 million,
respectively. The overall decline in R&D expenses is
related to our corporate restructuring plan, and our transition
from a development stage enterprise focused on research and
development to a company focused on the commercial production of
our products.
Selling, general and administrative (SG&A) expenses for the
fourth quarter and year ended December 31, 2011 were $3.5 million
and $14.5 million, respectively. This compares to SG&A
expenses in the fourth quarter and year ended December 31, 2010 of
$7.7 million and $25.6 million, respectively. These figures
include charges of $3.7 million and $10.2 million for the fourth
quarter and year ended December 31, 2010 for restructuring charges
and related asset write-offs in Plug Power Canada. Additionally,
$0.6 million was expensed for amortization of intangible assets
during the fourth quarter of 2011 compared to $0.6 million for the
fourth quarter of 2010. For the full year, $2.3 million was
expensed for amortization of intangible assets compared to $2.3
million in 2010.
Gain on sale of assets for the year ended December 31, 2011 was
$0.7 million. In December, 2010, the Company assigned all of
its rights, title and interest in its leased property to Somerset
Capital Group, Ltd. (Somerset). During the quarter ended
September 30, 2011 the contingent provisions of the assignment were
met, and the remaining gain on the transaction was recognized. Gain
on sale of assets was $3.2 million for the fourth quarter and year
ended December 31, 2010. Effective October 26, 2010, the Company
licensed the intellectual property relating to its stationary power
products, GenCore® and GenSys®, to IdaTech plc on a non-exclusive
basis. As part of the transaction, Plug Power also sold
inventory, equipment and certain other assets related to its
stationary power business. Total consideration for the
licensing and assets was net against costs incurred to close the
deal, and was recorded to gain on sale of assets.
Cash and Liquidity
Net cash used in operating activities for the fourth quarter and
year ended December 31, 2011 was $14.2 million and $33.3 million,
respectively. On December 31, 2011, Plug Power had cash and cash
equivalents of $13.9 million and net working capital of $19.4
million. This compares to $21.4 million and $23.7 million,
respectively, at December 31, 2010.
The accompanying financial statements and reconciliation tables
provide additional information on the Company's year-to-date
performance as it relates to the full year 2011 milestones
previously announced.
Conference Call
Plug Power has scheduled a conference call today at 10:00 am ET
to review the Company's results for the 2011 fourth quarter and
year-end results. Interested parties are invited to listen to the
conference call by calling 877.407.8291.
The webcast can be accessed by going directly to the Plug Power
Web site (www.plugpower.com) and selecting the conference call link
on the home page. A playback of the call will be available
online for a period following the call.
About Plug Power Inc.
The architects of modern fuel cell technology, Plug Power
revolutionized the industry with cost-effective power solutions
that increase productivity, lower operating costs and reduce carbon
footprints. Long-standing relationships with industry leaders
forged the path for Plug Power's key accounts, including Walmart,
Sysco and Coca-Cola. With more than 2,000 GenDrive units
shipped to material handling customers, accumulating over 5.5
million hours of runtime, Plug Power manufactures tomorrow's
incumbent power solutions today. Additional information about Plug
Power is available at www.plugpower.com.
The Plug Power Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Plug Power Inc. Safe Harbor Statement
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding increased reliability and
improved lift and towing capacity of Plug Power's GenDrive product,
and Plug Power's expectations regarding its HyPulsion joint
venture. These statements are based on current expectations that
are subject to certain assumptions, risks and uncertainties, any of
which are difficult to predict, are beyond Plug Power's control and
that may cause Plug Power's actual results to differ materially
from the expectations in Plug Power's forward-looking statements
including the risk that unit orders will not ship, be installed
and/or convert to revenue, in whole or in part; the cost and timing
of developing Plug Power's products and its ability to raise the
necessary capital to fund such development costs; the cost and
availability of fuel and fueling infrastructures for Plug Power's
products; market acceptance of Plug Power's GenDrive system; Plug
Power's ability to establish and maintain relationships with third
parties with respect to product development, manufacturing,
distribution and servicing and the supply of key product
components; the cost and availability of components and parts for
Plug Power's products; Plug Power's ability to develop commercially
viable products; Plug Power's ability to reduce product and
manufacturing costs; Plug Power's ability to successfully expand
its product lines; Plug Power's ability to improve system
reliability for GenDrive; competitive factors, such as price
competition and competition from other traditional and alternative
energy companies; Plug Power's ability to manufacture products on a
large-scale commercial basis; Plug Power's ability to protect its
intellectual property; the cost of complying with current and
future governmental regulations; and other risks and uncertainties
discussed under "Item IA-Risk Factors" in (i) Plug Power's annual
report on Form 10-K for the fiscal year ended December 31, 2010,
filed with the Securities and Exchange Commission ("SEC") on March
31, 2011 and (ii) in Plug Power's quarterly report on Form 10-Q for
the quarter ended September 30, 2011 filed with the SEC on November
9, 2011, as well as in the other reports Plug Power files from time
to time with the SEC. Plug Power does not intend to, and
undertakes no duty to update any forward-looking statements as a
result of new information or future events.
