FuelCell Energy Releases Second Quarter Results

June 06, 2000 by Jeff Shepard

FuelCell Energy Inc. (Danbury, CT), has reported revenues of $4,936,000 for the second quarter ending on April 30, 2000, compared with revenues of $5,788,000 in the same quarter of the previous year. Net loss for the period was $1,708,000 or $0.26 per diluted share compared with a net loss of $773,000 or $0.12 per diluted share for the second quarter of 1999.For the six months ending April 30, 2000, revenues were $8,536,000, a 29-percent decrease from revenues of $12,072,000 for the same period in 1999. Net loss for the six months was $1,703,000 or $0.27 per diluted share compared with a net loss of $1,121,000 or $0.18 in the previous year.Revenues declined in both the current quarter and the six-month period due to reduced activity under the company's reseach, and development contracts partially offset by an increase in its demonstration project and product revenues. The net loss for the current fiscal year reflects the company's significant investment in its fuel cell commercialization efforts.FCE's cash and short-term investments were $64,500,000 at April 30, 2000, compared to $6,200,000 at Oct. 31, 1999. The increase in cash was the result of the secondary public offering completed in April 2000, which generated $57,889,000 in net proceeds.