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UPDATE 1-Plug Power posts narrower Q1 loss

Thu May 7, 2009 8:23am EDT

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* Q1 loss/shr $0.06 vs $0.24 year-ago

* Q1 revenue falls 30 pct

* Q1 product and service revenue jumps 51 pct

May 7 (Reuters) - Fuel-cell maker Plug Power Inc's (PLUG.O) first-quarter loss shrunk 61 percent, helped by higher product and service revenue and lower expenses. The Latham, New York-based company reported a net loss of $8.2 million, or 6 cents a share, narrower than $20.7 million, or 24 cents a share, a year earlier.

Revenue fell 30 percent to $2.6 million, but product and service revenue jumped 51 percent to $1.3 million.

Selling, general and administrative expenses halved from the year-ago period, while research and development expense fell 56 percent.

Shares of the company closed at $1.02 Wednesday on Nasdaq.

For the alerts, double click [ID:nWNAB5217] (Reporting by Shradhha Sharma in Bangalore; Editing by Deepak Kannan)



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