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Plug Power: Q4 and Year-End Financial Results
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Plug Power Inc., a leader in providing clean, reliable energy solutions, provided a progress update and reported its financial results for the fourth quarter and full-year 2008.
2008 Milestones
Plug Power accomplished three milestones set in August 2008 by newly seated CEO, Andy Marsh:
* Secure 150 to 200 GenDrive(tm) orders
* Secure 50 GenCore(r) orders
* Contain net cash used for operating expenses to $55-$60
million for the full year
Plug Power received orders for 358 GenDrive systems in 2008. As announced on December 11th, Central Grocers' order for 220 units constituted the largest order received last quarter. The Company also received a total of 109 orders for GenCore systems in 2008; 52 orders were placed between July 1, 2008 and December 31, 2008. Net cash used for operating expenses was $56.6 million during the year.
``As evidenced by these milestone successes, despite ongoing economic pressures, Plug Power continues to lead the fuel cell industry by understanding market trends and satisfying customer requirements,'' said Andy Marsh.
2009 Milestones
Building on the success from 2008, Plug Power has issued the following milestones for 2009:
* Secure 500 unit orders
* Contain net cash used for operating expenses to the range
of $33-$37 million for the full year
* Release GenDrive(tm) class 2 product in the fourth quarter,
broadening the GenDrive product portfolio
* Announce path and timeline to profitability
These milestones will be updated quarterly with Plug Power's financial results.
``Plug Power's dedicated employees remain focused on the tasks ahead in 2009,'' continued Marsh. ``I'm confident that the aggressive milestones set will be met head on, only further demonstrating Plug Power's commitment to building a profitable company.''
Financial Results
Revenue for the fourth quarter of 2008 and year ended December 31, 2008, was $5.3 million and $17.9 million, respectively. This compares with revenue in the same periods in 2007 of $5.1 million and $16.3 million, representing a 10% increase year over year.
Net loss for the fourth quarter of 2008 was $64.3 million, or $0.69 per share on a basic and diluted basis. This is compared with $17.5 million, or $0.20 per share, for the fourth quarter of 2007. The net loss on a basic and diluted basis for the fourth quarter of 2008 is inclusive of a $45.8 million goodwill impairment charge, $1.9 million in accelerated stock compensation and $6.3 million in restructuring charges. For the full year, net loss was $121.7 million, or $1.36 per share, compared with $60.6 million, or $0.69 per share, in 2007.
Product Orders, Shipments and Backlog
There were 293 GenDrive orders in the fourth quarter of 2008 and 358 orders for the full year. GenCore orders for the same timeframe were 41 and 109, respectively.
GenCore, GenDrive and GenSys(r) products shipments in the fourth quarter totaled 71 units. For the full year 283 units were shipped, compared with 235 unit shipments in 2007.
Total product backlog at December 31, 2008, was 481 units.
Revenue
Product and service revenue was $1.4 million for the fourth quarter of 2008, while research and development (R&D) contract revenue contributed $3.9 million to the quarter's total. These amounts compare to $0.7 million of product and service revenue and $4.4 million of R&D contract revenue for the fourth quarter of 2007. For the year, total revenue of $17.9 million represented a $1.6 million or 10% increase over the prior year. Product and service revenue was $4.7 million and R&D contract revenue was $13.2 million in 2008 compared with product and service revenue of $3.1 million and R&D contract revenue of $13.2 million in 2007.
Deferred product and service revenue at December 31, 2008 was $5.4 million, an increase of $2.1 million over December 31, 2007. Plug Power defers recognition of product and service revenue and recognizes revenue on a straight-line basis over the service period of each sold system. Accordingly, Plug Power expects to recognize the deferred product and services revenue over future periods as service commitments are fulfilled.
Operational Results
Total cost of revenue for the fourth quarter was $12.1 million, comprised of $5.1 million for product and service cost of revenue and $7.0 million for R&D contract cost of revenue. These amounts compare to $7.8 million in the fourth quarter of 2007, which was comprised of $1.3 million of cost of product and service revenue and $6.5 million of cost of R&D contract revenue.
