This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Plug Power Announces Second Quarter 2013 Financial Results

LATHAM, N.Y., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today reported its financial results for the second quarter 2013.

In the quarter, Plug Power experienced a renewed customer interest in its business due, in part, to the May 8 announcement of a $6.5 million investment by Air Liquide. Of the $7.5 million in new orders received during the second quarter of 2013, $6.1 million occurred between the date the investment was announced, and the end of the second quarter.

An example of this is Mercedes-Benz's announcement that it would add 123 GenDrive fuel cell units to its fleet in Huntsville, AL, to support a new Mercedes logistics center located adjacent to its manufacturing facilities. This order rate puts the Company on the pace it needs to meet its stated goal of being profitable on an earnings before interest, taxes, depreciation, amortization and stock-based compensation (EBITDAS) basis by mid-year 2014.

Plug Power business highlights in the second quarter of 2013 include customer shipments to Carters, Sysco Riverside, BMW, and P&G. These sales include significant expansions to existing sites by BMW, and the conversion of forklift trucks at P&G's Mehoopany, PA, site from lead-acid battery to GenDrive fuel cells.

The Sysco Riverside, CA, facility is one of the first Plug Power customers to use an onsite reformer to convert natural gas to hydrogen. The use of onsite reformers opens up a new market segment of smaller distribution facilities where fuel cells can now be used cost effectively. The Company estimates that the use of this technology expands its addressable market in the U.S. by $1 billion USD.

Plug Power is also on-target for the quarter for the material cost for new product shipments, and the Company is projecting that service costs will be significantly reduced by year-end 2013. Continuous improvement in operating costs is another benchmark for achieving breakeven EBITDAS in 2014.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,156.85 +24.88 0.15%
S&P 500 2,001.57 +2.59 0.13%
NASDAQ 4,562.1890 +9.43 0.21%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs