Plug Power Inc. Reports First Quarter Results

Apr 26, 2001, 01:00 ET from Plug Power Inc.

    LATHAM, N.Y., April 26 /PRNewswire/ -- Plug Power Inc. (Nasdaq: PLUG),
 today reported financial results for the first quarter ended March 31, 2001.
     Net cash spending for the first quarter ended March 31, 2001 decreased
 to $16.9 million from $18.7 million during the fourth quarter ended
 December 31, 2000.
     Contract revenues for the first quarter were $1.0 million as compared to
 $2.9 million for the first quarter of 2000.  Our cost of contract revenue
 combined with research and development expenses were $18.7 million, for the
 quarter, compared to $15.3 million for the first quarter of the prior year.
     Net loss for the first quarter ended March 31, 2001 was $19.0 million,
 or $0.43 loss per diluted share.  This compares to $17.2 million, or
 $0.40 loss per diluted share, for the first quarter ended March 31, 2000.  The
 prior year first quarter loss includes a one-time charge of $5.0 million for
 the write off of in-process research and development related to our
 acquisition of intellectual property and certain other assets for fuel
 processing.  The total purchase price was $14.8 million of which $9.6 million
 was capitalized and is being written off over 3 years and $0.2 million was
 capitalized as fixed assets and are being written off over their useful life.
 Without the acquisition related charges our loss for the first quarter of 2000
 would have been $11.7 million, or $0.27 diluted loss per share.
     Weighted average shares outstanding for the quarter ended March 31, 2001
 increased to 43.9 million shares from 42.9 million at March 31, 2000.
     Financial results for the quarter were as expected and Plug Power's
 financial position remains strong with $69.9 million in unrestricted cash and
 investments at March 31, 2000.
     Plug Power has scheduled a brief conference call on April 26 at 2:00 PM
 (EDT) to review its first quarter 2001 results.  Interested parties are
 invited to participate.  To listen to the conference call, please call
 913-981-5543.  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 at least one month following the call.  Please send any
 questions related to the financial results to investorrelations@plugpower.com
 or call Steven Zenker, Director of Investor Relations at 518-782-7700
 extension 1248.
     See the attached financial highlights for the first quarter 2001.  For
 more information about Plug Power and to view our FAQ's and general
 presentation, please visit our web site at http://www.plugpower.com.
 
     Plug Power is a designer and developer of on-site, energy generation
 systems utilizing proton exchange membrane fuel cells for stationary
 applications.  The Latham, N.Y.- based company was founded in 1997, as a joint
 venture of DTE Energy Company and Mechanical Technology Incorporated.  Plug
 Power Holland was established in February 2000 as the first European presence
 of Plug Power.  Plug Power's fuel cell systems for residential and small
 commercial stationary applications are expected to be sold globally through a
 joint venture with the General Electric Company, one of the world's leading
 suppliers of power generation technology and energy services.  DTE Energy
 Technologies will distribute these units in Michigan, Illinois, Ohio and
 Indiana.
 
     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 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 General Electric; 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; 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 filed with the
 Securities and Exchange Commission on March 30, 2001 and the reports Plug
 Power files from time to time with the Securities and Exchange Commission.
 Plug Power undertakes no duty to update the information contained in this
 press release.
 
     Plug Power Inc.
     Condensed Consolidated Balance Sheets
                                                (Unaudited)
                                                 March 31,        December 31,
     Assets                                         2001              2000
     Current assets:
       Cash and cash equivalents                $69,873,627       $86,733,415
       Restricted cash                              290,000           290,000
       Accounts receivable                        1,184,300         1,415,049
       Inventory                                  2,406,129         2,168,006
     Prepaid development costs                    1,666,668         2,041,668
       Other current assets                         640,551           694,178
         Total current assets                    76,061,275        93,342,316
 
     Restricted cash                              5,310,274         5,310,274
     Property, plant and equipment, net          32,629,807        32,290,492
     Intangible assets                            5,987,834         6,827,066
     Investment in affiliates                     9,132,771         9,778,784
     Prepaid development costs                      825,760         2,513,093
     Other assets                                   767,193           767,193
       Total assets                            $130,714,914      $150,829,218
 
     Liabilities and Stockholders' Equity
     Current liabilities:
       Accounts payable                          $2,950,546        $3,479,031
       Accrued expenses and other
        current liabilities                       5,531,969         6,511,730
         Total current liabilities                8,482,515         9,990,761
 
     Long-term debt and other liabilities         6,641,548         6,707,813
       Total liabilities                         15,124,063        16,698,574
 
     Stockholders' equity                       115,590,851       134,130,644
       Total liabilities and
        stockholders' equity                   $130,714,914      $150,829,218
 
 
     Plug Power Inc.
     Condensed Consolidated Statements of
     Operations
 
                                                  Three Months Ended March 31,
                                                    2001              2000
 
     Contract revenue                            $1,027,249        $2,932,793
     Cost of contract revenue                     1,970,798         3,898,747
       Loss on contracts                           (943,549)         (965,954)
 
     In-process research and development              --            4,984,000
     Research and development expense
        Noncash stock-based compensation              --               --
        Other research and development           16,750,293        11,444,172
     General and administrative expense
        Noncash stock-based compensation              --               31,700
        Other general and administrative          1,889,537         1,524,730
     Interest expense                                77,925            95,470
       Operating loss                           (19,661,304)      (19,046,026)
 
     Other income                                 1,292,794         2,308,166
     Loss before equity in losses of
      affiliate                                 (18,368,510)      (16,737,860)
 
     Equity in losses of affiliate                 (646,013)         (508,000)
     Net loss                                  $(19,014,523)     $(17,245,860)
 
     Loss per share - basic and diluted              $(0.43)           $(0.40)
 
     Weighted average number of shares
      outstanding                                43,919,731        42,956,186
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Plug Power Inc.
    LATHAM, N.Y., April 26 /PRNewswire/ -- Plug Power Inc. (Nasdaq: PLUG),
 today reported financial results for the first quarter ended March 31, 2001.
     Net cash spending for the first quarter ended March 31, 2001 decreased
 to $16.9 million from $18.7 million during the fourth quarter ended
 December 31, 2000.
     Contract revenues for the first quarter were $1.0 million as compared to
 $2.9 million for the first quarter of 2000.  Our cost of contract revenue
 combined with research and development expenses were $18.7 million, for the
 quarter, compared to $15.3 million for the first quarter of the prior year.
     Net loss for the first quarter ended March 31, 2001 was $19.0 million,
 or $0.43 loss per diluted share.  This compares to $17.2 million, or
 $0.40 loss per diluted share, for the first quarter ended March 31, 2000.  The
 prior year first quarter loss includes a one-time charge of $5.0 million for
 the write off of in-process research and development related to our
 acquisition of intellectual property and certain other assets for fuel
 processing.  The total purchase price was $14.8 million of which $9.6 million
 was capitalized and is being written off over 3 years and $0.2 million was
 capitalized as fixed assets and are being written off over their useful life.
 Without the acquisition related charges our loss for the first quarter of 2000
 would have been $11.7 million, or $0.27 diluted loss per share.
     Weighted average shares outstanding for the quarter ended March 31, 2001
 increased to 43.9 million shares from 42.9 million at March 31, 2000.
     Financial results for the quarter were as expected and Plug Power's
 financial position remains strong with $69.9 million in unrestricted cash and
 investments at March 31, 2000.
     Plug Power has scheduled a brief conference call on April 26 at 2:00 PM
 (EDT) to review its first quarter 2001 results.  Interested parties are
 invited to participate.  To listen to the conference call, please call
 913-981-5543.  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 at least one month following the call.  Please send any
 questions related to the financial results to investorrelations@plugpower.com
 or call Steven Zenker, Director of Investor Relations at 518-782-7700
 extension 1248.
     See the attached financial highlights for the first quarter 2001.  For
 more information about Plug Power and to view our FAQ's and general
 presentation, please visit our web site at http://www.plugpower.com.
 
     Plug Power is a designer and developer of on-site, energy generation
 systems utilizing proton exchange membrane fuel cells for stationary
 applications.  The Latham, N.Y.- based company was founded in 1997, as a joint
 venture of DTE Energy Company and Mechanical Technology Incorporated.  Plug
 Power Holland was established in February 2000 as the first European presence
 of Plug Power.  Plug Power's fuel cell systems for residential and small
 commercial stationary applications are expected to be sold globally through a
 joint venture with the General Electric Company, one of the world's leading
 suppliers of power generation technology and energy services.  DTE Energy
 Technologies will distribute these units in Michigan, Illinois, Ohio and
 Indiana.
 
     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 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 General Electric; 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; 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 filed with the
 Securities and Exchange Commission on March 30, 2001 and the reports Plug
 Power files from time to time with the Securities and Exchange Commission.
 Plug Power undertakes no duty to update the information contained in this
 press release.
 
     Plug Power Inc.
     Condensed Consolidated Balance Sheets
                                                (Unaudited)
                                                 March 31,        December 31,
     Assets                                         2001              2000
     Current assets:
       Cash and cash equivalents                $69,873,627       $86,733,415
       Restricted cash                              290,000           290,000
       Accounts receivable                        1,184,300         1,415,049
       Inventory                                  2,406,129         2,168,006
     Prepaid development costs                    1,666,668         2,041,668
       Other current assets                         640,551           694,178
         Total current assets                    76,061,275        93,342,316
 
     Restricted cash                              5,310,274         5,310,274
     Property, plant and equipment, net          32,629,807        32,290,492
     Intangible assets                            5,987,834         6,827,066
     Investment in affiliates                     9,132,771         9,778,784
     Prepaid development costs                      825,760         2,513,093
     Other assets                                   767,193           767,193
       Total assets                            $130,714,914      $150,829,218
 
     Liabilities and Stockholders' Equity
     Current liabilities:
       Accounts payable                          $2,950,546        $3,479,031
       Accrued expenses and other
        current liabilities                       5,531,969         6,511,730
         Total current liabilities                8,482,515         9,990,761
 
     Long-term debt and other liabilities         6,641,548         6,707,813
       Total liabilities                         15,124,063        16,698,574
 
     Stockholders' equity                       115,590,851       134,130,644
       Total liabilities and
        stockholders' equity                   $130,714,914      $150,829,218
 
 
     Plug Power Inc.
     Condensed Consolidated Statements of
     Operations
 
                                                  Three Months Ended March 31,
                                                    2001              2000
 
     Contract revenue                            $1,027,249        $2,932,793
     Cost of contract revenue                     1,970,798         3,898,747
       Loss on contracts                           (943,549)         (965,954)
 
     In-process research and development              --            4,984,000
     Research and development expense
        Noncash stock-based compensation              --               --
        Other research and development           16,750,293        11,444,172
     General and administrative expense
        Noncash stock-based compensation              --               31,700
        Other general and administrative          1,889,537         1,524,730
     Interest expense                                77,925            95,470
       Operating loss                           (19,661,304)      (19,046,026)
 
     Other income                                 1,292,794         2,308,166
     Loss before equity in losses of
      affiliate                                 (18,368,510)      (16,737,860)
 
     Equity in losses of affiliate                 (646,013)         (508,000)
     Net loss                                  $(19,014,523)     $(17,245,860)
 
     Loss per share - basic and diluted              $(0.43)           $(0.40)
 
     Weighted average number of shares
      outstanding                                43,919,731        42,956,186
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X55876124
 
 SOURCE  Plug Power Inc.