For the full year, product and service cost of revenue was $11.4 million, a $2.0 million increase over 2007, and R&D contract cost of revenue was $21.5 million, a $2.5 million increase over 2007. These increases resulted primarily from a 20% increase in shipped units, service costs on the larger installed base, and a higher percentage of cost sharing on R&D contract programs in 2008.
R&D expenses for the fourth quarter and full-year 2008 were $8.4 million and $35.0 million, respectively, compared to fourth quarter and full-year 2007 amounts of $11.8 million and $39.2 million, respectively.
Selling, general and administrative (SG&A) expenses were $8.7 million for the fourth quarter of 2008 and $28.3 million for the full year 2008 compared with $5.1 million for the fourth quarter of 2007 and $19.3 million for the full year 2007.
The fourth quarter of 2008 included nonrecurring charges of $45.8 million associated with a goodwill impairment charge, $6.3 million in restructuring charges and $1.9 million in accelerated stock compensation as a result of Smart Hydrogen's sale of 395,000 Class B shares to a Russian utility, OGK-3, converting the Class B shares to 39,500,000 common shares.
Cash and Liquidity
Net cash used in operating activities for the fourth quarter ended December 31, 2008, was $13.9 million and $56.6 million for the full year, achieving our stated milestone of $55-60 million. On December 31, 2008, Plug Power had cash, cash equivalents and available-for-sale securities of $104.7 million and net working capital of $86.2 million, compared with $165.7 million and $163.9 million, respectively, at December 31, 2007. Plug Power also used $177 thousand for capital expenditures in the fourth quarter of 2008 and $1.4 million for the full year.
Conference Call
Plug Power has scheduled a conference call today at 10:00 a.m. (EDT) to review the company's results for the 2008 fourth quarter and 2008 full-year. Interested parties are invited to listen to the conference call by calling 877.407.8291, or 201.689.8345 for international participants.
The webcast can be accessed by going to the Investors section of the Plug Power Web site (http://www.plugpower.com) and selecting the conference call link on the Presentations page. A playback of the call will be available online for a period following the call.
About Plug Power
Plug Power Inc. (NasdaqGS:PLUG - News), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup power products for material handling, telecommunications, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com.
The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our growth plan. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that the restructuring results in greater restructuring charges or less cost savings; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power's ability to develop commercially viable energy products; the cost and timing of developing Plug Power's energy products; market acceptance of Plug Power's energy products; Plug Power's ability to manufacture energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of fuel and fueling infrastructures for Plug Power's energy products; Plug Power's ability to protect its Intellectual Property; Plug Power's ability to lower the cost of its energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; and other risks and uncertainties discussed under ``Item IA-Risk Factors'' in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission (``SEC'') on March 17, 2008, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this communication.
Plug Power Inc.
Financial Highlights
Balance Sheets (Dollars in thousands):
--------------------------------------
(unaudited)
Dec. 31, 2008 Dec. 31, 2007
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 80,845 $ 12,077
Trading securities - auction rate
debt securities 52,651 --
Available-for-sale securities 23,844 153,624
Accounts receivable 2,151 4,608
Inventory 6,264 5,787
Prepaid expenses and other current
assets 2,351 2,721
--------- ---------
Total current assets 168,106 178,817
Property, plant and equipment, net 17,770 21,065
Auction rate debt securities
repurchase agreement 10,224 --
Goodwill and intangible assets 12,843 68,379
Other assets 169 131
--------- ---------
Total assets $ 209,112 $ 268,392
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,275 $ 4,637
Accrued expenses 9,945 5,510
Borrowings under line of credit 62,875 --
Deferred revenue 5,426 3,341
Other current liabilities 414 1,423
--------- ---------
Total current liabilities 81,935 14,911
Other liabilities 1,313 4,580
--------- ---------
Total liabilities 83,248 19,491
