Research and development contract revenue was $1.6 million for the fourth quarter of 2012 compared to $1.4 million for the fourth quarter of 2011. The Company's research and development contract backlog totaled $12.2 million as of October 31, 2012 compared to $15.9 million as of October 31, 2011. The Versa Power Systems acquisition, as discussed in greater detail in the Business Highlights section below, was closed subsequent to fiscal year end 2012 and will increase research and development contract backlog in the first quarter of 2013 by approximately $6.0 million.A gross profit of $0.9 million was generated in the fourth quarter of 2012 compared to a gross profit of $0.4 million generated in the fourth quarter of 2011, or $1.3 million in 2012 and essentially break-even in 2011, excluding the charges as explained in the reconciliation of GAAP to non-GAAP information at the end of this release. The sales mix shifted to fuel cell kits for the fourth quarter of 2012 compared to a greater percentage of complete fuel cell power plant sales recognized in the fourth quarter of 2011. Continued cost reductions and the conclusion of select service contracts during 2012 for some early generation higher-cost installations contributed to the improvement in margins.
FuelCell Energy Reports Fourth Quarter Results And Business Highlights
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts