Plug Power Inc. (PLUG) filed Quarterly Report for the period ended 2009-09-30.
Plug Power Inc. has a market cap of $113.77 million; its shares were traded at around $0.8798 with and P/S ratio of 6.36. Plug Power Inc. had an annual average earning growth of 4.6% over the past 5 years.
Highlight of Business Operations:
In the product and service revenue category, during the three months ended September 30, 2009, we shipped 6 fuel cell systems as compared to 59 fuel cell systems shipped during the three months ended September 30, 2008. In the three months ended September 30, 2009, we recognized approximately $407,000 of revenue for products shipped or delivered or services rendered in the three months ended September 30, 2009, which includes approximately $357,000 of non-deferred revenue as compared to approximately $710,000 of revenue recognized in the three months ended September 30, 2008 for products shipped or delivered or services rendered in the three months ended September 30, 2008, which includes approximately $317,000 of non-deferred revenue. Additionally, in the three months ended September 30, 2009 we recognized approximately $638,000 of product and services revenue from fuel cell shipments made prior to 2009, whereas in the three months ended September 30, 2008 we recognized approximately $561,000 of product and service revenue from fuel cell shipments made prior to 2008.
Interest and other income and net realized gains from available-for-sale securities decreased to approximately $627,000 for the three months ended September 30, 2009 from approximately $1.9 million for the three months ended September 30, 2008. This decrease is primarily related to lower cash balances coupled with lower yields on our investments due to a declining rate environment. Total net realized gains/losses from the sale of available-for-sale securities was $0 for the three months ended September 30, 2009 and $0 for the three months ended September 30, 2008. Interest income on trading securities and available-for-sale securities for the three months ended September 30, 2009 and 2008 was approximately $284,000 and $525,000, respectively. Also included in the three months ended September 30, 2008 is a $1.3 million gain relating to the termination of Technology Partnerships Canada (TPC) agreements as discussed in Note 8, Repayable Government Assistance.
Interest and other income and net realized gains from available-for-sale securities decreased to approximately $1.3 million for the nine months ended September 30, 2009 from $4.6 million for the nine months ended September 30, 2008. This decrease is primarily related to lower cash balances coupled with lower yields on our investments due to a declining rate environment. Total net realized gains/losses from the sale of available-for-sale securities was $0 for the nine months ended September 30, 2009 and a net gain of approximately $392,000 for the nine months ended September 30, 2008. Interest income on trading securities and available-for-sale securities for the nine months ended September 30, 2009 was approximately $964,000 and $2.8 million, respectively. Also included in the nine months ended September 30, 2008 is a $1.3 million gain relating to the termination of Technology Partnerships Canada (TPC) agreements as discussed in Note 8, Repayable Government Assistance.
The Company has pledged these securities as collateral to a third-party lender for a Credit Line Agreement (See Note 10, Credit Line Agreement and Auction Rate Debt Securities Repurchase Agreement) entered into in December 2008. Given the lack of liquidity in the market for auction rate debt securities, the estimated fair value of these auction rate debt securities have become lower than their cost and, based on an analysis of other than temporary impairment factors, management has determined, beginning in the first quarter of 2008, that this difference represents a decline in value that is other than temporary. Accordingly, the Company recorded an other than temporary impairment charge of approximately $789,000 and $5.3 million for the three and nine months ended September 30, 2008, respectively, in the condensed consolidated statements of operations. In December 2008, the Company entered into a Repurchase Agreement with a third-party lender such that the Company may require the third-party lender to repurchase the auction rate debt securities pledged as collateral for the Credit Line Agreement (See Note 10, Credit Line Agreement and Auction Rate Debt Securities Repurchase Agreement), at their par value, from June 30, 2010 through July 2, 2012. The fair value of the Repurchase Agreement at its origination was $10.2 million and was recorded as income in the 2008 condensed consolidated statement of operations. The fair value of the Repurchase Agreement at September 30, 2009 was $6.1 million. The change in fair value of approximately $570,000 and $4.1 million during the three and nine months ended September 30, 2009, respectively, was recorded as expense in the condensed consolidated statements of operations which is offset by the change in fair value of the auction rate debt securities held as collateral of approximately $570,000 and $4.1 million that is recorded as income for the three and nine months ended September 30, 2009, respectively.
The outstanding balance of the debt as of September 30, 2009 is $1.5 million and is recorded as current portion of long term debt and long term debt in the condensed consolidated balance sheets. Restricted cash and the amount of the corresponding pledge requirement as of September 30, 2009 was $1.7 million and is recorded as restricted cash in the condensed consolidated balance sheets. Principal payments due on long-term debt over the next five fiscal years are as follows: 2010, $300,000; 2011, $323,000; 2012, $347,000; 2013, $373,000; and 2014 $98,000.
During the nine months ended September 30, 2009, cash used for operating activities was $29.8 million, consisting primarily of a net loss of $28.6 million offset, in part, by non-cash expenses in the amount of $6.5 million, including $4.4 million for amortization and depreciation, $1.8 million for stock based compensation, $280,000 for disposals of property, plant and equipment and $82,000 in bad debt expense. Cash used in investing activities for the nine months ended September 30, 2009 was $24.7 million, consisting of $3.3 million in proceeds from trading securities offset by $23.3 million of maturities, net of purchases, of available-for-sale securities, $46,000 used to purchase property, plant and equipment, $2.5 million used as an investment in leased property, and $2.3 million in restricted cash. Cash used in financing activities for the nine months ended September 30, 2009 was $2.2 million consisting primarily of proceeds from borrowings of long term debt of $1.7 million offset by $3.3 million in proceeds from borrowings under line of credit, $534,000 for the purchase of treasury stock and $140,000 in principal payments on long-term debt and line of credit.
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