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

Stocks in this article: FCEL

Advanced technologies contract revenue was $3.6 million for the fourth quarter of 2013 compared to $1.6 million for the fourth quarter of 2012. The increase is primarily a result of solid oxide fuel cell commercialization programs, particularly the unmanned aerial program with Boeing, which has been included in the Company's financial results subsequent to the December 2012 acquisition of Versa Power Systems.

Backlog totaled $355.4 million at October 31, 2013 compared to $318.9 million at October 31, 2012.

  • Product sales backlog was $170.1 million at October 31, 2013 compared to $228.2 million at October 31, 2012. Product backlog in megawatts (MW) totaled 107.3 MW at October 31, 2013 compared to 150.7 MW at October 31, 2012.
  • Service backlog was $166.8 million at October 31, 2013 compared to $78.5 million at October 31, 2012. The service contract for the Bridgeport fuel cell park project accounted for a significant portion of the year-over-year growth.
  • Advanced technologies contracts backlog was $18.5 million at October 31, 2013 compared to $12.2 million at October 31, 2012.

The fourth quarter 2013 gross profit of $2.6 million generated a 4.7 percent gross margin compared to a gross profit of $0.9 million in the fourth quarter of 2012 and a gross margin of 2.5 percent. The margin impact of the previously referenced revised master service agreement with POSCO Energy and higher aftermarket costs negatively impacted the gross margin in the quarter.

Loss from operations for the fourth quarter of 2013 was $7.0 million compared to $8.4 million for the fourth quarter of 2012. Administrative and selling expenses decreased year-over-year as the prior year period included business development expenses that were non-recurring in the current year period. Research and development expenses increased year-over-year resulting from initiatives to continue to reduce the cost profile of large scale multi-megawatt installations through consolidating certain aspects of the balance of plant functions.  

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