2.5.2003: Meldung: Plug Power Inc.: First Quarter Results

Plug Power Reports First Quarter Results and Accomplishments
Thursday May 1, 6:45 am ET

LATHAM, N.Y., May 1 / Plug Power Inc. (Nasdaq: PLUG - News), today reported financial results and accomplishments for the first quarter ended March 31, 2003.

During the first quarter ended March 31, 2003, Plug Power consummated a merger transaction with H Power Corp. (H Power) and recorded the transaction under the purchase method of accounting. This method assumes that for financial reporting purposes, both companies are treated as one company beginning March 25, 2003, the closing date of the merger. Plug Power has recorded the fair value of H Power"s net assets on the consolidated financial statements and has recorded the remaining purchase price in excess of the fair value of H Power"s net assets as other intangibles and goodwill.

The historical financial statements of Plug Power will continue to be the historical financial statements of the combined company for periods prior to the merger.

Net cash used in operating activities for the first quarter, ended March 31, 2003, was $8.5 million, including $513,000 spent in the first quarter of 2003 related to the acquisition of H Power, compared to $7.8 million during the first quarter of 2002 (see financial highlights).

Net loss for the quarter was $13.8 million or $0.27 per share, compared to $11.6 million or $0.23 per share for the same period in 2002. The current quarter 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 result of the merger with H Power.

Total revenue for the first quarter ended March 31, 2003, was $3.0 million compared to $2.9 million for the first quarter of 2002. Revenue in both quarters excludes deferred product and service revenue as Plug Power continued to defer revenue at the time of the initial product sale and amortize that revenue over the period of the underlying service obligations. Deferred revenue was $4.7 million at March 31, 2003.

Research and development expenditures combined with cost of revenues decreased to $11.9 million for the first quarter ended March 31, 2003, compared to $12.6 million for the same period during 2002. Additionally, as described above, Plug Power recorded in-process research and development expense in the amount of $3.0 million related to the acquisition of H Power.

General and administrative expenses were $1.5 million for the first quarter ended March 31, 2003, compared to $1.8 million for the same period during 2002.

Weighted average shares outstanding for the quarter ended March 31, 2003, increased to 51.7 million shares compared to 50.3 million for the same period in 2002. As of March 31, 2003, there were 60,062,253 shares issued and outstanding, including approximately 9.0 million shares issued in connection with the acquisition of H Power.

1st Quarter Accomplishments

* Completed the acquisition of H Power and added approximately
$30 million in cash to the balance sheet. As of March 31, 2003, Plug
Power has a total of $81.9 million in cash, cash equivalents and
marketable securities, including $5.0 million of restricted cash,
which is expected to be sufficient to fund operations into 2005.

* Finalized a contract for approximately $3 million with the Long Island
Power Authority, an existing customer, for the sale of 45 (5kW) fuel
cell systems, for installation on Long Island this year.

* Announced with European partner, Vaillant GmbH, the installation of
13 fuel cell heating appliances during the past three months in
multi-family homes and small businesses in Germany, the Netherlands,
Austria and Luxembourg. These systems are supporting both Vaillant
customers and the European Union"s Virtual Power Plant program.

* Operated 86 systems during the quarter at customer locations with an
additional 29 systems in the process of being installed. The systems
operated for more than a total of 137,000 hours during the quarter,
generating approximately 363,000 kilowatt-hours of electricity. Since
the beginning of 2002, systems at customer locations have generated
more than 2 million kilowatt-hours of electricity.

* Shipped systems during the quarter to Concurrent Technologies Corp,
the National Fuel Cell Research Center at the University of
California, Irvine, LOGANEnergy Corp, and Vaillant GmbH. Order backlog
at the end of the quarter was 90 systems.

