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Die letzten New`s zu Plug Power SHREVEPORT, La., Jul 31, 2001 (BUSINESS WIRE) -- Don Harrold of http://www.MaverickTrader.com stated, "Despite the sluggishness of the market of late, we believe the market is building a base and will ultimately resolve itself higher over the next 6-12 months following a series of rate cuts and lower energy prices." MaverickTrader.com would like to see key names break out of consolidations patterns, stocks like: Worldcom (Nasdaq:WCOM), E.piphany (Nasdaq: EPNY) Plug Power (Nasdaq:PLUG), Cirrus Logic (Nasdaq:CRUS), and Xilinx (Nasdaq:XLNX). Dewey Burchett added, "Trading action of the one step forward, one step back variety has not left much for the bulls nor bears to hang their hat on. At this point traders are looking for any significant catalyst to break the market out of this narrow trading range." MaverickTrader.Com, located at http://www.MaverickTrader.com provides short-term trading ideas for the active investor/trader via e-mail. Research is based on both technical and fundamental analysis geared for position/swing trades, and day trading. You missed MaverickTrader.Com`s latest picks. You NEED next week`s stock picks FREE! Get FREE stock picks today at: http://www.MaverickTrader.com ----------------------------------------------------------- Latham, N.Y.-Based Fuel Cell Reduces Earnings Loss Jul 27, 2001 (Times Union - Knight Ridder/Tribune Business News via COMTEX) -- Fuel cell maker Plug Power Inc. cut spending 22 percent during the second quarter as it lost $18.3 million, or $300,000 more than in the same period a year before. The 41-cent-per-share loss was a penny better than the 42 cents the Latham-based company lost during the same period last year. Roger Saillant, president and chief executive, said the cuts highlighted the company`s commitment to meeting goals it has set -- something that has been a stumbling block in the past. "I`m very, very pleased to lead this company," Saillant said. "I feel now we have a team in place that can go the distance for profitability for us." Plug officials expect to move into the black by 2006. As the company reduces its cash spending, it also is trying to make its fuel cells less expensive. Widespread acceptance of Plug`s tiny power plants depends on how cheap they get. By year`s end, Saillant said, the company will have sliced a third off its production costs. Still, at about $12,000 a kilowatt, the company figures it must shave another $11,500 off that before homeowners flock to stores to buy a fuel cell. Fuel cells make electricity as part of a chemical reaction, with water vapor a byproduct. Saillant said commercial users are likely to pay $1,000 to $5,000 a kilowatt for the units. Plug`s initial units were rated at five kilowatts, enough to power a medium-size house. Plug expects to sell about 125 to 150 units this year. It sold its first 75 units for $7 million to the Long Island Power Authority earlier this summer; revenue from those sales will start showing up in the company`s balance sheets in its next quarterly report. Plug recently raised $54 million by selling more stock, through both a secondary offering and to two of its largest investors, General Electric Co. and DTE Energy. The money should help the company run into the second half of 2003, when it will have to raise more cash to stay alive. Over the first half of 2001, Plug lost $37.3 million, about $2 million more than it lost during the same stretch of 2000. Shares of Plug (Nasdaq: PLUG) closed at $11.80 Thursday, down 22 cents. Since the beginning of the year, its stock has fallen 20 percent. By Kenneth Aaron ----------------------------------------------------------- Plug Power Inc. Announces Exercise of Over-Allotment Option LATHAM, N.Y., Jul 27, 2001 /PRNewswire via COMTEX/ -- Plug Power Inc. (Nasdaq: PLUG), today announced that the underwriters of its recently completed public offering of 4,000,000 common shares, have exercised their entire over-allotment option to purchase 600,000 additional common shares at $12.00 per share. The estimated net proceeds to Plug Power from the exercise of the over-allotment option are $6.8 million. The underwriting syndicate consists of JPMorgan, Merrill Lynch & Co., Salomon Smith Barney, FAC/Equities and McDonald Investments Inc. Plug Power designs and develops on-site electric power 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 founded in February 2000 as the first European operation base of Plug Power. 