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European joint venture finalized and first order announced
POSCO Energy 120 MW order and cell licensing agreements moving to closure
Connecticut Award and Project Developments
DANBURY, Conn., Sept. 5, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture and service of ultra-clean, efficient and reliable fuel cell power plants, today reported results for its third quarter ended July 31, 2012 along with an update on its key business highlights.
Financial Results Third quarter 2012
FuelCell Energy (the Company) reported total revenues for the third quarter of 2012 of $29.7 million compared to $31.2 million in the same period last year. Product sales and revenues in the third quarter were $27.6 million compared to $29.4 million in the prior year quarter, as revenue in the current quarter consisted primarily of fuel cell kits whereas revenue from the third quarter of 2011 included a mix of both complete power plants and fuel cell kits. The Company made adjustments to reduce production levels in mid-April 2012 to align with contractual delivery dates and increased production to prior levels in early-July 2012 to meet the accelerated delivery schedule of the POSCO Energy 70 megawatt order. Third quarter product revenue included $17.8 million of fuel cell kits and power plants, $3.2 million of power plant component sales and installation services, and $6.6 million derived from service and power purchase agreements.
Product sales and service backlog totaled $158.2 million as of July 31, 2012 compared to $230.6 million as of July 31, 2011. Product sales backlog was $75.7 million and $152.9 million as of July 31, 2012 and 2011, respectively. Service agreement backlog was $82.5 million and $77.7 million as of July 31, 2012 and 2011, respectively. Backlog does not include the 120 megawatt (MW) memorandum of agreement with POSCO Energy.