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

About FuelCell Energy

Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide.  With more than 300 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world.  The Company's power plants have generated more than two billion kilowatt hours of ultra-clean power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas.  For more information, please visit www.fuelcellenergy.com

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Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc.  DFC-ERG is a registered trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.

Conference Call Information

FuelCell Energy management will host a conference call with investors beginning at 10:00 a.m. Eastern Time on December 17, 2013 to discuss the fourth quarter and full year 2013 results.  An accompanying slide presentation for the earnings call will be available at  http://fcel.client.shareholder.com/events.cfm  immediately prior to the call.

Participants can access the live call via webcast on the Company website or by telephone as follows:

  • The live webcast of this call will be available on the Company website at www.fuelcellenergy.com . To listen to the call, select 'Investors' on the home page, then click on 'events & presentations' and then click on 'Listen to the webcast'
  • Alternatively, participants in the U.S. or Canada can dial 877-303-7005
  • Outside the U.S. and Canada, please call 678-809-1045
  • The passcode is 'FuelCell Energy'

The webcast of the conference call will be available on the Company's Investors' page at www.fuelcellenergy.com . Alternatively, the replay of the conference call will be available approximately two hours after the conclusion of the call until midnight Eastern Time on December 20, 2013:

  • From the U.S. and Canada please dial 855-859-2056
  • Outside the U.S. or Canada please call 404-537-3406
  • Enter confirmation code 17928256
FUELCELL ENERGY, INC.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share and per share amounts)
 
  October 31, October 31,
  2013 2012
ASSETS    
Current assets:    
Cash and cash equivalents - unrestricted $ 67,696 $ 46,879
Restricted cash and cash equivalents – short-term 5,053 5,335
License fee receivable -- 10,000
Accounts receivable, net 49,116 25,984
Inventories, net 56,185 47,701
Other current assets 11,279 4,727
Total current assets 189,329 140,626
     
Restricted cash and cash equivalents – long-term 4,950 5,300
Property, plant and equipment, net 24,225 23,258
Goodwill 4,075 --
Intangible assets 9,592 --
Investment in and loans to affiliate -- 6,115
Other assets, net 5,465 16,186
Total assets $ 237,636 $ 191,485
     
LIABILITIES AND EQUITY    
Current liabilities:    
Current portion of long-term debt $ 6,931 $ 5,161
Accounts payable 24,535 12,254
Accounts payable due to affiliate -- 203
Accrued liabilities 21,912 20,265
Deferred revenue 51,857 45,939
Preferred stock obligation of subsidiary 1,028 1,075
Total current liabilities 106,263 84,897
     
Long-term deferred revenue 18,763 15,533
Long-term preferred stock obligation of subsidiary 13,270 13,095
Long-term debt and other liabilities 52,675 3,975
Total liabilities 190,971 117,500
Redeemable preferred stock (liquidation preference of $64,020 at October 31, 2013 and October 31, 2012) 59,857 59,857
Total (Deficit) Equity:    
Shareholders' (deficit) equity    
Common stock ($.0001 par value; 275,000,000 shares authorized; 196,310,402 and 185,856,123 shares issued and outstanding at October 31, 2013 and October 31, 2012, respectively) 20 18
Additional paid-in capital 758,656 751,256
Accumulated deficit (771,189) (736,831)
Accumulated other comprehensive income 101 66
Treasury stock, Common, at cost (5,679 shares at October 31, 2013 and October 31, 2012)  (53)  (53)
Deferred compensation 53 53
Total shareholders' (deficit) equity (12,412) 14,509
Noncontrolling interest in subsidiaries (780) (381)
Total (deficit) equity (13,192) 14,128
Total liabilities and (deficit) equity $ 237,636 $ 191,485
 
FUELCELL ENERGY, INC.
Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except share and per share amounts)
 
  Three Months Ended
  October 31,
  2013 2012
Revenues:    
Product sales $ 36,190 $ 29,068
Service agreements and license revenues 15,358 4,785
Advanced technologies contract revenues 3,609 1,567
Total revenues 55,157 35,420
     
Costs of revenues:    
Cost of product sales 33,039 29,944
Cost of service agreements and license revenues 15,867 2,915
Cost of advanced technologies contract revenues 3,654 1,683
Total cost of revenues 52,560 34,542
     
Gross profit 2,597 878
     
Operating expenses:    
Administrative and selling expenses 5,147 5,874
Research and development expenses 4,402 3,422
Total operating expenses 9,549 9,296
     
