Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean,
reliable energy solutions, today reported its financial results for
the first quarter of 2012.
To date in 2012, Plug Power was successful in expanding its
customer base with large manufacturing and retail customers.
Interest for the GenDrive products in the auto industry is growing
and Plug Power announces that Mercedes Benz ordered GenDrive units
for its Tuscaloosa, Alabama facility.
Plug Power also had success with the Company's largest retail
customer, to date. Lowe's signed a five year contract with Plug
Power to set product pricing and service terms for GenDrive
products purchased for its new distribution center in Rome,
Georgia. Plug Power expects to ship units in the first quarter of
2013 to correspond with the grand opening of the distribution
center.
Additionally, Stihl ordered GenDrive fuel cells to be used in
Norfolk, Virginia. The order from Stihl is important as the Company
uses its North American deployment as a benchmark for future
European facility conversions.
Plug Power's joint venture established with Air Liquide, known
as HyPulsion, closed its first deal during the quarter. IKEA signed
a contract with HyPulsion and intends to convert its entire
operation in southern France to GenDrive products in 2013.
Repeat customer orders to date in 2012, included Sysco San
Antonio, Sysco Long Island, and Bridgestone-Firestone. A strong mix
of sales into both new-construction and already existing customer
sites highlights that the core strength of GenDrive's value
proposition – productivity improvement – is making economic sense
for customers.
In the first quarter, Plug Power shipped 299 systems. Many of
the systems in the first quarter were delivered to current
customers including BMW, Sysco, Walmart and Wegmans.
Several new customers also received their first shipments, or
deployed their first units, including: P&G – Pinesville, LA;
P&G – Oxnard, CA; and Kroger – Compton, CA. Over 2,200 GenDrive
units are at customer sites. And, by the end of the year, over
4,000 are expected to be deployed.
"Our existing material handling customers are proving the value
GenDrive brings to their business, and Plug Power is leveraging
continual market success with fortune 500 companies to promote
GenDrive to new customers," said Andy Marsh, CEO. "This creates an
environment which encourages other large companies to consider
using GenDrive to power their forklift truck fleet."
Financial Results
Net loss for the first quarter of 2012 was $6.6 million, or
$0.28 per share on a basic and diluted basis. This compares with a
net loss of $7.2 million, or $0.55 per share, for the first quarter
of 2011.
Total revenue for the first quarter of 2012 was $7.8 million,
comprised of $7.3 million of product and service revenue, and $0.5
million of research and development (R&D) contract revenue.
This compares to total revenue of $5.9 million in the first quarter
of 2011, which was comprised of $4.9 million of product and service
revenue, $0.8 million of R&D contract revenue, and $0.2 million
of licensed technology revenue.
The Company shipped 299 units during the first quarter of 2012
compared to 144 units in the first quarter of 2011.
Total cost of revenue for the first quarter of 2012 was $9.8
million, comprised of $9.1 million of product and service cost of
revenue and $0.7 million of R&D contract cost of revenue. This
compares to total cost of revenue of $8.0 million in the first
quarter of 2011, which was comprised of $6.7 million of product and
service cost of revenue and $1.3 million of R&D contract cost
of revenue.
R&D expenses for the first quarter of 2012 were $1.2 million
compared with $1.1 million for the firstquarter of 2011.
Selling, general and administrative (SG&A) expenses were
$3.9 million for the first quarter of 2012 compared with $3.6
million for the first quarter of 2011. Additionally, $0.6 million
was expensed for amortization of intangible assets during the first
quarter of 2012 compared to $0.6 million for the first quarter of
2011.
Cash and Liquidity
Net cash used in operating activities for the first quarter of
2012 was $3.5 million. On March 31, 2012, Plug Power had cash and
cash equivalents of $20.8 million and net working capital of $29.1
million. This compares to $13.9 million and $19.4 million,
respectively, at December 31, 2011.
The accompanying financial statements and reconciliation tables
provide additional information on the Company's year-to-date
performance as it relates to milestones previously announced.
