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FuelCell Energy's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Now I'd like to turn the call over to Chip Bottone. Chip?

Arthur Bottone

Thank you, Kurt. Good morning, everyone, and welcome. As global energy demand and the need for the new sources of power grows, our intense focus on driving growth has generated increased order flow and produced the highest backlog of products and services in our history. Our team is executing on the production of this record backlog extremely well, and we are delivering strong financial results.

For the first time since commercializing our fuel cell power plants, we achieved a gross profit from the third quarter of 2011. This is a great achievement for the entire FuelCell Energy team, and brings us closer to our goal of company profitability.

As announced previously, during the third quarter, POSCO Power, our South Korean partner, placed a 2-year order for 70 megawatts of fuel cell kits, equipment and services valued at $129 million. This is POSCO's largest order to-date, and represents initial demand under South Korea's renewable portfolio standard. We're also pleased to announce further expansion into the Asia region by POSCO.

Before discussing any results further, I want to introduce Michael Bishop, FuelCell Energy's Chief Financial Officer, who will present our financial results. Mike is a CPA and has an extensive experience with high-growth public companies, technology development and services deployment. I know his experience in financial leadership will serve us well. During his 8 years with us, Mike has built a solid team, ensuring that the finance, legal and information systems are well positioned to support and continue the growth of the company. Mike?

Michael Bishop

Thank you, Chip. Good morning, and thank you for joining our call today. FuelCell Energy reported total revenues for the third quarter of 2011 of $31.2 million, compared to $18.9 million in the same period last year. This 65% growth in quarterly revenue from one year ago is reflective of the increasing demand for our products and our current production rate, which now exceeds 50 megawatts on an annual basis.

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