FuelCell Energy Reports Q4, Year-End Results

July 04, 1999 by Jeff Shepard

FuelCell Energy Inc. (Danbury, CT) reported 2001 fourth-quarter and year-end results. For the fourth quarter, ended October 31, 2001, FuelCell Energy reported a net loss of $4.8 million, or $0.12 per diluted share, compared with a loss of $1.5 million, or $0.05 per diluted share, during the same quarter of the previous year. The company reported a net loss for the year ended October 31, 2001, of $15.4 million, or $0.45 per diluted share, versus a loss of $4.5 million, or $0.16 per diluted share, in the previous fiscal year.

Revenues for the current fiscal year increased 26 percent to $26.2 million, compared to revenues of $20.7 million for fiscal 2000. Revenues from field trials and research and development contracts increased to $5.3 million and $20.9 million, respectively, in fiscal 2001 from $2.7 million and $18.0 million in the prior year.

The year-to-date net increase in cash of $215.8 million, including short-term and long-term investments, reflects the cash proceeds from the company's June 2001 offering, and Marubeni's equity investment in the company. The net cash decrease of $9.7 million in the quarter ended October 31, 2001, reflects capital expenditures and operating costs in support of the company's capacity expansion in Torrington, field trials and research contracts.

Capital expenditures for the quarter and year-to-date ended October 31, 2001, were $6.5 million and $19.1 million, respectively.