| LATHAM, N.Y.--
Plug Power Inc. (Nasdaq: PLUG), a leading provider of clean, reliable on-site
energy, today reported current status against 2005 public corporate milestones
and financial results for the quarter ended June 30, 2005.
"I am pleased with our progress to
date, especially with the recently announced GenCore orders destined for
a large domestic telecommunications company," said Roger Saillant, President
and Chief Executive Officer. "Our management team remains confident in
the Company's ability to achieve our public milestones for the fifth consecutive
year."
Current status
against 2005 public corporate milestones:
Triple the number
of GenCore® orders received to at least 300:
Received
174 GenCore orders to date against the Company's full year
milestone
of 300. Year-to-date orders include 116 systems from Tyco
Electronics
Power Systems, Inc. destined for a leading U.S.-based
telecommunications
provider -- orders include an initial order for 63
systems,
a follow-on order for 35 systems and a third order for 18
additional
systems received last night. Additionally, 12 systems were
sold
to the Florida Department of Environmental Protection off the
Florida
state contract listing.
Begin field-testing
the next-generation continuous-run product:
Entered
into a contract with the Department of Defense to begin
field-testing
10 5-kilowatt LPG-fueled prime power fuel cell systems in
support
of base operations and forward deployment efforts for the U.S.
military.
These systems are expected to be installed and operated at
Robins
Air Force Base in Georgia.
Reduce GenCore
direct material cost by 25% from 2004 levels:
Reduced
direct GenCore material cost by approximately 6.5% during the
second
quarter totaling a 16.5% reduction year-to-date. Reductions in
the
second quarter resulted from use of new suppliers, increased
purchase
volume and supplier negotiations.
Secure a contract with Honda for
phase III of the Home Energy Station (HES) and proceed with development
activities:
Completed
the HES phase III and fundamental research and development
contracts
with Honda R&D during the first quarter of this year. Phase
III
development activities are well underway.
Financial results:
Total revenue for the second quarter
ended June 30, 2005, was $3.7 million, consistent with the $3.7 million
for the second quarter in 2004. Year-to-date total revenue was $6.9 million,
compared to $7.0 million in the prior year. 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 $4.7 million at
June 30, 2005, compared to $5.7 million at June 30, 2004.
Net loss for the quarter ended June
30, 2005, was $10.9 million, or $0.15 per share, compared to $11.3 million,
or $0.15 per share, for the same period in 2004. Year-to-date net loss
was $23.4 million, or $0.32 per share, compared to $23.3 million or $0.32
per share for the same period last year.
Net cash used in operating activities
for the second quarter ended June 30, 2005, was $9.2 million, compared
to $9.9 million in 2004. Year-to-date cash used in operating activities
was $19.4 million compared to $18.5 million in the prior year (see attached
financial highlights). The Company continues to expect net cash used in
operating activities will be less than $40.0 million in 2005.
Plug Power has scheduled a conference
call today at 10:00 AM (EDT) to review its second quarter 2005 results.
Interested parties are invited to participate. To listen to the conference
call, please call 617-614-3945 and enter the passcode PLUG (7584). The
live webcast can be accessed by logging onto http://www.plugpower.com.
A playback of the call will be available on the Web site for a period following
the call. See the attached financial highlights for the second quarter
2005.
About Plug Power
Plug Power Inc. is an established
leader in the deployment of clean, reliable, on-site energy products. More
than 500 Plug Power fuel cell systems have been delivered to customers
worldwide in commercial, public sector, telecommunications, utility and
uninterruptible power supply markets. For more information about how to
join Plug Power's energy revolution as an investor, customer, supplier
or strategic partner, please visit www.plugpower.com.
Plug Power Inc.
