2.3.2006: Meldung: Plug Power Inc.: Year-End Financial Results
Tuesday February 28, 9:52 am ET
LATHAM, N.Y., Feb. 28 -- Plug Power Inc., a leading provider of clean, reliable on-site energy, today announced its year-end 2005 financial results.
As previously announced, during 2005 the company tripled the number of orders received for its GenCore® backup power product family to more than 300 and reduced the GenCore direct material cost by more than 25 percent from 2004 levels. Plug Power also began field-testing its next generation continuous run fuel cell system at Robins Air Force Base in Georgia and secured and executed against contracts with Honda R&D for Phase III of the Home Energy Station and more general research topics.
"I am pleased with the progress that we made during 2005 and I am looking forward to another successful year," said Dr. Roger Saillant, President and Chief Executive Officer. "Once again, we achieved our public milestones and our financial results were in line with our expectations. We continue to build a solid company with viable products and talented people and expect to accelerate our commercialization activities throughout 2006."
2005 Year-end Financial Results:
Total revenue for the year ended Dec. 31, 2005, was $13.5 million compared to $16.1 million in 2004. Total revenue for the fourth quarter of 2005 was $2.7 million compared to $4.5 million for the same period in 2004. The Company continues to defer product and service revenue, a component of total revenue, at the time of sale and amortize that revenue over the period of the underlying service and other contractual obligations. Deferred revenue was $3.1 million at Dec. 31, 2005.
Net loss for the year ended Dec. 31, 2005 was $51.7 million, or $0.66 per share, compared to $46.7 million, or $0.64 per share, for the year ended Dec. 31, 2004. Net loss for the fourth quarter of 2005 was $16.5 million, or $0.19 per share, compared to $11.8 million, or $0.16 per share, for the same period in 2004. Our net loss for the fourth quarter and year ended Dec. 31, 2005 includes a non-cash expense in the amount of $4.0 million, or $0.05 per share, to write off our investment in affiliate (see attached financial highlights).
Net cash used in operating activities for 2005 was $39.9 million, compared to $33.9 million during 2004. Net cash used in operating activities for the fourth quarter ended Dec. 31, 2005, was $9.8 million compared to $8.1 million in the fourth quarter of 2004.
During 2005 weighted average shares outstanding increased to 78.5 million shares compared to 73.1 million shares in 2004. Weighted average shares outstanding for the fourth quarter ended December 31, 2005, increased to 85.8 million shares compared to 73.3 million shares for the same period in 2004. As of Dec. 31, 2005 there were approximately 85.8 million shares issued and outstanding.
Plug Power has scheduled a conference call today at 10:00 AM (ET) to review its year-end and fourth quarter 2005 results and discuss the Company"s 2006 milestones. Interested parties are invited to participate. To listen to the conference call, please call 617-597-5379 and enter the pass code 7584 (PLUG). The webcast can be accessed by going directly to the Company"s Web site at www.plugpower.com and selecting the conference call link on the home page. A playback of the call will be available on the company"s Web site for a period following the call. See the attached financial highlights for the year-end and fourth quarter 2005 results. For more information about Plug Power please visit www.plugpower.com.
About Plug Power
Plug Power Inc. is an established leader in the deployment of clean, reliable, on-site energy products. More than 600 Plug Power fuel cell systems have been delivered to customers worldwide in commercial, public sector, telecommunications, utility and uninterruptible power supply markets. For more information about how to join Plug Power"s energy revolution as an investor, customer, supplier or strategic partner, please visit www.plugpower.com.
Source: Plug Power Inc.