Plug Power Reports Fourth-Quarter 2002 Results
Plug Power Inc. (Latham, NY) reported financial results for the fourth quarter and year ended December 31, 2002. Net cash spending for the fourth quarter of 2002 decreased to $10.5 million from $11.7 million during the fourth quarter of 2001, including $815,000 spent in the fourth quarter of 2002 related to Plug Power's definitive merger agreement with H Power Corp. (Belleville, NJ). Year-to-date net cash spending was $37.1 million in 2002, including $815,000 related to the acquisition of H Power, compared to $55.5 million in 2001.
Revenue for the fourth quarter ended December 31, 2002, was $3.4 million compared to $2.5 million for the fourth quarter of 2001. Year-to-date revenue was $11.8 million compared to $5.7 million in 2001. Deferred revenue was $6.1 million at December 31, 2002, and $6.1 million at December 31, 2001. Net loss for the quarter was $12.7 million, or $0.25 per share, compared to $17.1 million, or $0.34 per share, for the same period in 2001. Year-to-date, the net loss was $47.2 million, or $0.93 per share, compared to $73.1 million, or $1.56 per share.