FuelCell Energy Reports First-Quarter Financial Results

February 29, 2000 by Jeff Shepard

FuelCell Energy Inc. (Danbury, CT) reported first-quarter results for the period ended January 31, 2000. According to FuelCell, important events during the first quarter included the start-up and operation of a 250kW Direct FuelCell power plant in Bielefeld, Germany and the selection of the company by the Los Angeles Department of Water and Power to build a Direct FuelCell plant.

The company reported a net profit of $5,000 compared with a loss of $348,000, or $0.06 per diluted share, for the same quarter of the previous year. According to FuelCell, operating costs and legal and professional fees associated with the spin-off of Evercel Inc. (Danbury, CT) in February 1999, were not repeated in the current fiscal quarter.

"We continued to meet important technical and business commercialization milestones during the first quarter and are very pleased with our progress at the start of the new year," said Jerry D. Leitman, president and CEO of FuelCell. "From the November start-up of a commercial field trial in Germany, to the selection of our company to install a field trial in Los Angeles, to the completion of negotiations for the Mercedes project, we are very focused on delivering the right product to our customers."