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Meldungen 24.10.2003

24.10.2003: Meldung: Plug Power Reports Strong 3rd Quarter

Plug Power Inc. today reported significant progress during the third quarter which included a 16 percent increase in revenue and reduced net cash used in operating activities, demonstrating the Company"s continued progress in meeting key business objectives. "Plug Power"s progress this quarter reflects our ability to develop new relationships with key customers and government partners to increase revenue," said Roger Saillant, President and CEO of Plug Power. "We continue our work to build a strong Company that delivers on its promises and executes according to Plug Power"s business plan."

Plug Power continues to be a leader in the deployment of proton exchange membrane (PEM) fuel cell systems at customer locations in the United States, Europe and Asia. This quarter the Company:

 

-- Installed and commissioned the Company"s first prototype back-up

product for the telecommunications industry, which is connected to

Verizon"s telecommunication network as part of a field trial. This

one-year program, sponsored by the New York State Energy Research and

Development Authority (NYSERDA), is providing Verizon and Plug Power

with data on the application of fuel cells in the telecom industry.

-- Delivered 41 GenSys(TM) grid-parallel, five-kilowatt stationary

systems. Significant shipments included 16 systems destined for the

European Union"s Virtual Power Plant program, in conjunction with

partner Vaillant GmbH, and 20 systems to the Long Island Power

Authority for installation in residential locations beginning in the

fourth quarter of this year.

-- Operated 129 systems, including 10 newly installed systems, at 64

customer locations, generating more than 400,000 kilowatt-hours of

electricity during the quarter. Since 2001, Plug Power systems, in

total, have exceeded one million operating hours and have generated

more than 2.8 million kilowatt-hours of electricity.

-- Demonstrated a prototype Home Energy Station at Honda R&D Americas"

facility in Torrance, California. The Home Energy Station is a fully

integrated system co-developed by Plug Power and Honda, using

proprietary technologies from both companies. The system was developed

under the exclusive joint development agreement signed between Plug

Power and Honda in October 2002.

-- Finalized contracts totaling $18.7 million with the U.S. Department of

Energy and NYSERDA under which Plug Power expects to receive

approximately $12.8 million in net funding during the 30-month

cost-share programs.

-- Received a contract for $3.9 million from the National Institute of

Standards and Technology (NIST). The contract is part of NIST"s

Advanced Technology Program and is for research and development of

stationary fuel cells. Plug Power expects to receive approximately

$1.8 million in net funding from NIST during the two year, cost-share

program.

-- Added four, new patents to Plug Power"s portfolio in the third

quarter, for a total of 105 patents issued with 144 pending.

"Plug Power continues to jointly work with new and existing customers to develop fuel cell products that meet their specific needs," said Mark Sperry, Chief Marketing Officer. "We are pleased to have the opportunity to showcase our products to a variety of customers in multiple applications and are honored to be working with companies who are leaders in their industry."

During the fourth quarter, the Company expects to make shipments against the current order backlog including initial deliveries of the GenCore(TM) 5T backup systems. The Company will be announcing additional product direction relative to hydrogen generation in conjunction with the upcoming PowerGen 2003 conference and exhibition in December.

Financials

Total revenue for the third quarter ended September 30, 2003 increased by 16 percent to $3.5 million compared to $3.0 million for the third quarter of 2002. Year-to-date total revenue increased by 13 percent to $9.5 million compared to $8.4 million in 2002.

Net cash used in operating activities declined for the quarter ended September 30, 2003 to $8.3 million, including $0.3 million spent in the third quarter of 2003 for integration costs related to Plug Power"s March 25, 2003 acquisition of H Power Corp. (H Power). This compares to $9.2 million during the third quarter of 2002. Year-to-date, net cash used in operating activities was $27.6 million, including $3.2 million for acquisition fees, severance and other integration costs related to the acquisition of H Power, compared to $26.0 million during the same period of 2002. (See attached financial highlights.) Excluding the impact of H Power, cash used in operating activities for the full year 2003 is currently expected to be toward the lower end of the existing guidance of $35.0 to $40.0 million.

Net loss for the quarter was $12.4 million or $0.20 per share, compared to $10.7 million or $0.21 per share for the same period in 2002. Year-to-date, the net loss was $39.0 million or $0.68 per share, compared to $34.5 million or $0.68 per share for the same period last year. The current year-to-date loss includes a charge of $3.0 million for the write-off of in-process research and development expense related to the acquisition of intellectual property and certain other assets acquired as a part of the H Power acquisition.

Weighted average shares outstanding for the quarter ended September 30, 2003, increased to 61.0 million shares compared to 50.8 million shares for the same period in 2002. Year-to-date weighted average shares outstanding increased to 57.7 million shares compared to 50.6 million shares in 2002. As of September 30, 2003, there were approximately 61.0 million shares issued and outstanding.

Plug Power has scheduled a conference call today, at 10:00 AM (ET) to review its third quarter 2003 results. Interested parties are invited to participate. To listen to the conference call, please call (706) 634-1510. The live Web cast can be accessed by logging ontowww.plugpower.com. A playback of the call will be available on the company"s Web site until October 29, 2003.

See the attached financial highlights for the third quarter 2003. For more information about Plug Power please visitwww.plugpower.com.

