FuelCell Energy Reports Q1 2001 Earnings

February 26, 2001 by Jeff Shepard

Fuel Cell Energy (Danbury, CT) reported revenues of $5.3 million for the first quarter ended January 31, 2001, compared with revenues of $3.6 million in the same quarter of 2000, an increase of 59 percent. Net loss for the period was $2.8 million, or $0,18 per diluted share, compared with a net loss of $5,000 or $0.00 per diluted share for the first quarter ended January 31, 2000.

Revenues increased in the quarter due to a greater number of projects, including the Los Angeles Department of Water and Power, Mercedes-Benz and Marubeni field trials, as well as the Clean Coal, Vision 21, Navy Phase II and King County, WA contracts. The net loss for the period reflects the company's continuing investment in its fuel cell commercialization efforts.

“We started this fiscal year in the same fashion we concluded 2000, with a singular focus on meeting our commercialization and production milestones," said Jerry D. Leitman, president and CEO of FuelCell Energy. “Our activity during the first quarter provides a solid foundation for us to accomplish our goals for 2001."