This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

FuelCell Energy Reports First Quarter Results And Business Highlights

Stock quotes in this article: FCEL

  • $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.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,804.71 -238.19 -1.40%
S&P 500 1,946.16 -26.13 -1.32%
NASDAQ 4,422.0850 -71.3050 -1.59%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs