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FuelCell Energy Reports Fourth Quarter And Fiscal Year 2013 Results And Business Highlights

Stocks in this article: FCEL

  • Record revenue for fiscal year 2013 – up 56 percent year-over-year
  • Bridgeport fuel cell park on schedule and producing power
  • 59 megawatt South Korean fuel cell park completed on schedule and operating
  • Delivered first German-manufactured fuel cell power plant

DANBURY, Conn., Dec. 16, 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 fourth quarter and fiscal year ended October 31, 2013 along with an update on key business highlights.

Financial Results

FuelCell Energy (the Company) reported total revenues for the fourth quarter of 2013 of $55.2 million compared to $35.4 million for the fourth quarter of 2012.

Product sales for the fourth quarter of 2013 totaled $36.2 million, comprising $23.4 million of power plant revenue and fuel cell kit sales, and $12.8 million of power plant component sales and installation services, including installation services for the Bridgeport fuel cell park. For the comparable prior year period, product sales totaled $29.1 million, including $24.0 million of power plant revenues and fuel cell kit sales and $5.1 million of power plant component sales and installation services.

Service and license revenues for the fourth quarter of 2013 totaled $15.4 million compared to $4.8 million for the comparable prior year period. During the fourth quarter of 2013, the Company entered into a previously announced revised Master Service Agreement with POSCO Energy, its South Korean partner, whereby POSCO assumes more responsibility for servicing installations in Asia that utilize power plants manufactured by POSCO Energy. FCE will perform engineering and support services for each unit in the installed fleet and receive quarterly fees as well as a royalty on each scheduled fuel cell module exchange built by POSCO Energy and installed at any plant in Asia. Costs incurred under the Master Service Agreement during the fourth quarter of fiscal year 2013 of $10.1 million resulted in associated revenue recognized of $10.2 million. Such costs primarily related to the provision of fuel cell stacks to POSCO upon execution of the agreement to service the installations under the ongoing service contract. Quarterly service revenue in 2014 is forecasted to be in a range of $4.0 million to $6.0 million with quarterly fluctuations impacted by the timing of scheduled fuel cell module exchanges. Customer acceptance of the Bridgeport fuel cell park during the first quarter of fiscal 2014 is expected to trigger the start of the associated $69 million 15 year service contract, which would contribute to a quarterly increase in service revenues in fiscal year 2014.

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