Plug Power Reports 4th Q Results
LATHAM, N.Y., Feb. 9 /PRNewswire/ -- Plug Power Inc. (Nasdaq: PLUG), today reported results for its fourth quarter and year ended December 31, 2000.
Net cash spending for the fourth quarter ended December 31, 2000 was $18.7 million, in line with management expectations.
Contract revenue for the fourth quarter of 2000 was $1.5 million as compared to $4.3 million for the fourth quarter ended December 31, 1999. Net loss for the fourth quarter of 2000 was $22.3 million, or $0.51 diluted loss per share, as compared to $8.5 million, or $0.23 diluted loss per share, for the fourth quarter ended December 31, 1999.
Contract revenues, derived primarily from government grants, for the year ended December 31, 2000, were $8.4 million as compared to $11.0 million for the prior year. Net loss for the year ended December 31, 2000, which includes a one-time non-cash charge in the amount of $7.4 million related to stock-based compensation for the company's former President and CEO, was $86.2 million, or $1.99 diluted loss per share. Excluding the one-time charge, net loss for the year ended December 31, 2000 was $78.8 million, or $1.82 diluted loss per share, as compared to $33.5 million, or $1.27 diluted loss per share, for the year ended December 31, 1999.
Research and development expenditures for the fourth quarter ended December 31, 2000 were $19.0 million as compared to $6.6 million for the same period of the prior year. For the year ended December 31, 2000, research and development expenditures were $65.9 million as compared to $20.5 million.
Interest income was $1.7 million in the fourth quarter of 2000 and $8.2 million for the year ended December 31, 2000.
Weighted average shares outstanding for the quarter ended December 31, 2000 increased to 43.7 million shares compared to 36.9 million for the same period last year. For the year ended December 31, 2000, weighted average shares were 43.3 million shares, as compared to 26.3 million shares for the year ended December 31, 1999. As of December 31, 2000 there were 43,795,513 shares issued and outstanding.
Over the past few months, Plug Power's executive management team was significantly strengthened with the hiring of Roger Saillant, President and Chief Executive Officer, and Robert Sinuc, Vice President of Engineering.
"My first weeks at Plug Power have been extremely busy and exciting," said Roger Saillant, Plug Power's president and chief executive officer. "I have focused my attention on customer requirements, cost reduction, reliability growth, and strategic relationships. I expect to complete my initial assessment of the company's operations in March, review my findings with the Board of Directors, and begin implementation of associated action plans."
Technical and manufacturing milestones were achieved during the fourth quarter, including the manufacture of the first 18 RU1 (Residential Unit 1) prototypes. In addition to the 18 prototypes, four RU1 development systems were built bringing the total to 113 systems built during 2000. These systems will be used to finalize design and prepare for the validation units, which are to be used for the reliability growth testing.
Plug Power's first product, RU1, will be a fully integrated, 60 Hz grid-parallel unit that will operate on natural gas. RU1 will be tightly marketed to selected utilities, General Electric and DTE Energy. Plug Power's fully integrated units convert natural gas into hydrogen-rich fuel that is passed through the system's fuel cell stack where electricity is electrochemically generated. The fuel cell's power conditioner then converts the electricity into high-quality alternating current for normal household use.
Other fourth quarter achievements included accumulation of 32,451 hours of system run-time on fuel cell units operating in the field, in laboratories and at Plug Power's fuel cell farm in Latham, N.Y. This brings the cumulative hours of system run-time to 133,451 through the end of the year.
On November 21, 2000, Plug Power was awarded its 18th patent. The U.S. Patent Office also recently approved another Plug Power patent, to issue later this spring, which covers a new "anti-islanding" technology for connecting distributed power generation systems to the utility grid. This technology provides a "smart" grid connection system to improve the safety and reliability associated with grid interaction. To date, Plug Power has filed a total of 125 patents related to fuel cell technology.
Plug Power has scheduled a conference call on February 9th at 10:00 AM (EST) to review its year-end and fourth quarter 2000 results. Interested parties are invited to participate. To listen to the conference call, please call (913) 981-5572. 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 firstname.lastname@example.org or call Steven Zenker, Director of Investor Relations at 518-782-7700 extension 1248.
See the attached financial highlights for the year-end and fourth quarter 2000. For more information about Plug Power and to view its FAQ's and general presentation, please visit its web site at http://www.plugpower.com.
Plug Power is a leading designer and developer of on-site, electricity generation systems utilizing proton exchange membrane fuel cells for residential 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 founded in February 2000 as the first European operation base of Plug Power. The product will 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 the 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, 2000 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 December 31, December 31, Assets 2000 1999 Current assets: Cash and cash equivalents $58,496,563 $171,496,286 Restricted cash 290,000 275,000 Marketable securities 28,221,852 -- Accounts receivable 1,415,049 5,212,943 Inventory 2,168,006 304,711 Prepaid development costs 2,041,668 -- Other current assets 694,178 124,380 Total current assets 93,327,316 177,413,320 Restricted cash 5,325,274 5,600,274 Property, plant and equipment, net 32,290,492 23,333,791 Intangible assets 6,827,066 -- Investment in affiliates 9,778,784 9,778,250 Prepaid development costs 2,513,093 -- Other Assets 767,193 -- Total assets $150,829,218 $216,125,635 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $3,479,031 $4,644,496 Accrued expenses and other current liabilities 6,511,730 3,557,301 Total current liabilities 9,990,761 8,201,797 Long-term debt and other liabilities 6,707,813 6,517,304 Total liabilities 16,698,574 14,719,101 Stockholders' equity 134,130,644 201,406,534 Total liabilities and stockholders' equity $150,829,218 $216,125,635 Plug Power Inc. Condensed Consolidated Statements of Operations Three Months Ended Year Ended December 31, December 31, 2000 1999 2000 1999 Contract revenue $1,479,852 $4,298,748 $8,378,200 $11,000,344 Cost of contract revenue 2,623,173 5,648,149 13,055,437 15,497,837 Loss on contracts (1,143,321) (1,349,401) (4,677,237) (4,497,493) In-process research and development -- -- 4,984,000 -- Research and development expense: Noncash research and development 247,782 -- 247,782 -- Other research and development 18,754,261 6,619,521 65,656,604 20,506,156 General and administrative expense: Noncash general and administrative 81,440 866,700 7,595,073 3,228,800 Other general and administrative 3,269,025 1,773,502 8,572,256 6,699,482 Interest expense 97,557 81,737 362,996 189,586 Operating loss (23,593,386) (10,690,861) (92,095,948) (35,121,517) Interest income 1,706,798 2,756,372 8,181,265 3,123,955 Loss before equity in losses of affiliate (21,886,588) (7,934,489) (83,914,683) (31,997,562) Equity in losses of affiliate (425,893) (559,500) (2,327,216) (1,471,750) Net loss $(22,312,481) $(8,493,989) $(86,241,899) $(33,469,312) Loss per share - basic and diluted $(0.51) $(0.23) $(1.99) $(1.27) Weighted average number of shares outstanding 43,685,549 36,947,165 43,308,158 26,282,705SOURCE Plug Power Inc.
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