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UPDATE 1-Plug Power posts wider-than-expected Q4 loss

Mon Mar 16, 2009 8:37am EDT

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* Q4 adj loss $0.19 * Rev $5.3 mln vs est. $4.6 mln March 16 (Reuters) - Fuel-cell maker Plug Power Inc (PLUG.O) posted a wider-than-expected quarterly loss, as a surge in expenses offset a rise in GenDrive orders.

For the latest fourth quarter, the company reported a loss of 64.3 million, or 69 cents a share, compared with $17.5 million, or 20 cents a share, a year earlier.

The latest fourth-quarter results include a goodwill impairment charge of $45.8 million, $1.9 million in accelerated stock compensation and $6.3 million in restructuring charges, Plug Power said.

Excluding items, the company lost 19 cents a share, while analysts were expecting a loss of 16 cents a share, according to Reuters Estimates.

Selling, general and administrative expenses rose nearly 71 percent to $8.7 million for the quarter. There were 293 GenDrive orders in the latest fourth quarter, up sharply from 41, a year ago.

Shares of the company closed at $0.85 Friday on Nasdaq.

For the alerts, double click [ID:nWNAB4209] . For the press release, please double click [ID:nGNW61397a] (Reporting by Adveith Nair in Bangalore; Editing by Amitha Rajan)



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