Conference Call
Plug Power has scheduled a conference call on May 15, 2012 at
10:00 am ET to review the Company's results for the first quarter
of 2012. Interested parties are invited to listen to the conference
call by calling 877.407.8291 or 201.689.8345 for international
participants.
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 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 Wegmans,
Whole Foods, and FedEx Freight. With more than 2,200 GenDrive
units shipped to material handling customers, accumulating over 6.5
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.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 we continue to incur losses and might never
achieve or maintain profitability, the risk that we expect we will
need to raise additional capital to fund our operations and such
capital may not be available to us; the risk that the previously
disclosed expected uses of the Company's recently raised capital
may change; our lack of extensive experience in manufacturing and
marketing products may impact our ability to manufacture and market
products on a profitable and large-scale commercial basis; 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, 2011, filed with the Securities and
Exchange Commission ("SEC") on March 30, 2012 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.
Plug Power Inc. |
|
|
Financial Highlights |
|
|
|
|
Balance Sheets (Dollars in
thousands): |
|
|
(unaudited) |
|
|
|
March 31, 2012 |
December 31, 2011 |
Assets |
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 20,829 |
$ 13,857 |
Accounts
receivable |
12,970 |
13,389 |
Inventory |
8,109 |
10,355 |
Prepaid expenses and
other current assets |
1,177 |
1,894 |
|
|
|
Total current
assets |
43,085 |
39,495 |
|
|
|
Property, plant and equipment,
net |
8,085 |
8,687 |
Intangible assets, net |
7,002 |
7,474 |
|
|
|
Total assets |
$ 58,172 |
$ 55,656 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts
payable |
$ 2,904 |
$ 4,669 |
Accrued
expenses |
2,379 |
3,173 |
Product warranty
reserve |
1,091 |
1,211 |
Borrowings under line of
credit |
-- |
5,405 |
Deferred
revenue |
6,984 |
5,542 |
Other current
liabilities |
650 |
80 |
|
|
|
Total current
liabilities |
14,008 |
20,080 |
|
|
|
Common stock warrant
liability |
4,082 |
5,321 |
Other
liabilities |
1,247 |
1,219 |
|
|
|
Total
liabilities |
19,337 |
26,620 |
|
|
|
Stockholders' equity |
38,835 |
29,036 |
|
|
|
Total liabilities and
stockholders' equity |
$ 58,172 |
$ 55,656 |
|
|
|
Statements of Operations (Dollars in
thousands): |
Three months ended
March 31, |
(unaudited) |
|
|
|
2012 |
2011 |
Revenue |
|
|
Product and service
revenue |
$ 7,237 |
$ 4,994 |
Research and development
contract revenue |
515 |
785 |
Licensed technology
revenue |
-- |
163 |
Total revenue |
7,752 |
5,942 |
|
|
|
Cost of revenue and expenses |
|
|
Cost of product and
service revenue |
9,061 |
6,691 |
Cost of research and
development contract revenue |
766 |
1,337 |
Research and development
expense |
1,227 |
1,063 |
Selling, general and
administrative expense |
3,936 |
3,562 |
Amortization of
intangible assets |
576 |
581 |
|
|
|
Operating loss |
(7,814) |
(7,292) |
|
|
|
Interest and other income
and net realized losses from available-for-sale
securities |
48 |
34 |
Change in fair value of
warrant liability |
1,239 |
-- |
Interest and other
expense and foreign currency gain (loss) |
(56) |
15 |
|
|
|
Net loss |
$ (6,583) |
$ (7,243) |
|
|
|
Loss per share: Basic and diluted |
$ (0.28) |
$ (0.55) |
|
|
|
Weighted average number of common shares
outstanding * |
23,437,600 |
13,225,095 |
|
|
|
* - 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. |
|
|
|
|
Plug Power Inc. |
|
|
|
Reconciliation of Non-GAAP financial
