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Plug Power announces Third Quarter Financial Results
The Company reaffirmed its milestones for 2009:
* Contain net cash used for operating expenses to the range of $38-42 million for the full year * Release the GenDrive class-2 product in the fourth quarter, broadening the GenDrive product portfolio “For years, Plug Power has been a leader in the research and development of fuel cell products and technologies,” said Andy Marsh, CEO at Plug Power. “We are now focused on becoming the leader in the commercialization of fuel cell products, focusing on material handling and prime power applications. Achieving our 2009 milestones is a critical step in proving to the investment community that the company has made the transformation from the laboratory to commercial acceptance.” Product Orders, Shipments and Backlog Total (GenDrive, GenSys and GenCore®) product orders for the quarter were 325 units; shipments in the third quarter were 6 units. Year to date, as of September 30, 2009, Plug Power had received 582 orders and shipped 217 units. Total product backlog at September 30, 2009 was 845 units, of which more than 50% are expected to ship in 2010. “We will begin to see several large orders shipping over the next several weeks and months and we expect to ramp both orders and shipments throughout the upcoming year,” said Gerry Anderson, CFO at Plug Power. Market demand for GenDrive is increasing as customers, such as Wegmans, Whole Foods and Sysco, move from trials to full fleet conversions. Their decisions are based on an increase in productivity, operator satisfaction, proven return on investment and a reduction in on-site carbon emissions. Financial Results Net loss for the third quarter of 2009 was $10.2 million, or $0.08 per share on a basic and diluted basis. This compares with a net loss of $13.8 million, or $0.16 per share, for the third quarter of 2008. Revenue for the third quarter of 2009 was $2.5 million. This compares with revenue in the same period of 2008 of $4.1 million. Product and service revenue was $1.0 million for the third quarter of 2009, and research and development (R&D) contract revenue was $1.5 million for the quarter. These amounts compare to $1.3 million of product and service revenue and $2.8 million of R&D contract revenue for the third quarter of 2008. Deferred product and service revenue at September 30, 2009 was $3.2 million. This compares to $4.1 million at September 30, 2008. 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 service revenue over future periods as service commitments are fulfilled. Total cost of revenue for the third quarter of 2009 was $4.1 million, comprised of $1.3 million for product and service cost of revenue and $2.8 million for R&D contract cost of revenue. This compares to total cost of revenue of $5.6 million in the third quarter of 2008, which was comprised of $1.8 million of costs of product and service revenue and $3.8 million of cost of R&D contract revenue. R&D expenses for the third quarter of 2009 were $4.4 million compared with $7.7 million for the third quarter of 2008. Selling, general and administrative (SG&A) expenses were $4.0 million for the third quarter of 2009 compared with $4.8 million for the same period in 2008. Additionally, $0.5 million was expensed for amortization of intangible assets during the quarter compared to $0.6 million for the third quarter of 2008. Cash and Liquidity Net cash used in operating activities for the third quarter of 2009 was $8.5 million. On September 30, 2009, Plug Power had cash, cash equivalents and available-for-sale securities of $71.1 million and net working capital of $70.4 million, compared with $116.3 million and $110.7 million, respectively, at September 30, 2008. Conference Call Plug Power has scheduled a conference call today at 10:00 am ET to review the Company’s results for the third quarter of 2009. 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 directly to the Plug Power Web site and selecting the conference call link on the home page. A playback of the call will be available online for a period following the call. Plug Power Inc. (NASDAQ: PLUG), an established leader in the development and deployment of clean, reliable energy solutions, integrates fuel cell technology into motive and continuous power products. The Company is actively engaged with private and public customers in targeted markets throughout the world. Plug Power Inc. 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 the number of GenDrive and GenSys units we expect to ship in 2010 through 2012, our projected revenues for 2010 through 2012, and our expectations for achieving profitability and positive cash flow in 2012. 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, our ability to reduce product and manufacturing costs; our ability to improve system reliability for both GenDrive and GenSys; our ability to successfully expand our product lines; the risk that unit orders will not ship, be installed and/or convert to revenue, in whole or in part; our ability to develop commercially viable products; the cost and timing of developing our products and our ability to raise the necessary capital to fund such development costs; market acceptance of our GenDrive and GenSys systems; our ability to manufacture 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 our products; our ability to establish and maintain 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 our products; our ability to protect our intellectual property; 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 our annual report on Form 10-K for the fiscal year ended December 31, 2008, filed with the Securities and Exchange Commission ("SEC") on March 16, 2009, and the reports we file from time to time with the SEC. We do not intend to and undertake no duty to update the information contained in this communication. To view Financial Tables, please click here. Source: Plug Power |
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