FuelCell Energy Reports Second-Quarter 2004 Results
FuelCell Energy Inc. (FCE, Danbury, CT), a manufacturer of stationary fuel cell power plants for distributed generation, reported results and accomplishments for the quarter and six months ended April 30, 2004. The company reported a net loss for the second quarter of fiscal 2004 of $18.9 million, or $0.40 per basic and diluted share, compared to $21 million, or $0.53 per basic and diluted share, in the same period of the previous year.
Revenues for the second quarter of fiscal 2004 were $7.0 million compared with $8.9 million in the same period a year ago. Financial results for the second quarter of fiscal 2004 included net income of $0.3 million from discontinued operations for the recently sold thermoelectric generator product line, Global Thermoelectric Inc.
For the six months ended April 30, 2004, FuelCell Energy reported a total net loss from continuing operations of $46.7 million, or $0.98 per basic and diluted share, including net income from discontinued operations of $0.9 million, or $0.02 per basic and diluted share. This compares to a net loss of $37 million, or $0.94 per basic and diluted share, during the six months ended April 30, 2003. Included in total net loss for the six month period ended April 30, 2004 was a one-time charge of $12.2 million, or $0.26 per basic and diluted share, related to purchased in-process research and development expense from the acquisition of Global in November 2003.