measures |
|
|
|
|
|
|
|
Reconciliation of Reported Net loss to
EBITDAS |
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
|
|
|
2012 |
2011 |
|
|
|
|
|
Operating loss, as reported |
$ (7,814) |
$ (7,292) |
|
|
|
|
|
Stock based compensation |
524 |
392 |
|
Depreciation and
amortization |
1,062 |
1,086 |
|
|
|
|
|
EBITDAS |
$ (6,228) |
$ (5,814) |
|
|
|
|
|
EBITDAS is defined as operating
income (loss), as adjusted for 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. |
|
Reconciliation of Gross margin
percentage to Adjusted gross margin percentage |
|
|
|
|
|
|
|
|
Three months ended
March 31, |
|
|
|
|
|
|
2012 |
2011 |
|
|
|
|
|
Product and service revenues, as
reported |
$ 7,237 |
$ 4,994 |
|
|
|
|
|
Deferred revenue recognized from
previous reporting periods |
(912) |
(474) |
|
Current invoiceable value of shipments,
recorded to deferred revenue |
1,967 |
253 |
|
|
|
|
|
Product and service revenues, as
adjusted |
$ 8,292 |
$ 4,773 |
|
|
|
|
|
Cost of product and service
revenue |
$ 9,061 |
$ 6,691 |
|
|
|
|
|
Gross margin percentage |
(25.2%) |
(34.0%) |
|
|
|
|
|
Adjusted gross margin
percentage |
(9.3%) |
(40.2%) |
|
|
|
|
|
Gross margin percentage is a
financial ratio used to indicate the relationship between cost of
product and service revenue and product and service
revenue. We use the term adjusted gross margin percentage to
refer to product and service revenue, as adjusted, less total cost
of product and service revenue as a percentage of product and
service revenue, 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. |
|
|
|
|
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. |
|
Plug Power Inc. and
Subsidiaries |
Condensed Consolidated
Statements of Cash Flows |
(Unaudited) |
|
|
Three months ended |
|
March 31, |
|
2012 |
2011 |
Cash Flows From Operating
Activities: |
|
|
Net loss |
$ (6,583) |
$ (7,243) |
Adjustments to reconcile net loss to
net cash used in operating activities: |
|
|
Depreciation |
486 |
505 |
Amortization of
intangible asset |
576 |
581 |
Loss on disposal of
property, plant and equipment |
58 |
-- |
Stock-based
compensation |
524 |
392 |
Realized loss on
available-for-sale securities |
|
22 |
Change in fair value of
warrant liability |
(1,239) |
-- |
Changes in assets and
liabilities: |
|
|
Accounts
receivable |
420 |
(130) |
Inventory |
2,245 |
1,076 |
Prepaid expenses and
other current assets |
717 |
351 |
Accounts payable, accrued
expenses, product warranty reserve and other liabilities |
(2,121) |
(2,386) |
Deferred
revenue |
1,441 |
(384) |
Net cash used in
operating activities |
(3,476) |
(7,216) |
|
|
|
Cash Flows From Investing
Activities: |
|
|
Purchase of property,
plant and equipment |
-- |
(966) |
Proceeds from the sale of
leased assets |
58 |
-- |
Proceeds from maturities
and sales of available-for-sale securities |
-- |
10,399 |
Net cash provided by
investing activities |
58 |
9,433 |
|
|
|
Cash Flows From Financing
Activities: |
|
|
Purchase of treasury
stock |
-- |
(158) |
Proceeds from issuance of
common stock |
17,685 |
-- |
Stock issuance
costs |
(1,891) |
-- |
Proceeds (repayment) from
borrowings under line of credit |
(5,405) |
-- |
Principal payments on
long-term debt |
-- |
(10) |
Net cash provided by
(used in) financing activities |
10,389 |
(168) |
|
|
|
Effect of exchange rate
changes on cash |
1 |
(2) |
Increase in cash and cash
equivalents |
6,972 |
2,047 |
Cash and cash
equivalents, beginning of period |
13,857 |
10,955 |
|
|
|
Cash and cash
equivalents, end of period |
$ 20,829 |
$ 13,002 |
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
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Plug Power (NASDAQ:PLUG)
Storico
Da Set 2023 a Set 2024