Plug Power Inc. (PLUG, Financial) filed Quarterly Report for the period ended 2009-06-30.
Plug Power Inc. is a leading designer and developer of on-site electricity generation systems utilizing proton exchange membrane fuel cells for residential applications. The company believes that the electricity the residential fuel cell systems will provide to homes can be less expensive more reliable more efficiently produced and environmentally cleaner than the electricity provided by the existing electric utility grid and other power generation technologies. Plug Power Inc. has a market cap of $102.6 million; its shares were traded at around $0.79 with and P/S ratio of 5.8. Plug Power Inc. had an annual average earning growth of 4.6% over the past 5 years.
The outstanding balance of the debt as of June 30, 2009 is $1.6 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 June 30, 2009 was $1.8 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.
In the product and service revenue category, during the three months ended June 30, 2009, we shipped 13 fuel cell systems as compared to 92 fuel cell systems shipped during the three months ended June 30, 2008. In the three months ended June 30, 2009, we recognized approximately $411,000 of revenue for products shipped or delivered or services rendered in the three months ended June 30, 2009, which includes approximately $367,000 of non-deferred revenue as compared to approximately $519,000 of revenue recognized in the three months ended June 30, 2008 for products shipped or delivered or services rendered in the three months ended June 30, 2008, which includes approximately $265,000 of non-deferred revenue. Additionally, in the three months ended June 30, 2009 we recognized approximately $874,000 of product and services revenue from fuel cell shipments made prior to 2009, whereas in the three months ended June 30, 2008 we recognized approximately $611,000 of product and service revenue from fuel cell shipments made prior to 2008.
$638,000 of revenue for products shipped or delivered or services rendered in the six months ended June 30, 2009, which includes approximately $577,000 of non-deferred revenue as compared to approximately $680,000 of revenue recognized in the six months ended June 30, 2008 for products shipped or delivered or services rendered in the six months ended June 30, 2008, which includes approximately $374,000 of non-deferred revenue. Additionally, in the six months ended June 30, 2009 we recognized approximately $1.9 million of product and services revenue from fuel cell shipments made prior to 2009, whereas in the six months ended June 30, 2008 we recognized approximately $1.3 million of product and service revenue from fuel cell shipments made prior to 2008.
Interest and other income and net realized gains/(losses) from available-for-sale securities decreased to approximately $260,000 for the three months ended June 30, 2009 from approximately $657,000 for the three months ended June 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 June 30, 2009 and $0 for the three months ended June 30, 2008. Interest income on trading securities and available-for-sale securities for the three months ended June 30, 2009 was approximately $166,000 and $91,000, respectively.
Interest and other income and net realized gains/(losses) from available-for-sale securities decreased to approximately $690,000 for the six months ended June 30, 2009 from $2.8 million for the six months ended June 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 six months ended June 30, 2009 and a net gain of approximately $392,000 for the six months ended June 30, 2008. Interest income on trading securities and available-for-sale securities for the six months ended June 30, 2009 was approximately $475,000 and $205,000, respectively.
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Plug Power Inc. is a leading designer and developer of on-site electricity generation systems utilizing proton exchange membrane fuel cells for residential applications. The company believes that the electricity the residential fuel cell systems will provide to homes can be less expensive more reliable more efficiently produced and environmentally cleaner than the electricity provided by the existing electric utility grid and other power generation technologies. Plug Power Inc. has a market cap of $102.6 million; its shares were traded at around $0.79 with and P/S ratio of 5.8. Plug Power Inc. had an annual average earning growth of 4.6% over the past 5 years.
Highlight of Business Operations:
Credit Line Agreement and Auction Rate Security Repurchase Agreement. In December 2008, the Company entered into a Credit Line Agreement with a third-party lender with a maximum availability of $62.9 million. The Companys auction rate debt securities included in trading securities on the condensed consolidated balance sheets are pledged as collateral for the Credit Line Agreement. As of December 31, 2008, the Company had drawn down $62.9 million on this line of credit. During the second quarter of 2009, $125,000 of auction rate debt securities were sold by the third-party lender holding the collateral which resulted in a corresponding reduction in amounts outstanding under the Credit Line Agreement. The fair value of the auction rate debt securities is $56.1 million and $52.7 million at June 30, 2009 and December 31, 2008, respectively. The Credit Line Agreement bears interest at a variable rate equal to the average rate of interest earned by the Company on the auction rate debt securities pledged as collateral for the Credit Line Agreement. The interest rate on the line of credit advances was 1.4% and 2.4% at June 30, 2009 and December 31, 2008, respectively. Interest expense on the advances on the Credit Line Agreement was approximately $436,000 for the six months ended June 30, 2009.The outstanding balance of the debt as of June 30, 2009 is $1.6 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 June 30, 2009 was $1.8 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.
In the product and service revenue category, during the three months ended June 30, 2009, we shipped 13 fuel cell systems as compared to 92 fuel cell systems shipped during the three months ended June 30, 2008. In the three months ended June 30, 2009, we recognized approximately $411,000 of revenue for products shipped or delivered or services rendered in the three months ended June 30, 2009, which includes approximately $367,000 of non-deferred revenue as compared to approximately $519,000 of revenue recognized in the three months ended June 30, 2008 for products shipped or delivered or services rendered in the three months ended June 30, 2008, which includes approximately $265,000 of non-deferred revenue. Additionally, in the three months ended June 30, 2009 we recognized approximately $874,000 of product and services revenue from fuel cell shipments made prior to 2009, whereas in the three months ended June 30, 2008 we recognized approximately $611,000 of product and service revenue from fuel cell shipments made prior to 2008.
$638,000 of revenue for products shipped or delivered or services rendered in the six months ended June 30, 2009, which includes approximately $577,000 of non-deferred revenue as compared to approximately $680,000 of revenue recognized in the six months ended June 30, 2008 for products shipped or delivered or services rendered in the six months ended June 30, 2008, which includes approximately $374,000 of non-deferred revenue. Additionally, in the six months ended June 30, 2009 we recognized approximately $1.9 million of product and services revenue from fuel cell shipments made prior to 2009, whereas in the six months ended June 30, 2008 we recognized approximately $1.3 million of product and service revenue from fuel cell shipments made prior to 2008.
Interest and other income and net realized gains/(losses) from available-for-sale securities decreased to approximately $260,000 for the three months ended June 30, 2009 from approximately $657,000 for the three months ended June 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 June 30, 2009 and $0 for the three months ended June 30, 2008. Interest income on trading securities and available-for-sale securities for the three months ended June 30, 2009 was approximately $166,000 and $91,000, respectively.
Interest and other income and net realized gains/(losses) from available-for-sale securities decreased to approximately $690,000 for the six months ended June 30, 2009 from $2.8 million for the six months ended June 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 six months ended June 30, 2009 and a net gain of approximately $392,000 for the six months ended June 30, 2008. Interest income on trading securities and available-for-sale securities for the six months ended June 30, 2009 was approximately $475,000 and $205,000, respectively.
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