28.10.2004: Meldung: Plug Power Inc.: 3rd Quarter Results
Accomplishments during the quarter included: * Strengthened GenCore distribution channel: Plug Power signed an agreement with Tyco Electronics Power Systems, Inc., to market, promote and sell Plug Power"s GenCore(R)5T fuel cell systems for telecommunication backup applications. This agreement enables Plug Power to leverage Tyco"s North American sales network and complements the service agreement announced in June with Tyco Electronics Installation Services, Inc. Additionally, Plug Power signed a distribution agreement with General Medica de Imagenes CxA (GEMEDICA) of the Dominican Republic and began shipping systems against a multiple-system order. GEMEDICA was founded in 1991 to serve the medical profession in the Dominican Republic, Haiti and Caribbean Islands. GEMEDICA is a full line distributor of GE Medical Systems imaging equipment. * Expanded GenCore(R) product portfolio: Plug Power announced the availability of GenCore(R)5T24, a 24-volt, 5-kilowatt backup fuel cell system that will be marketed to wireless service providers throughout North America. The GenCore 5T24 complements the Company"s other available products within the GenCore platform, the 5B 48-volt for industrial applications and the 5T 48-volt for wireline/wireless applications, which began shipping late last year. * Finalized agreement with N.Y. State Office of General Services: Plug Power finalized a five-year agreement with the N.Y. State Office of General Services to provide backup power systems to agencies within New York State. Terms of the agreement allow all state agencies, municipalities and not-for-profits chartered by the State to work directly with Plug Power and use the State"s approved contract list to procure Plug Power"s backup fuel cell systems. * Continued to ship and install systems at customer locations: Plug Power shipped twenty-five GenCore and fourteen GenSys(TM) systems to a combination of channel partners and end users during the quarter. In addition, ten GenCore systems were installed at the DTE Energy Hydrogen Power Park in Detroit that was commissioned October 19th. This installation represents the largest number of GenCore systems installed to-date at a single location. * Completed stringent testing for system certification and compliance: Earlier this year Plug Power successfully completed Network Equipment Building Systems (NEBS) Level 3 compliance testing, a standard developed by the telecommunication industry that qualifies equipment under extreme environmental conditions and requires specific levels of product resiliency. During the quarter, Plug Power completed a more aggressive set of incremental testing to further enhance the marketability of GenCore in harsh climate applications. Additional testing included increased altitude and temperature, rail shock, brush fire simulation and wind driven rain testing. Financial results:
Total revenue for the third quarter ended September 30, 2004, was $4.6 million compared to $3.5 million for the third quarter of 2003. Year-to-date total revenue was $11.6 million compared to $9.5 million during the same period in 2003. 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 $6.5 million at September 30, 2004.
Net loss for the quarter was $11.7 million or $0.16 per share, compared to $12.4 million or $0.20 per share for the same period in 2003. Year-to-date, the net loss was $34.9 million or $0.48 per share, compared to $39.0 million or $0.68 per share for the same period last year. The 2003 year-to-date net 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 Corp. (H Power).
Net cash used in operating activities for the third quarter ended September 30, 2004, was $7.3 million, compared to $8.3 million in the third quarter of 2003. The amount in 2003 included $0.3 million spent for acquisition fees and expenses, severance and integration costs related to the Company"s acquisition of H Power. Year-to-date, net cash used in operating activities was $25.8 million, compared to $27.6 million in the prior year, which included $3.2 million related to H Power. (See attached financial highlights).
Weighted average shares outstanding for the third quarter ended September 30, 2004, increased to 73.2 million shares, compared to 61.0 million shares during the third quarter of 2003. Year-to-date weighted average shares outstanding increased to 73.1 million compared to 57.7 million in 2003. At September 30, 2004, there were 73,226,526 shares issued and outstanding.
Plug Power has scheduled a conference call today at 10:00 AM (EDT) to review its third quarter 2004 results. Interested parties are invited to participate. To listen to the conference call, please call 617-801-9715 and enter the passcode PLUG. The live Web cast can be accessed by logging onto http://www.plugpower.com/. A playback of the call will be available on the Web site until December 31, 2004. See the attached financial highlights for the third quarter 2004. For more information about Plug Power please visit http://www.plugpower.com/.
About Plug Power
Plug Power Inc. designs and develops on-site energy systems based on proton exchange membrane fuel cells. Plug Power"s strategic partners include GE Fuel Cell Systems, DTE Energy Technologies, Vaillant GmbH, Honda R&D Co., Ltd., Engelhard Corporation and Pemeas GmbH (formerly Celanese Ventures.) The Company"s headquarters are located in Latham, N.Y., with offices in Washington, D.C., and The Netherlands. For additional information on the Company go to http://www.plugpower.com/.
Plug Power Inc.