FuelCell Energy Reports First Quarter Results And Latest Accomplishments

• California investor-owned utility orders 1.4 megawatt DFC1500
• Fuel Cells Earn Prominent Position within South Korean Renewable Portfolio Standard Pricing Mechanism
• Initial order from the United Kingdom for a Direct FuelCell power plant
• Margins improve with cost ratio moving to 1.09
• $18 million raised from registered direct offering
• $70 million of cash and investments at January 31, 2011  

DANBURY, Conn., March 9, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean, efficient and reliable power plants using renewable and other fuels for commercial, industrial, government, and utility customers, today reported results for its first quarter ended January 31, 2011 along with its latest accomplishments. 

Financial Results

FuelCell Energy reported total revenues for the first quarter of 2011 of $28.1 million compared to $14.6 million in the same period last year.  Product sales and revenues in the first quarter were $25.8 million compared to $12.8 million in the prior year quarter as production was increased to meet growing order volume. Product sales and revenues for the first quarter of 2011 included $20.4 million of power plants, fuel cell modules, and fuel cell power plant components, $2.5 million of revenue primarily from the sale of capital equipment to POSCO Power for their fuel cell module assembly facility as well as construction and installation services, and $2.9 million of revenue from service and power purchase agreements.

Margins for product sales and revenues improved by $2.9 million over the prior year quarter with the product cost-to-revenue ratio moving to 1.09-to-1.00 in the first quarter of 2011 from 1.41-to-1.00 in the first quarter of 2010. Results reflect improved product margins combined with lower commissioning and warranty costs compared to the first quarter of 2010.