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FuelCell Energy Reports First Quarter Results And Business Highlights

  • $86 million of cash and cash equivalents at January 31, 2013
  • Increasing annual production run-rate by 25 percent in 2013
  • Construction of multi-megawatt fuel cell parks progressing in Bridgeport, CT and S. Korea
  • Expanding European customer base
  • First tri-generation DFC-H2 fuel cell project to use on-site landfill gas

DANBURY, Conn., March 11, 2013 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, today reported results for its first quarter ended January 31, 2013 along with an update on key business highlights.

Financial Results

FuelCell Energy (the Company) reported total revenues for the first quarter of 2013 of $36.4 million, compared to total revenues of $31.3 million for the first quarter of 2012. Additional revenue detail is being provided by separating revenues from product sales and revenues from service agreement and license revenue. This change was instituted to provide investors with greater insight into the expanding revenue components and recognize the evolution of the Services business and the growing royalty and license fee income from Asian sales by its partner, POSCO Energy, from the licensing agreements executed in October 2012. Additionally, advanced technologies contract revenues has been renamed from research and development contracts to better describe the sources of revenue from contract research.

Product sales and revenues for the first quarter of 2013 totaled $29.1 million including $25.1 million of fuel cell kits and power plants, and $4.0 million of power plant component sales and installation services. For the comparable prior year period, Product sales and revenues totaled $26.2 million. The year-over-year increase is due to higher fuel cell kit sales and the beginning of revenue recognition for the Bridgeport fuel cell park of approximately $2.7 million. The planned production increase in the annual run-rate to 70 megawatts (MW) is underway with the hiring of additional production workers along with close integration with the supply chain to support the increasing production levels, as discussed in greater detail below. The Company maintained an annual production run-rate of 56 MW during the first quarter of 2013 while preparing to ramp production to 70 MW in the second quarter.

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