30.10.2002: Meldung: Plug Power: Third-Quarter Results
Net cash spending for the third quarter ended September 30, 2002 decreased to $9.8 million from $12.2 million during the third quarter of 2001. Year-to-date, the net cash spending was $26.7 million compared to $43.8 million during the same period of 2001.
Total revenue was $3.0 million for the quarter and $8.4 million
year-to-date compared to $0.9 million for the third quarter of 2001 and $3.2 million year-to-date. Product and service revenue for the quarter was $2.6 million and year-to-date product and service revenue was $7.4 million. Product and service revenue was $0.5 million for both the third quarter and year-to-date 2001.
Research and development contract revenue was $0.4 million during the quarter compared to $0.5 million in the third quarter of 2001. Year-to-date research and development contract revenue was $1.1 million compared to $2.8 million over the same period last year.
Research and development expenditures combined with cost of revenues for the third quarter of 2002 decreased to $11.8 million as compared to $17.5 million for the third quarter of last year. Year-to-date research and development expenditures combined with cost of revenues were $37.7 million compared to $53.6 million during the same period of
General and administrative expenses for the third quarter ended September 30, 2002 decreased to $1.7 million, compared to $1.8 million for the third quarter in 2001. Year-to-date general and administrative expenses were $5.1 million compared to $5.6 million during the same period of 2001.
Plug Power"s net loss for the third quarter ended September 30, 2002 was $10.7 million or $0.21 per share, compared to $18.7 million or $0.38 per share for the same period last year. Year-to-date, the net loss was $34.5 million or $0.68 per share, compared to a loss of $56.0 million or $1.23 per share in 2001. See the attached financial highlights for the third quarter 2002.
-- CONTINUED TO EXPAND CUSTOMER LIST
Deliveries in the third quarter included 49 5-kilowatt grid-parallel stationary systems to customers in 6 different U.S. states and 2 countries. Systems installed at customer locations generated 460,000-kilowatt hours during the quarter for a total of more than 1.2 million-kilowatt hours during 2002. Deliveries included:
-- 30 natural gas fueled systems to repeat customers including the Long Island Power Authority, Vaillant GmbH, and LOGANEnergy.
-- 16 natural gas fueled systems to new customers including Johnson Controls Inc. under contract to the Navy Renewable Energy Division at the Naval Air Weapons Station in China Lake, Calif.; Southwest Research Institute; Honda R&D Co., Ltd; National Institute of Standards and Technologies; Sandia National Laboratories and the National Renewable Energy Laboratory.
-- 3 hydrogen-fueled systems to the Long Island Power Authority, representing the first delivery of these types of systems to a customer.
-- ENHANCED PRODUCT AND TECHNOLOGY PORTFOLIO
-- Added enhanced features to the GenSys(TM)5C product:
a) Combined Heat & Power (CHP) - the CHP feature enables the system to capture the heat generated during the production of electricity and utilize it for facility heat and/or hot water.
b) Standby - the added standby feature enables the system to provide a constant flow of electricity even when the grid is not operational.
-- Announced the availability of the company"s first direct-hydrogen fuel cell system designed to provide extended outage coverage for critical industrial operations. The 5-kilowatt system will support premium power applications requiring DC power.
-- Added five new patents to Plug Power"s portfolio in the third
quarter, for a total of 55 U.S. and three Dutch patents. A total of 130 patent applications are pending worldwide.
-- SECURED STRATEGIC PARTNER
Announced a joint development agreement with Honda R&D Co., Ltd. of Japan, to develop and test an initial prototype home refueling system for Honda"s fuel cell automobiles.
Plug Power has scheduled a conference call today, October 29 at 10:00 AM (EST) to review its third quarter 2002 results and progress.
Interested parties are invited to participate. To listen to the
broadcast, please call (706) 634-1510. The live Web cast can be accessed by logging onto http://www.plugpower.com. A playback of the broadcast will be available on the Company"s web site for a period following the call. Please forward questions related to the financial results to email@example.com or call Steven Zenker,
Director of Investor Relations at 518-782-7700, Extension 1248.
See the attached financial highlights for the third 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 any acquisitions, 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.
Condensed Consolidated Balance Sheets
December 31, September 30,
Cash and cash equivalents $53,648,145 $40,241,697
Restricted cash 310,000 310,000
Marketable securities 39,034,314 25,768,135
Accounts receivable 2,608,321 3,386,700
Inventory 2,271,278 1,843,639
Prepaid development costs 1,760,131 2,574,505
Other current assets 932,719 1,269,736
Total current assets 100,564,908 75,394,412
Restricted cash 5,000,274
Property, plant and equipment, net 30,240,631
Intangible assets 3,470,139
Investment in affiliates 11,498,000
Other assets 600,055
Total assets $151,374,007 $119,647,021
Liabilities and Stockholders" Equity
Accounts payable $762,972 $1,054,352
Accrued expenses and other current
liabilities 3,951,178 2,749,292
Deferred product and service
revenue 5,484,793 5,170,364
Total current liabilities 10,198,943 8,974,008
Long-term debt and other liabilities 6,172,173
Total liabilities 16,371,116 14,992,360
Stockholders" equity 135,002,891
Total liabilities and stockholders"
equity $151,374,007 $119,647,021
Plug Power Inc.
Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
2001 2002 2001 2002
service revenue $436,976 $2,619,110 $436,976 $7,381,398
revenue 483,249 374,577 2,799,575 1,060,244
Total revenue 920,225 2,993,687 3,236,551 8,441,642
Cost of revenue
Cost of revenues 2,409,624 3,142,867 6,578,767
development -- -- -- --
compensation -- 269,836 375,000 520,006
development 15,069,212 8,411,249 46,689,559 29,405,724
compensation -- 22,135 311,000 415,308
administrative 1,758,540 1,667,745 5,275,693 4,688,194
Interest expense 55,061 24,897 209,264
Operating loss (18,372,212) (10,545,042) (56,202,732) (34,388,933)
Interest income 956,007 352,079 3,091,972
Loss before equity
in losses of
affiliate (17,416,205) (10,192,963) (53,110,760)
Equity in losses
of affiliate (1,291,346) (481,403) (2,930,995)
Net loss $(18,707,551) $(10,674,366) $(56,041,755)
Loss per share -
basic and diluted $(0.38) $(0.21) $(1.23)
number of shares
outstanding 48,920,871 50,818,978 45,711,589
Source: Plug Power Inc.