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

Stocks in this article: FCEL

Net loss attributable to common shareholders for the twelve months ended October 31, 2013 was $37.6 million or $0.20 per basic and diluted share, or excluding the non-cash fair value adjustment required on the embedded derivatives in the convertible notes, the adjusted net loss attributable to common shareholders totaled $36.2 million or $0.19 per basic and diluted share. For the comparable prior year period, net loss attributable to common shareholders totaled $38.7 million or $0.23 per basic and diluted share or $34.6 million and $0.21 per basic and diluted share on an adjusted basis.   

Cash and cash equivalents and restricted cash

Cash and cash equivalents and restricted cash totaled $77.7 million at October 31, 2013. Net cash use for the fourth quarter of 2013 was $13.7 million, including an $8.8 million increase in accounts receivable. Accounts receivable includes $20.4 million related to the Bridgeport fuel cell park project, with collection expected during the first quarter of fiscal year 2014. Capital spending was $2.5 million and depreciation expense was $1.1 million for the fourth quarter of 2013.  

Business Highlights and Strategy Execution

Market Update

"The size of our pipeline in both North America and Europe continues to increase, but more importantly we have made significant progress towards closure on a number of multi-megawatt projects in the pipeline," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "We evaluate our production levels weekly, coordinating closely with our order closure expectations and the need to be able to execute on multi-plant projects quickly, as we proved we can do by meeting the production and installation schedule for the 15 megawatt Bridgeport fuel cell park project."

Multiple utilities in four U.S. states have recently issued over one gigawatt of renewable power requests for proposals (RFP's) that all include fuel cells. The Company is actively bidding these solicitations. Utility-scale adoption is accelerating in South Korea with recent announcements by partner POSCO Energy including a 20 megawatt project and a 40 megawatt project. These recent actions in North America and Asia illustrate both the market potential as well as the growing awareness of the value of clean distributed generation.   In addition, the Company is actively pursuing and developing opportunities through its business partners.

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