Financial Highlights
Balance Sheet
Data:
June 30, December 31,
Assets
2005
2004
Current assets:
Cash
and cash equivalents
$17,439,334 $18,976,767
Restricted
cash
365,000
365,000
Marketable
securities
29,771,253 47,872,662
Accounts
receivable
1,123,393 2,989,481
Inventory
5,313,191 3,527,140
Other
current assets
1,263,871 1,230,713
Total current assets
55,276,042 74,961,763
Restricted cash
3,965,274 3,965,274
Property, plant
and equipment, net
21,103,934 21,829,254
Intangible asset
-- p; 687,500
Investment in
affiliates
4,886,629 5,785,358
Goodwill
10,388,980 10,388,980
Other assets
330,477
379,361
Total
assets
$95,951,336 $117,997,490
Liabilities and
Stockholders' Equity
Current liabilities:
Accounts
payable
$2,442,378 $2,339,143
Accrued
expenses and other current
liabilities
2,551,437 2,874,554
Deferred
revenue
4,724,720 5,675,227
Total current liabilities
9,718,535 10,888,924
Long-term debt
and other liabilities 5,024,509
4,995,740
Total
liabilities
14,743,044 15,884,664
Stockholders'
equity
81,208,292 102,112,826
Total
liabilities and stockholders'
equity
$95,951,336 $117,997,490
Statements of
Operations Data:
Three Months Ended June 30, Six Months Ended June 30,
2005 2004
2005 2004
Revenue
Product
and
service revenue $1,473,669 $1,508,040
$2,530,039 $2,859,127
Research
and
development
contract
revenue
2,183,015 2,176,974 4,347,332
4,111,492
Total revenue 3,656,684
3,685,014 6,877,371 6,970,619
Cost of revenue
and expenses
Cost
of product
and service
revenue
975,316 1,753,054 1,682,981
2,647,898
Cost
of research
and development
contract
revenue
3,255,333 3,065,020 6,169,792
5,654,906
In-process
research and
development
-- p; --
-- p; --
Research
and
development
expense:
Noncash stock-
based
compensation 377,080
521,138 749,354
995,321
Other research
and development 7,364,196 7,338,143
16,813,184 16,595,345
General
and
administrative
expense:
Noncash stock-
based
compensation 468,405
479,066 603,949
731,275
Other general
and
administrative 1,907,101 1,827,074
3,874,834 3,481,564
Operating loss (10,690,747) (11,298,481) (23,016,723)
(23,135,690)
Interest income,
net 251,584 433,015
492,862 783,954
Loss before equity
in losses
of
affiliates
(10,439,163) (10,865,466) (22,523,861) (22,351,736)
Equity in losses
of affiliates
(448,274) (433,523) (898,729)
(899,341)
Net loss
$(10,887,437) $(11,298,989) $(23,422,590) $(23,251,077)
Loss per share
-
basic and
diluted $(0.15)
$(0.15) $(0.32)
$(0.32)
Weighted average
number
of shares
outstanding
73,493,993 73,054,440 73,471,719
72,997,887
Statements of
Cash Flows Data:
Three Months Ended June 30, Six Months Ended June 30,
2005 2004
2005 2004
Net loss
$(10,887,437) $(11,298,989) $(23,422,590) $(23,251,077)
Non - cash expense
2,196,931 3,472,409 5,141,110
7,209,886
Changes in assets
and liabilities
(518,938) (2,077,488) (1,096,183) (2,508,353)
Net cash used
in
operating
activities
$(9,209,444) $(9,904,068) $(19,377,663) $(18,549,544)
Proceeds from
acquisition,
net $ --
$ -- $ --
$ --
Purchase of
property,
plant
and equipment
(364,606) (308,992) (940,891)
(707,831)
Marketable
securities
653,315 (9,198,431) 18,258,367
(29,464,761)
Net cash provided
by (used
in)
investing
activities
$288,709 $(9,507,423) $17,317,476 $(30,172,592)
Proceeds from
stock options
and
employee
stock
purchase
plan $357,370
$250,959 $555,996
$692,947
Other
(16,828) (11,889)
(33,242) (32,692)
Net cash provided
by financing
activities
$340,542 $239,070
$522,754 $660,255
~
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