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

Net loss attributable to common shareholders for the fourth quarter of 2013 totaled $10.5 million, or $0.06 per basic and diluted share, or excluding the non-cash fair value adjustment of $1.1 million required on the embedded derivatives in the convertible notes, the adjusted net loss attributable to common shareholders totaled $9.4 million or $0.05 per basic and diluted share. For the comparable prior year period, net loss attributable to common shareholders totaled $12.1 million or $0.07 per basic and diluted share or $8.1 million and $0.05 per basic and diluted share on an adjusted basis. 

Fiscal Year 2013

For the twelve months ended October 31, 2013, the Company reported revenue of $187.7 million compared to $120.6 million for the prior year period, an increase of 56 percent. Product sales were $145.1 million compared to $95.0 million for the prior year period. Service agreement and license revenues were $28.1 million compared to $18.1 million for the prior year period. Advanced technologies contract revenues totaled $14.4 million, compared to $7.5 million for the prior year period.

For the twelve months ended October 31, 2013, gross profit was $7.1 million compared to a gross profit of $0.4 million for the twelve months ended October 31, 2012. The gross margin for fiscal year 2013 was 3.8 percent.

Loss from operations for the twelve months ended October 31, 2013 was $29.8 million, compared to $32.1 million for the twelve months ended October 31, 2012. The year-over-year change in operating expenses includes increased business development expenditures for the North American and European markets and the consolidation of Versa Power Systems after its acquisition by the Company, all of which contribute to future growth opportunities. As a percentage of total revenues, total operating expenses decreased from 27.0 percent for the twelve months ended October 31, 2012 to 19.7 percent for the twelve months ended October 31, 2013 reflecting the leverage of existing sales and services infrastructure that supports higher revenue levels.

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