Stockholders' equity 125,864 248,901
--------- ---------
Total liabilities and
stockholders' equity $ 209,112 $ 268,392
========= =========
Statements of Operations (Dollars in thousands):
------------------------------------------------
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenue
Product and
service revenue $ 1,416 $ 745 $ 4,667 $ 3,082
Research and
development
contract revenue 3,862 4,354 13,234 13,189
---------- ---------- ---------- ----------
Total revenue 5,278 5,099 17,901 16,271
Cost of revenue and
expenses
Cost of product and
service revenue 5,143 1,369 11,442 9,399
Cost of research and
development
contract revenue 6,979 6,470 21,505 19,045
Research and
development expense 8,390 11,772 34,987 39,219
Selling, general
and administrative
expense 8,696 5,121 28,333 19,323
Goodwill impairment
charge 45,843 -- 45,843 --
Amortization of
intangible assets 514 586 2,225 1,614
---------- ---------- ---------- ----------
Operating loss (70,287) (20,219) (126,434) (72,329)
Interest and other
income and net
realized gains
from the sale of
available-for-sale
securities 497 3,061 5,135 12,338
Gain on auction rate
debt securities
repurchase agreement 10,224 -- 10,224 --
Impairment loss on
available-for-sale
securities (4,942) -- (10,224) --
Interest and other
expense and foreign
currency gain (loss) 213 (326) (401) (580)
---------- ---------- ---------- ----------
Net loss $ (64,295) $ (17,484) $ (121,700) $ (60,571)
========== ========== ========== ==========
Loss per share:
Basic and diluted $ (0.69) $ (0.20) $ (1.36) $ (0.69)
========== ========== ========== ==========
Weighted average
number of
common shares
outstanding 93,120,231 87,857,110 89,383,480 87,341,717
========== ========== ========== ==========
Contact:
Plug Power Inc.
Cathy Yudzevich
(518) 782-7700, ext. 1448
Plug Power Inc., a leader in providing clean, reliable energy solutions, provided a progress update and reported its financial results for the fourth quarter and full-year 2008.
2008 Milestones
Plug Power accomplished three milestones set in August 2008 by newly seated CEO, Andy Marsh:
* Secure 150 to 200 GenDrive(tm) orders
* Secure 50 GenCore(r) orders
* Contain net cash used for operating expenses to $55-$60
million for the full year
Plug Power received orders for 358 GenDrive systems in 2008. As announced on December 11th, Central Grocers' order for 220 units constituted the largest order received last quarter. The Company also received a total of 109 orders for GenCore systems in 2008; 52 orders were placed between July 1, 2008 and December 31, 2008. Net cash used for operating expenses was $56.6 million during the year.
``As evidenced by these milestone successes, despite ongoing economic pressures, Plug Power continues to lead the fuel cell industry by understanding market trends and satisfying customer requirements,'' said Andy Marsh.
2009 Milestones
Building on the success from 2008, Plug Power has issued the following milestones for 2009:
* Secure 500 unit orders
* Contain net cash used for operating expenses to the range
of $33-$37 million for the full year
* Release GenDrive(tm) class 2 product in the fourth quarter,
broadening the GenDrive product portfolio
* Announce path and timeline to profitability
These milestones will be updated quarterly with Plug Power's financial results.
``Plug Power's dedicated employees remain focused on the tasks ahead in 2009,'' continued Marsh. ``I'm confident that the aggressive milestones set will be met head on, only further demonstrating Plug Power's commitment to building a profitable company.''
Financial Results
Revenue for the fourth quarter of 2008 and year ended December 31, 2008, was $5.3 million and $17.9 million, respectively. This compares with revenue in the same periods in 2007 of $5.1 million and $16.3 million, representing a 10% increase year over year.
Net loss for the fourth quarter of 2008 was $64.3 million, or $0.69 per share on a basic and diluted basis. This is compared with $17.5 million, or $0.20 per share, for the fourth quarter of 2007. The net loss on a basic and diluted basis for the fourth quarter of 2008 is inclusive of a $45.8 million goodwill impairment charge, $1.9 million in accelerated stock compensation and $6.3 million in restructuring charges. For the full year, net loss was $121.7 million, or $1.36 per share, compared with $60.6 million, or $0.69 per share, in 2007.
Product Orders, Shipments and Backlog
There were 293 GenDrive orders in the fourth quarter of 2008 and 358 orders for the full year. GenCore orders for the same timeframe were 41 and 109, respectively.