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Plug Power Inc. |
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Financial Highlights |
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Balance Sheets (Dollars in
thousands): |
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(unaudited) |
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December 31, 2011 |
December 31, 2010 |
Assets |
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Current assets: |
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|
Cash and cash
equivalents |
$ 13,857 |
$ 10,955 |
Available-for-sale
securities |
- |
10,403 |
Accounts
receivable |
13,389 |
4,196 |
Inventory |
10,355 |
10,539 |
Assets held for
sale |
- |
1,000 |
Prepaid expenses and
other current assets |
1,894 |
1,585 |
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Total current
assets |
39,495 |
38,678 |
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Restricted cash |
- |
525 |
Property, plant and equipment,
net |
8,687 |
9,839 |
Investment in leased
property |
- |
263 |
Intangible assets, net |
7,474 |
9,872 |
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Total assets |
$ 55,656 |
$ 59,177 |
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Liabilities and Stockholders'
Equity |
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Current liabilities: |
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Accounts
payable |
$ 4,669 |
$ 3,560 |
Accrued
expenses |
3,173 |
4,336 |
Product warranty
reserve |
1,211 |
863 |
Borrowings under line of
credit |
5,405 |
- |
Current portion long term
debt |
- |
10 |
Deferred
revenue |
5,542 |
4,350 |
Other current
liabilities |
80 |
1,901 |
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Total current
liabilities |
20,080 |
15,020 |
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Common stock warrant
liability |
5,321 |
- |
Other liabilities |
1,219 |
1,244 |
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Total
liabilities |
26,620 |
16,264 |
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Stockholders' equity |
29,036 |
42,913 |
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Total liabilities and
stockholders' equity |
$ 55,656 |
$ 59,177 |
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Statements of Operations
(Dollars in thousands): |
Three months
ended December 31, |
Twelve
months ended December 31, |
(unaudited) |
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2011 |
2010 |
2011 |
2010 |
Revenue |
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Product and service
revenue |
$ 11,296 |
$ 5,454 |
$ 23,223 |
$ 15,739 |
Research and development
contract revenue |
544 |
655 |
3,886 |
3,598 |
Licensed technology
revenue |
27 |
136 |
517 |
136 |
Total revenue |
11,867 |
6,245 |
27,626 |
19,473 |
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Cost of revenue and expenses |
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Cost of product and service
revenue |
11,482 |
7,936 |
30,669 |
23,111 |
Cost of research and
development contract revenue |
726 |
1,080 |
6,232 |
6,371 |
Research and development
expense |
2,008 |
947 |
5,656 |
12,901 |
Selling, general and
administrative expense |
3,495 |
7,744 |
14,546 |
25,573 |
Gain on sale of
assets |
-- |
(3,218) |
(673) |
(3,218) |
Amortization of intangible
assets |
568 |
572 |
2,323 |
2,264 |
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Operating loss |
(6,412) |
(8,816) |
(31,127) |
(47,529) |
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Interest and other income and net
realized losses from |
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available-for-sale
securities |
27 |
304 |
248 |
1,057 |
Change in fair value of warrant
liability |
(758) |
- |
3,447 |
- |
Change in fair value of auction rate
securities repurchase agreement |
- |
- |
- |
(5,978) |
Net trading gain |
- |
- |
- |
5,978 |
Interest and other expense and foreign
currency gain (loss) |
(25) |
(81) |
(22) |
(487) |
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Net loss |
$ (7,168) |
$ (8,593) |
$ (27,454) |
$ (46,959) |
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Loss per share: Basic and diluted |
$ (0.32) |
$ (0.65) |
$ (1.46) |
$ (3.58) |
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Weighted average number of common shares
outstanding * |
22,743,388 |
13,180,507 |
18,778,066 |
13,123,162 |
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* - Share information for the
prior periods has been retroactively adjusted to reflect the May
19, 2011 one-for-ten reverse stock split of the Company's common
stock. |
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Plug Power Inc. |
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Reconciliation of Non-GAAP financial
measures |
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Reconciliation of Reported
Net loss to EBITDAS |
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Three months ended
December 31, |
Twelve months ended
December 31, |
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2011 |
2010 |
2011 |
2010 |
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Operating loss, as reported |
$ (6,412) |
$ (8,816) |
$ (31,127) |
$ (47,529) |
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Stock based compensation |
(150) |
(160) |
1,452 |
1,175 |
Depreciation and amortization |
1,100 |
3,198 |
4,455 |
7,233 |
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EBITDAS |
$ (5,462) |
$ (5,778) |
$ (25,220) |
$ (39,121) |
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EBITDAS is defined as net income
before interest expense, provision for income taxes, depreciation
and amortization expense and charges for equity
compensation. EBITDAS is a non-GAAP measure of our financial
performance and should not be considered as alternatives to net
income or any other performance measure derived in accordance with
GAAP, or as an alternative to cash flows from operating activities
as a measure of our liquidity. |
