FuelCell Energy Reports Third-Quarter Results
FuelCell Energy Inc. (Danbury, CT) reported revenues of $4,112,000 for the third quarter ended July 31, 2000, compared with revenues of $4,416,000 in the same quarter of the previous year. Net loss for the period was $1,307,000, or $0.17 per diluted share, compared with a net loss of $386,000, or $0.06 per diluted share, for the third quarter ended July 31, 1999. For the nine months ended July 31, 2000, revenues were $12,648,000, a 23 percent decrease from revenues of $16,488,000 for the same period in 1999. Net loss for the nine months was $3,010,000, or $0.44 per diluted share, compared with a net loss of $1,507,000, or $0.24 in the previous year. Revenues declined in the nine-month period and the third quarter due to reduced activity under the company's research and development contracts. The net loss for the nine months and current period reflect the company's continuing investment in its fuel cell commercialization efforts. On August 23, 2000, the Board of Directors declared a 100-percent stock dividend on its outstanding shares of common stock. As of July 31, 2000, there were 7,684,731 shares of common stock outstanding. Had the dividend been declared as of July 31, 2000, common shares outstanding would have been increased to 15,369,462. For the nine months ended July 31, 2000, the diluted loss per share would have been $0.22 for the current year and $0.12 for the prior year. "We are executing against our commercialization plans and continue to meet the milestones that we laid out earlier in the year," said Jerry D. Leitman, president and chief executive officer. "During the third quarter, we moved forward in all important areas of the business including product demonstration, selecting strategic partners, achieving manufacturing and product cost goals and strengthening our capital base."