GenCore, GenDrive and GenSys(r) products shipments in the fourth quarter totaled 71 units. For the full year 283 units were shipped, compared with 235 unit shipments in 2007.
Total product backlog at December 31, 2008, was 481 units.
Revenue
Product and service revenue was $1.4 million for the fourth quarter of 2008, while research and development (R&D) contract revenue contributed $3.9 million to the quarter's total. These amounts compare to $0.7 million of product and service revenue and $4.4 million of R&D contract revenue for the fourth quarter of 2007. For the year, total revenue of $17.9 million represented a $1.6 million or 10% increase over the prior year. Product and service revenue was $4.7 million and R&D contract revenue was $13.2 million in 2008 compared with product and service revenue of $3.1 million and R&D contract revenue of $13.2 million in 2007.
Deferred product and service revenue at December 31, 2008 was $5.4 million, an increase of $2.1 million over December 31, 2007. Plug Power defers recognition of product and service revenue and recognizes revenue on a straight-line basis over the service period of each sold system. Accordingly, Plug Power expects to recognize the deferred product and services revenue over future periods as service commitments are fulfilled.
Operational Results
Total cost of revenue for the fourth quarter was $12.1 million, comprised of $5.1 million for product and service cost of revenue and $7.0 million for R&D contract cost of revenue. These amounts compare to $7.8 million in the fourth quarter of 2007, which was comprised of $1.3 million of cost of product and service revenue and $6.5 million of cost of R&D contract revenue.
For the full year, product and service cost of revenue was $11.4 million, a $2.0 million increase over 2007, and R&D contract cost of revenue was $21.5 million, a $2.5 million increase over 2007. These increases resulted primarily from a 20% increase in shipped units, service costs on the larger installed base, and a higher percentage of cost sharing on R&D contract programs in 2008.
R&D expenses for the fourth quarter and full-year 2008 were $8.4 million and $35.0 million, respectively, compared to fourth quarter and full-year 2007 amounts of $11.8 million and $39.2 million, respectively.
Selling, general and administrative (SG&A) expenses were $8.7 million for the fourth quarter of 2008 and $28.3 million for the full year 2008 compared with $5.1 million for the fourth quarter of 2007 and $19.3 million for the full year 2007.
The fourth quarter of 2008 included nonrecurring charges of $45.8 million associated with a goodwill impairment charge, $6.3 million in restructuring charges and $1.9 million in accelerated stock compensation as a result of Smart Hydrogen's sale of 395,000 Class B shares to a Russian utility, OGK-3, converting the Class B shares to 39,500,000 common shares.
Cash and Liquidity
Net cash used in operating activities for the fourth quarter ended December 31, 2008, was $13.9 million and $56.6 million for the full year, achieving our stated milestone of $55-60 million. On December 31, 2008, Plug Power had cash, cash equivalents and available-for-sale securities of $104.7 million and net working capital of $86.2 million, compared with $165.7 million and $163.9 million, respectively, at December 31, 2007. Plug Power also used $177 thousand for capital expenditures in the fourth quarter of 2008 and $1.4 million for the full year.
Conference Call
Plug Power has scheduled a conference call today at 10:00 a.m. (EDT) to review the company's results for the 2008 fourth quarter and 2008 full-year. Interested parties are invited to listen to the conference call by calling 877.407.8291, or 201.689.8345 for international participants.
The webcast can be accessed by going to the Investors section of the Plug Power Web site (http://www.plugpower.com) and selecting the conference call link on the Presentations page. A playback of the call will be available online for a period following the call.
About Plug Power
Plug Power Inc. (NasdaqGS:PLUG - News), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive, continuous and backup power products for material handling, telecommunications, utility and uninterruptible power supply applications. The Company is actively engaged with private and public customers in targeted markets throughout the world. For more information about how to join Plug Power's energy revolution as an investor, customer, supplier or strategic partner, please visit http://www.plugpower.com.
