FuelCell Energy Reports Fourth Quarter Results And Business Highlights

Year-to-Date 2012

For the twelve months ended October 31, 2012, the Company reported revenue of $120.6 million compared to $122.6 million for the prior year period. Product sales and revenues were $113.1 million compared to $115.1 million for the prior year period. Research and development contract revenue was $7.5 million, unchanged when compared to the prior year period.

For the twelve months ended October 31, 2012, the Company generated a gross profit of $0.4 million compared to a gross loss of $12.6 million for the twelve months ended October 31, 2011, or an adjusted gross profit of $0.9 million in 2012 and a gross loss of $4.3 million in 2011 that excludes the charges as explained in the reconciliation of GAAP to non-GAAP information at the end of this release. Continued focus on reducing product costs, enhancing manufacturing processes and efficiencies, and increased service revenue contributed to the year-over-year improvement of $5.2 million on a non-GAAP basis.

Loss from operations for the twelve months ended October 31, 2012 was $32.1 million, compared to $45.7 million for the twelve months ended October 31, 2011. Excluding charges incurred in 2012 and 2011 as explained in the reconciliation of GAAP to non-GAAP information at the end of this release, adjusted loss from operations for the twelve months ended October 31, 2012 and 2011 was $31.7 million and $37.4 million, respectively. The year-over-year improvement reflects lower product costs and decreased research and development expenses. Research and development expenses decreased year-over-year as prior improvements are incorporated into the product line and the commercial DFC® product line requires less research and development going forward. Research and development initiatives are focused on extending the operating life of the fuel cell stack and enhancing the power output.  

Net loss to common shareholders for the twelve months ended October 31, 2012 was $38.7 million or $0.23 per basic and diluted share, or $34.6 million or $0.21 per basic and diluted share, adjusting for the charges as explained in the reconciliation of GAAP to non-GAAP information at the end of this release. The net loss to common shareholders for the comparable prior year period was $57.9 million or $0.47 per basic and diluted share. Excluding charges incurred in 2011 that are explained in the reconciliation of GAAP to non-GAAP information at the end of this release, net loss to common shareholders for the twelve months ended October 31, 2011 was $40.6 million or $0.33 per basic and diluted share. 

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