About Plug Power

Plug Power Inc. designs, develops and markets proton exchange membrane (PEM) fuel cells for stationary applications. Plug Power"s strategic partners include GE Fuel Cell Systems, DTE Energy Technologies, Vaillant GmbH, Honda R&D Co., Ltd., Engelhard Corporation and Celanese Ventures. The Company"s headquarters are located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands.

This press release may contain statements, which are not historical facts and are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements contain projections of Plug Power"s future results of operations, Plug Power"s product development expectations or of Plug Power"s financial position or state other forward-looking information. In some cases you can identify these statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. You should not rely on forward-looking statements because Plug Power"s actual results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, Plug Power"s ability to develop commercially viable on-site energy products; the cost and timing of developing Plug Power"s on-site energy products; market acceptance of Plug Power"s on-site energy products; Plug Power"s reliance on its relationship with certain affiliates of General Electric (GEFCS); Plug Power"s ability to perform on its multi-generation product plan in a manner satisfactory to GEFCS; Plug Power"s ability to manufacture on-site energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power"s on-site energy products; the ability to raise and provide the necessary capital to develop, manufacture and market Plug Power"s on-site energy products; Plug Power"s ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; Plug Power"s ability to protect its intellectual property; Plug Power"s ability to lower the cost of its on-site energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power"s on-site energy products; fluctuations in the trading price and volume of Plug Power"s common stock and other risks and uncertainties discussed under the heading "Factors Affecting Future Results" in Plug Power"s annual report on Form 10-K for the fiscal year ended December 31, 2002, dated March 31, 2003 and filed with the Securities Exchange Commission on March 31, 2003, and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release.

 

Plug Power Inc.

Financial Highlights

Balance Sheet Data:

December 31, September 30,

Assets 2002 2003

Current assets:

Cash and cash

equivalents $27,257,641 $44,854,773

Restricted cash 325,000 325,000

Marketable

securities 28,590,378 12,705,864

Accounts

receivable 4,145,328 3,097,285

Inventory 2,031,995 3,197,456

Prepaid

development

costs 2,145,265 1,036,276

Other current

assets 2,639,630 903,659

Total current

assets 67,135,237 66,120,313

Restricted cash 4,675,274 4,675,274

Property, plant

and equipment, net 26,320,676 24,590,752

Intangible asset 514,847 4,125,000

Investment in

affiliates 9,488,762 8,046,834

Goodwill -- 10,308,643

Other assets 547,995 465,796

Total assets $108,682,791 $118,332,612

Liabilities and Stockholders" Equity

Current

liabilities:

Accounts payable $947,839 $2,480,094

Accrued expenses

and other

current

liabilities 3,432,841 4,169,350

Deferred revenue 5,878,784 4,550,828

Total current

liabilities 10,259,464 11,200,272

Long-term debt and

other liabilities 5,726,559 5,704,837

Total

liabilities 15,986,023 16,905,109

Stockholders"

equity 92,696,768 101,427,503

Total

liabilities and

stockholders"

equity $108,682,791 $118,332,612

Statements of Three Months Ended Nine Months Ended

Operations Data: September 30, September 30,

2002 2003 2002 2003

Revenue

Product and

service revenue $2,619,110 $1,988,093 $7,381,398 $6,166,687

Research and

development

contract

revenue 374,577 1,477,011 1,060,244 3,354,946

Total revenue 2,993,687 3,465,104 8,441,642 9,521,633

Cost of revenue

and expenses

Cost of revenues 3,142,867 3,606,186 7,725,699 8,713,044

In-process

research and

development -- -- -- 3,000,000

Research and

development

expense:

Noncash stock-

based

compensation 269,836 500,596 520,006 1,433,828

Other research

and development 8,411,249 9,727,157 29,405,724 29,338,357

General and

administrative

expense:

Noncash stock-

based

compensation 22,135 184,829 415,308 355,862

Other general

and

administrative 1,667,745 1,505,024 4,688,194 4,727,749

Operating loss (10,520,145) (12,058,688) (34,313,289) (38,047,207)

Interest income,

net 327,182 130,017 1,358,089 489,838

Loss before equity

in losses of

affiliates (10,192,963) (11,928,671) (32,955,200) (37,557,369)

Equity in losses

of affiliates (481,403) (476,840) (1,544,051) (1,441,928)

Net loss $(10,674,366) $(12,405,511) $(34,499,251) $(38,999,297)

Loss per share -

basic and diluted $(0.21) $(0.20) $(0.68) $(0.68)

Weighted average

number of shares

outstanding 50,818,978 60,958,387 50,558,138 57,697,749

Statements of Cash Three Months Ended Nine Months Ended

Flows Data: September 30, September 30,

2002 2003 2002 2003

Net cash used in

operating

activities $(9,224,280) $(8,314,118) $(26,067,988) $(27,631,920)

Purchases of

property, plant

and equipment,

net of proceeds

on disposals (572,183) (152,190) (1,505,930) (289,554)

Principal payments

on long-term debt

and capital

leases (4,494) (44,449) (17,167) (46,968)

Proceeds from

stock option

exercises 1,500 5,219 918,458 215,318

Proceeds from

acquisition, net -- -- -- 29,465,741

 

Source: Plug Power Inc.

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