The Plug Power Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4446
Safe Harbor Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding our growth plan. We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements, including, without limitation, the risk that the restructuring results in greater restructuring charges or less cost savings; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; Plug Power's ability to develop commercially viable energy products; the cost and timing of developing Plug Power's energy products; market acceptance of Plug Power's energy products; Plug Power's ability to manufacture energy products on a large-scale commercial basis; competitive factors, such as price competition and competition from other traditional and alternative energy companies; the cost and availability of components and parts for Plug Power's energy products; Plug Power's ability to establish relationships with third parties with respect to product development, manufacturing, distribution and servicing and the supply of key product components; the cost and availability of fuel and fueling infrastructures for Plug Power's energy products; Plug Power's ability to protect its Intellectual Property; Plug Power's ability to lower the cost of its energy products and demonstrate their reliability; the cost of complying with current and future governmental regulations; the impact of deregulation and restructuring of the electric utility industry on demand for Plug Power's energy products; and other risks and uncertainties discussed under ``Item IA-Risk Factors'' in Plug Power's annual report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission (``SEC'') on March 17, 2008, and the reports Plug Power files from time to time with the SEC. Plug Power does not intend to and undertakes no duty to update the information contained in this communication.
Plug Power Inc.
Financial Highlights
Balance Sheets (Dollars in thousands):
--------------------------------------
(unaudited)
Dec. 31, 2008 Dec. 31, 2007
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 80,845 $ 12,077
Trading securities - auction rate
debt securities 52,651 --
Available-for-sale securities 23,844 153,624
Accounts receivable 2,151 4,608
Inventory 6,264 5,787
Prepaid expenses and other current
assets 2,351 2,721
--------- ---------
Total current assets 168,106 178,817
Property, plant and equipment, net 17,770 21,065
Auction rate debt securities
repurchase agreement 10,224 --
Goodwill and intangible assets 12,843 68,379
Other assets 169 131
--------- ---------
Total assets $ 209,112 $ 268,392
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 3,275 $ 4,637
Accrued expenses 9,945 5,510
Borrowings under line of credit 62,875 --
Deferred revenue 5,426 3,341
Other current liabilities 414 1,423
--------- ---------
Total current liabilities 81,935 14,911
Other liabilities 1,313 4,580
--------- ---------
Total liabilities 83,248 19,491
Stockholders' equity 125,864 248,901
--------- ---------
Total liabilities and
stockholders' equity $ 209,112 $ 268,392
========= =========
Statements of Operations (Dollars in thousands):
------------------------------------------------
(unaudited)
Three months ended Twelve months ended
December 31, December 31,
---------------------- ----------------------
2008 2007 2008 2007
---------- ---------- ---------- ----------
Revenue
Product and
service revenue $ 1,416 $ 745 $ 4,667 $ 3,082
Research and
development
contract revenue 3,862 4,354 13,234 13,189
---------- ---------- ---------- ----------
Total revenue 5,278 5,099 17,901 16,271
Cost of revenue and
expenses
Cost of product and
service revenue 5,143 1,369 11,442 9,399
Cost of research and
development
contract revenue 6,979 6,470 21,505 19,045
Research and
development expense 8,390 11,772 34,987 39,219
Selling, general
and administrative
expense 8,696 5,121 28,333 19,323
Goodwill impairment
charge 45,843 -- 45,843 --
Amortization of
intangible assets 514 586 2,225 1,614
---------- ---------- ---------- ----------
Operating loss (70,287) (20,219) (126,434) (72,329)
Interest and other
income and net
realized gains
from the sale of
available-for-sale
securities 497 3,061 5,135 12,338
Gain on auction rate
debt securities
repurchase agreement 10,224 -- 10,224 --
Impairment loss on
available-for-sale
securities (4,942) -- (10,224) --
Interest and other
expense and foreign
currency gain (loss) 213 (326) (401) (580)
---------- ---------- ---------- ----------
Net loss $ (64,295) $ (17,484) $ (121,700) $ (60,571)
========== ========== ========== ==========
Loss per share:
Basic and diluted $ (0.69) $ (0.20) $ (1.36) $ (0.69)
========== ========== ========== ==========
Weighted average
number of
common shares
outstanding 93,120,231 87,857,110 89,383,480 87,341,717
========== ========== ========== ==========
Contact:
Plug Power Inc.
Cathy Yudzevich
(518) 782-7700, ext. 1448