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Reconciliation of
Gross margin percentage to Adjusted gross margin percentage |
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Three months
ended December 31, |
Twelve
months ended December 31, |
|
2011 |
2010 |
2011 |
2010 |
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Total revenues, as reported |
$ 11,867 |
$ 6,245 |
$ 27,626 |
$ 19,473 |
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Licensed technology revenue |
(27) |
(136) |
(517) |
(136) |
Deferred revenue recognized from
previous reporting periods |
(598) |
(325) |
(1,606) |
(2,529) |
Current invoiceable value of shipments,
recorded to deferred revenue |
556 |
1,183 |
1,369 |
2,418 |
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Total revenues, as adjusted |
$ 11,798 |
$ 6,967 |
$ 26,872 |
$ 19,226 |
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Total cost of product and service
revenue and cost of research and development revenue |
$ 12,208 |
$ 9,016 |
$ 36,901 |
$ 29,482 |
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Gross margin percentage |
(2.9%) |
(44.4%) |
(33.6%) |
(51.4%) |
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Adjusted gross margin
percentage |
(3.5%) |
(29.4%) |
(37.3%) |
(53.3%) |
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Gross margin percentage is a
financial ratio used to indicate the relationship between cost of
sales and total revenue. We use the term adjusted gross margin
percentage to refer to total revenue, as adjusted, less total cost
of product and service revenue and total cost of research and
development contract revenue as a percentage of total revenues, as
adjusted. This non-GAAP financial measure allows management to
view gross margin percentage as if revenue had been fully
recognized upon invoicing. We believe that these non-GAAP
measures, when taken together with our GAAP financial measures,
allow us and our investors to better evaluate short-term and
long-term profitability trends. |
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While management believes that
these non-GAAP financial measures provide useful supplemental
information to investors, there are limitations associated with the
use of these non-GAAP financial measures. These measures are
not prepared in accordance with GAAP and may not be directly
comparable to similarly titled measures of other companies due to
potential differences in the exact method of
calculation. |
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Plug Power Inc. and Subsidiaries |
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Condensed Consolidated Statements of Cash
Flows |
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(Unaudited) |
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Twelve months ended |
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December 31, |
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2011 |
2010 |
Cash Flows From Operating
Activities: |
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Net loss |
$ (27,454) |
$ (46,959) |
Adjustments to reconcile net loss to
net cash used in operating activities: |
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Depreciation |
2,132 |
4,969 |
Amortization of intangible
asset |
2,323 |
2,264 |
Loss on disposal of property,
plant and equipment |
309 |
87 |
Stock-based
compensation |
1,452 |
1,175 |
Gain on sale of leased
assets |
(673) |
290 |
Provision for bad
debts |
-- |
10 |
Realized loss on available for
sale securities |
22 |
-- |
Net unrealized gains on trading
securities |
-- |
(5,978) |
Change in fair value of auction
rate debt securities repurchase agreement |
-- |
5,978 |
Change in fair value of warrant
liability |
(3,447) |
-- |
Changes in assets and
liabilities: |
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Accounts receivable |
(9,193) |
(2,193) |
Inventory |
1,438 |
(4,410) |
Prepaid expenses and other
current assets |
(310) |
1,624 |
Accounts payable, accrued
expenses, product warranty reserve and other liabilities |
(1,101) |
2,619 |
Deferred revenue |
1,192 |
(247) |
Net cash used in operating
activities |
(33,310) |
(40,771) |
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Cash Flows From Investing
Activities: |
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Purchase of property, plant and
equipment |
(1,326) |
(1,100) |
Investment in leased
property |
-- |
(2,233) |
Proceeds from the sale of
leased assets |
673 |
3,221 |
Restricted cash |
525 |
1,740 |
Proceeds from disposal of
property, plant and equipment |
47 |
122 |
Proceeds from trading
securities |
-- |
59,375 |
Proceeds from maturities and
sales of available-for-sale securities |
10,399 |
79,754 |
Purchases of available-for-sale
securities |
-- |
(42,312) |
Net cash provided by investing
activities |
10,318 |
98,567 |
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Cash Flows From Financing
Activities: |
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Purchase of treasury
stock |
(158) |
(441) |
Proceeds from issuance of
common stock and warrants |
22,584 |
-- |
Stock issuance costs |
(1,891) |
-- |
Proceeds (repayment) from
borrowings under line of credit |
5,405 |
(59,375) |
Principal payments on long-term
debt |
(10) |
(1,561) |
Net cash provided by (used in)
financing activities |
25,930 |
(61,377) |
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Effect of exchange rate changes
on cash |
(36) |
(45) |
Increase (decrease) in cash and
cash equivalents |
2,902 |
(3,626) |
Cash and cash equivalents,
beginning of period |
10,955 |
14,581 |
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Cash and cash equivalents, end
of period |
$ 13,857 |
$ 10,955 |
CONTACT: Media Contact:
Reid Hislop
Plug Power Inc.
Phone: (518) 782-7700 ext. 1360
media@plugpower.com
Investor Relations Contact:
Cathy Yudzevich
Plug Power Inc.
Phone: (518) 782-7700 ext. 1448
investors@plugpower.com
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