* Completed the fuel cell demonstration program, funded by the U.S.
Department of Defense, at the Watervliet Arsenal in Watervliet, New
York. The 10 grid-parallel 5kW fuel cell systems operated for more
than 80,000 hours and generated approximately 210,000 kilowatt-hours
of electricity throughout the year. The fuel cell systems operated at
or above 94 percent average availability during the year, exceeding
the contract requirement of 90 percent. The fuel cell systems provided
supplemental power to a telecommunications facility, a research and
development laboratory and provided power for the four units at base

* Awarded seven U.S. patents during the first quarter and as a result of
the merger, acquired an additional 18 U.S. patents and four foreign
patents, totaling 93 issued patents at the end of the quarter.

* Launched a redesigned Web site, which incorporates the Company"s new
brand and image. The new site was enhanced and redesigned to capture
the Company"s current state and future vision. The new site can be
viewed at http://www.plugpower.com

Plug Power has scheduled a conference call today, at 10:00 AM (EDT) to review its first 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 onto http://www.plugpower.com. A playback of the call will be available on the company"s Web site until May 8, 2003.

See the financial highlights for the first quarter 2003. For more information about Plug Power please visit our Web site at http:// www.plugpower.com.

Plug Power designs, develops and manufactures on-site electric power generation systems utilizing Proton Exchange Membrane (PEM) fuel cells for stationary applications. Plug Power"s fuel cell systems are expected to be sold globally through a joint venture with General Electric and through DTE Energy Technologies in a four-state territory, which includes Michigan, Illinois, Ohio and Indiana. The Company"s headquarters are located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands.

Plug Power Inc.
Financial Highlights

Balance Sheet Data: December 31, March 31,
Assets 2002 2003
Current assets:
Cash and cash equivalents $27,257,641 $54,004,319
Restricted cash 325,000 325,000
Marketable securities 28,590,378 22,847,333
Accounts receivable 4,145,328 3,693,833
Inventory 2,031,995 2,884,294
Prepaid development costs 2,145,265 1,780,504
Other current assets 2,639,630 1,278,422
Total current assets 67,135,237 86,813,705

Restricted cash 4,675,274 4,675,274
Property, plant and equipment, net 26,320,676 27,786,094
Intangible asset 514,847 5,500,000
Investment in affiliates 9,488,762 9,003,561
Goodwill -- 8,730,229
Other assets 547,995 520,595
Total assets $108,682,791 $143,029,458

Liabilities and Stockholders" Equity
Current liabilities:
Accounts payable $947,839 $1,852,904
Accrued expenses and other current
liabilities 3,432,841 5,604,720
Deferred revenue 5,878,784 4,565,485
Total current liabilities 10,259,464 12,023,109

Long-term debt and other liabilities 5,726,559 5,803,094
Total liabilities 15,986,023 17,826,203

Stockholders" equity 92,696,768 125,203,255
Total liabilities and stockholders"
equity $108,682,791 $143,029,458

Statements of Operations Data: Three Months Ended March 31,
2002 2003
Product and service revenue $2,572,537 $2,033,063
Research and development contract revenue 331,729 919,292
Total revenue 2,904,266 2,952,355

Cost of revenue and expenses
Cost of revenues 1,691,164 1,765,983
In-process research and development -- 3,000,000
Research and development expense:
Noncash stock-based compensation 69,013 226,125
Other research and development 10,857,747 9,905,330
General and administrative expense:
Noncash stock-based compensation 343,076 21,001
Other general and administrative 1,417,169 1,500,727
Operating loss (11,473,903) (13,466,811)

Interest income, net 462,396 185,117
Loss before equity in losses of affiliates (11,011,507) (13,281,694)

Equity in losses of affiliates (584,375) (485,201)
Net loss $(11,595,882) $(13,766,895)

Loss per share - basic and diluted $(0.23) $(0.27)

Weighted average number of shares
outstanding 50,345,437 51,664,671

Statements of Cash Flows Data: Three Months Ended March 31,
2002 2003

Net cash used in operating activities $(7,757,429) $(8,483,485)
Purchases of property, plant and
equipment, net of proceeds on disposals (479,913) (49,135)
Principal payments on long-term debt
and capital leases (9,509) (1,245)
Proceeds from stock option exercises 232,386 13,965
Proceeds from acquisition, net -- 29,465,741

Source: Plug Power Inc.
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