26.02.03

26.2.2003: Meldung: Plug Power year-end and fourth quarter Results

Plug Power Inc. (Nasdaq: PLUG - News), today reported financial results for the fourth quarter and year ended December 31, 2002.

Net cash spending for the fourth quarter of 2002 decreased to $10.5 million from $11.7 million during the fourth quarter of 2001, including $815,000 spent in the fourth quarter of 2002 related to Plug Power"s definitive merger agreement with H Power Corp. (H Power), under which we expect to acquire H Power in a stock-for-stock exchange valued at approximately $50.7 million. Year-to-date net cash spending was $37.1 million in 2002, including $815,000 related to our acquisition of H Power, compared to $55.5 million in 2001.

Revenue for the fourth quarter ended December 31, 2002 was $3.4 million compared to $2.5 million for the fourth quarter of 2001. Year-to-date revenue was $11.8 million compared to $5.7 million in 2001. Fourth quarter and year-to-date revenue excludes deferred product and service revenue as we continue 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 $6.1 million at December 31, 2002 and $6.1 million at December 31, 2001.

Net loss for the quarter was $12.7 million or $0.25 per share, compared to $17.1 million or $0.34 per share for the same period in 2001. Year-to-date, the net loss was $47.2 million or $0.93 per share, compared to $73.1 million or $1.56 per share.

Research and development expenditures combined with cost of revenues decreased to $14.0 million for the fourth quarter ended December 31, 2002 compared to $18.2 million for the same period during 2001. For the full year ended December 31, 2002, these expenses were $51.6 million compared to $71.9 million in 2001.

General and administrative expenses were $1.9 million for the fourth quarter ended December 31, 2002 compared to $1.9 million for the same period during 2001. For the full year ended December 31, 2002, general and administrative expenses were $7.0 million compared to $7.5 million in 2001.

Weighted average shares outstanding for the quarter ended December 31, 2002 increased to 50.9 million shares compared to 50.2 million for the same period in 2001. For the year ended December 31, 2002, weighted average shares were 50.6 million shares, compared to 46.8 million shares for the year ended December 31, 2001. As of December 31, 2002 there were 50,997,073 shares issued and outstanding.

Plug Power has scheduled a conference call today, February 25 at 10:00 AM (EST) to review its year-end and fourth quarter 2002 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 March 4, 2003.

See the attached financial highlights for the year-end and fourth quarter 2002. It should be noted that net cash spending includes cash used in operating activities as well as purchases of property, plant and equipment and principal payments on long-term debt obligations and capital leases, less proceeds from any employee stock option exercises. 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.

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 a commercially viable fuel cell system; the cost and timing of developing Plug Power"s fuel cell systems; market acceptance of Plug Power"s fuel cell systems; Plug Power"s reliance on Plug Power"s relationship with certain affiliates of General Electric; Plug Power"s ability to perform on its multi-generation product plan in a manner satisfactory to GEFCS and DTE; ability to manufacture fuel cell systems on a commercial basis; competitive factors, such as price competition, competition from other power technologies and competition from other fuel cell companies; the cost and availability of components and parts for Plug Power"s fuel cell systems; the ability to raise and provide the necessary capital to develop, manufacture and market Plug Power"s fuel cell systems; Plug Power"s ability to lower the cost of its fuel cell systems and demonstrate their reliability; the cost of complying with current and future governmental regulations; and other risks and uncertainties discussed under the heading "Risk Factors" in Plug Power"s annual report on Form 10-K for the fiscal year ended December 31, 2001, dated March 29, 2002 and filed with the Securities Exchange Commission on March 29, 2002, 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, December 31,
Assets 2001 2002
Current assets:
Cash and cash equivalents $53,648,145 $27,257,641
Restricted cash 310,000 325,000
Marketable securities 39,034,314 28,590,378
Accounts receivable 2,608,321 4,145,328
Inventory 2,271,278 2,031,995
Prepaid development costs 1,760,131 2,145,265
Other current assets 932,719 2,639,630
Total current assets 100,564,908 67,135,237

Restricted cash 5,000,274 4,675,274
Property, plant and equipment, net 30,240,631 26,320,676
Intangible asset 3,470,139 514,847
Investment in affiliates 11,498,000 9,488,762
Other assets 600,055 547,995
Total assets $151,374,007 $108,682,791

Liabilities and Stockholders" Equity
Current liabilities:
Accounts payable $762,972 $947,839
Accrued expenses and other current
liabilities 3,951,178 3,432,841
Deferred revenue 5,484,793 5,878,784
Total current liabilities 10,198,943 10,259,464

Long-term debt and other liabilities 6,172,173 5,726,559
Total liabilities 16,371,116 15,986,023

Stockholders" equity 135,002,891 92,696,768
Total liabilities and stockholders"
equity $151,374,007 $108,682,791


Statements of Three Months Ended Twelve Months Ended
Operations Data: December 31, December 31,
2001 2002 2001 2002
Revenue
Product and
service revenue $2,136,458 $2,045,405 $2,573,434 $9,426,803
Research and
development
contract revenue 368,516 1,331,130 3,168,091 2,391,374
Total revenue 2,504,974 3,376,535 5,741,525 11,818,177

Cost of revenue
and expenses
Cost of revenues 4,712,124 3,614,958 11,290,891 11,340,657
In-process
research and
development - - - -
Research and
development
expense:
Noncash
stock-based
compensation 925,807 483,610 1,300,807 1,003,616
Other research
and development 12,609,483 9,879,824 59,299,042 39,285,548
General and
administrative
expense:
Noncash
stock-based
compensation 191,370 66,619 502,370 481,927
Other general and
administrative 1,714,426 1,785,763 6,990,119 6,473,957
Operating loss (17,648,236) (12,454,239) (73,641,704) (46,767,528)

Interest income, net 927,753 200,351 3,810,461 1,558,440
Loss before equity
in losses of
affiliates (16,720,483) (12,253,888) (69,831,243) (45,209,088)

Equity in losses
of affiliates (349,789) (465,187) (3,280,784) (2,009,238)
Net loss $(17,070,272) $(12,719,075) $(73,112,027) $(47,218,326)

Loss per share -
basic and diluted $(0.34) $(0.25) $(1.56) $(0.93)

Weighted average
number of shares
outstanding 50,188,799 50,902,068 46,840,091 50,644,950


Statements of Cash Three Months Ended Twelve Months Ended
Flows Data: December 31, December 31,
2001 2002 2001 2002

Net cash used in
operating activities $11,555,704 $10,504,398 $55,287,148 $36,572,386
Purchases of property,
plant and equipment,
net of proceeds on
disposals 253,624 (190,324) 2,642,136 1,315,606
Principal payments on
long-term debt and
capital leases 312,375 343,891 382,769 361,058
less: Proceeds from
stock option
exercises (408,135) (186,152) (2,782,546) (1,104,610)

Net cash spending $11,713,568 $10,471,813 $55,529,507 $37,144,440

Contact:
Plug Power
968 Albany-Shaker Road
Latham, NY 12110
USA
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