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, Plug Power`s product development expectations 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; Plug Power`s ability to successfully enter into amended distribution arrangements with General Electric and DTE Energy Technology reflecting the terms of the MOU; ability to manufacture fuel cell systems on a commercial basis; 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; Plug Power`s ability to lower the cost of its fuel cell systems and demonstrate their reliability; 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 final prospectus, dated July 19, 2001 for its recent public offering filed with the Securities Exchange Commission on July 29, 2001, Plug Power`s current report on Form 8-K filed with the Securities and Exchange Commission on June 14, 2001 and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release. ----------------------------------------------------------- Der letzte Quartalsbericht. Plug Power Inc. Reports Second Quarter Results LATHAM, N.Y., Jul 26, 2001 /PRNewswire via COMTEX/ -- Plug Power Inc. (Nasdaq: PLUG), today reported that product development and financial results for the second quarter ended June 30, 2001 exceeded the company`s anticipated results, as reflected in reduced cost of direct material, decreased net cash spending and reduced loss per share. Contract revenue for the second quarter was $1.3 million as compared to $2.4 million for the second quarter of 2000. Year-to-date contract revenue was $2.3 million as compared to $5.4 million in 2000. The second quarter and year-to-date reduction in contract revenues reflect less emphasis on government research and development contracts as the company devotes most of its resources to product development and commercial sales. Product sales will begin to favorably affect revenues in the third quarter of 2001. Research and development costs, when combined with cost of contract revenue, were $17.4 million during the quarter compared to $20.4 million in the same quarter of 2000. Year-to-date, combined research and development costs and costs of contract revenue were $36.2 million compared to $35.8 million in 2000. Net cash spending for the second quarter ended June 30, 2001, decreased to $14.8 million from $16.9 million during the first quarter of 2001 and from $18.9 million during the second quarter last year. Net loss for the second quarter ended June 30, 2001, was $18.3 million, or $0.41 cents per share compared to $18.0 million, or $0.42 cents loss per share for the same period last year. The second quarter net loss of $0.41 cents per share and net cash spending of $14.8 million compares favorably to the forecast the company provided in April of this year of $0.42 cents per share and $16.3 million respectively. Net loss year-to-date was $37.3 million, or $0.85 cents per share, compared to $35.3 million or $0.82 cents loss per share, during the same period last year. See the attached financial highlights for the second quarter 2001. Weighted average shares outstanding for the quarter ended June 30, 2001, increased to 44.2 million shares from 43.1 million in 2000. Outstanding number of shares after the company`s recently completed public offering and concurrent private placement of common stock is 49.4 million. Plug Power`s financial position remains strong with $55.1 million of unrestricted cash and investments at June 30, 2001. Including the net proceeds of the recently completed public offering and private placement and excluding the underwriter`s over-allotment option, the company will have $109.1 million in unrestricted cash. "I am pleased at the progress we made during the second quarter," said Roger Saillant, president and chief executive officer. "We have met or exceeded some very important commercial and product development milestones and we are progressing with the implementation of our business plan." 2nd Quarter Highlights Product development and operational accomplishments during the quarter included the following: -- Signed a $7 million agreement with Long Island Power Authority for the purchase of 75 of the company`s first commercial fuel cell systems. This was the first large-scale sale of fuel cells to an electric utility in New York State. -- Entered into non-binding memoranda of understanding (MOU) with GE Fuel Cell Systems and DTE Energy Technology, which define new, expanded, distribution agreements for the company`s proton exchange membrane (PEM) fuel cell systems for stationary power applications. -- Manufactured 33 fuel cell systems in the second quarter and 52 year-to-date. Over 25,000 hours of system run time were recorded for the second quarter, over 43,000 year-to-date and over 211,000 company-to-date. -- Reduced the cost of direct materials per unit by 27 percent from January 1, 2001, well along the way to achieving the targeted 33 percent reduction by year-end. -- Decreased net cash spending to $14.8 million compared to $18.9 million from second quarter last year. -- Received approval to produce units bearing the CSA International certification seal for the United States. CSA provides services in the field of standards development and product certification. -- Demonstrated a running fuel cell system at the Renewable Energy Expo in Washington, D.C. which was attended by President George W. Bush. In addition to these second quarter accomplishments, the company completed a public offering of 3,975,000 shares of common stock at $12.00 per share, raising approximately $44.4 million. If the underwriters exercise their over-allotment option, in full, Plug Power estimates that its net proceeds will be approximately $51.3 million. In addition, another 416,666 shares were sold to both GE Power Systems Equities and DTE Energy, netting an additional $9.6 million. "We were extremely pleased to complete this offering despite adverse capital market conditions," said W. Mark Schmitz, vice president and chief financial officer. "We believe this was an important vote of confidence in Plug Power by the investment community and provides enough funds to execute our business plan well into the second half of 2003." Plug Power has scheduled a conference call today, July 26, at 10:00 a.m. (EDT) to review its second quarter 2001 results. Interested parties are invited to participate. To listen to the conference call, please call (719) 457-2650. The live web cast can also 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. 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. Plug Power designs and develops on-site electric power 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 founded in February 2000 as the first European operation base of Plug Power. 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, Plug Power`s product development expectations 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; Plug Power`s ability to successfully enter into amended distribution arrangements with General Electric and DTE Energy Technology reflecting the terms of the MOU; ability to manufacture fuel cell systems on a commercial basis; 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; Plug Power`s ability to lower the cost of its fuel cell systems and demonstrate their reliability; 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 final prospectus, dated July 19, 2001 for its recent public offering filed with the Securities Exchange Commission on July 29, 2001, Plug Power`s current report on Form 8-K filed with the Securities and Exchange Commission on June 14, 2001 and the reports Plug Power files from time to time with the Securities and Exchange Commission. Plug Power does not intend to and undertakes no duty to update the information contained in this press release. Plug Power Inc. Condensed Consolidated Balance Sheets (Unaudited) December 31, June 30, Assets 2000 2001 Current assets: Cash and cash equivalents $58,511,563 $35,118,449 Restricted cash 290,000 290,000 Marketable securities 28,221,852 19,967,447 Accounts receivable 1,415,049 1,625,873 Inventory 2,168,006 3,690,358 Prepaid development costs 2,041,668 3,672,475 Other current assets 694,178 419,417 Total current assets 93,342,316 64,784,019 Restricted cash 5,310,274 5,310,274 Property, plant and equipment, net 32,290,492 32,335,080 Intangible assets 6,827,066 5,148,602 Investment in affiliates 9,778,784 8,139,135 Prepaid development costs 2,513,093 -- Other assets 767,193 683,624 Total assets $150,829,218 $116,400,734 Liabilities and Stockholders` Equity Current liabilities: Accounts payable $3,479,031 $2,978,004 Accrued expenses and other current liabilities 6,511,730 4,169,639 Total current liabilities 9,990,761 7,147,643 Long-term debt and other liabilities 6,707,813 6,587,933 Total liabilities 16,698,574 13,735,576 Stockholders` equity 134,130,644 102,665,158 Total liabilities and stockholders` equity $150,829,218 $116,400,734 Plug Power Inc. Condensed Consolidated Statements of Operations Three Months Six Months Ended June 30, Ended June 30, 2000 2001 2000 2001 Contract revenue $2,417,764 $1,289,077 $5,350,557 $2,316,326 Cost of contract revenue 3,491,553 2,198,345 7,390,300 4,169,143 Loss on contracts (1,073,789) (909,268) (2,039,743) (1,852,817) In-process research and development -- -- 4,984,000 -- Research and development expense Noncash stock-based compensation -- 375,000 -- 375,000 Other research and development 16,932,662 14,870,054 28,376,834 31,620,347 General and administrative expense Noncash stock-based compensation 31,700 311,000 63,400 311,000 Other general and administrative 1,664,870 1,627,616 3,189,600 3,517,153 Interest expense 59,145 76,278 154,615 154,203 Operating loss (19,762,166) (18,169,216)(38,808,192) (37,830,520) Other income 2,184,312 843,171 4,492,478 2,135,965 Loss before equity in losses of affiliate (17,577,854) (17,326,045)(34,315,714) (35,694,555) Equity in losses of affiliate (455,304) (993,636) (963,304) (1,639,649) Net loss $(18,033,158) $(18,319,681)$(35,279,018) $(37,334,204) Loss per share - basic and diluted $(0.42) $(0.41) $(0.82) $(0.85) Weighted average number of shares outstanding 43,151,810 44,239,208 43,053,998 44,080,352 |
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| aus der Diskussion: | Plug Power es ist wieder Zeit. |
| Autor (Datum des Eintrages): | ambobobo (04.08.01 13:39:03) |
| Beitrag: | 3 von 19 (ID:4129341) |
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