Loss from operations (6,952) (8,418)
     
Interest expense (1,755) (555)
Loss from equity investment -- (91)
License fee and royalty income -- 341
Impairment of equity investment -- (3,602)
Other income (expense), net (941) 806
     
Loss before provision for income taxes (9,648) (11,519)
     
Provision for income taxes (349) --
     
Net loss (9,997) (11,519)
     
Net loss attributable to noncontrolling interest 297 181
     
Net loss attributable to FuelCell Energy, Inc. (9,700) (11,338)
     
Preferred stock dividends (800) (800)
     
Net loss to common shareholders $ (10,500) $ (12,138)
     
Loss per share basic and diluted    
Basic $ (0.06) $ (0.07)
Diluted $ (0.06) $ (0.07)
     
Weighted average shares outstanding    
Basic 187,918,612 185,905,702
Diluted 187,918,612 185,905,702
 
FUELCELL ENERGY, INC.
Consolidated Statements of Operations
(unaudited)
(Amounts in thousands, except share and per share amounts)
 
  Twelve Months Ended
  October 31,
  2013 2012
Revenues:    
Product sales $ 145,071 $ 94,950
Service agreements and license revenues 28,141 18,183
Advanced technologies contract revenues 14,446 7,470
Total revenues 187,658 120,603
     
Costs of revenues:    
Cost of product sales 136,989 93,876
Cost of service agreements and license revenues 29,683 19,045
Cost of research and development contracts 13,864 7,237
Total cost of revenues 180,536 120,158
     
Gross profit 7,122 445
     
Operating expenses:    
Administrative and selling expenses 21,218 18,220
Research and development expenses 15,717 14,354
Total operating expenses 36,935 32,574
     
Loss from operations (29,813) (32,129)
     
Interest expense (3,973) (2,304)
Income (loss) from equity investment 46 (645)
License fee and royalty income -- 1,599
Impairment of equity investment -- (3,602)
Other income (expense), net (1,208) 1,244
     
Loss before provision for income taxes (34,948) (35,837)
     
Provision for income taxes (371) (69)
     
Net loss (35,319) (35,906)
     
Net loss attributable to noncontrolling interest 961 411
     
Net loss attributable to FuelCell Energy, Inc. (34,358) (35,495)
     
Preferred stock dividends (3,200) (3,201)
     
Net loss to common shareholders $ (37,558) $ (38,696)
     
Net loss per share to common shareholders    
Basic $ (0.20) $ (0.23)
Diluted $ (0.20) $ (0.23)
     
Weighted average shares outstanding    
Basic 186,525,001 165,471,261
Diluted 186,525,001 165,471,261

 

 
FUELCELL ENERGY, INC.
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations
(Unaudited)
(Amounts in thousands, except share and per share amounts)
 
  Three Months Ended October 31,
  2013 2012
  GAAP As Reported Non-GAAP Adjustments   Non-GAAP As Adjusted GAAP As Reported Non-GAAP Adjustments   Non-GAAP As Adjusted
Cost of product sales $ 33,039 $ --   $ 33,039 $ 29,944 $ (462) (3) $ 29,482
Gross profit $ 2,597 $ --   $ 2,597 $ 878 $ 462   $ 1,340
Loss from operations $ (6,952) $ --   $ (6,952) $ (8,418) $ 462   $ (7,956)
Loss before provision for income taxes $ (9,648) $ 1,091 (1) $ (8,557) $ (11,519) $ 4,064 (2)(3) $ (7,455)
Net loss $ (9,997) $ 1,091   $ (8,906) $ (11,519) $ 4,064   $ (7,455)
Net loss to common shareholders $ (10,500) $ 1,091   $ (9,409) $ (12,138) $ 4,064   $ (8,074)
                 
Net loss per share to common shareholders                
Basic $ (0.06) $ 0.01   $ (0.05) $ (0.07) $ 0.02   $ (0.05)  
Diluted $ (0.06) $ 0.01   $ (0.05) $ (0.07) $ 0.02   $ (0.05)  
     
     
  Twelve Months Ended October 31,  
  2013 2012  
  GAAP As Reported Non-GAAP Adjustments   Non-GAAP As Adjusted GAAP As Reported Non-GAAP Adjustments   Non-GAAP As Adjusted  
Cost of product sales $ 136,989 $ --   $ 136,989 $ 93,876 $ (462) (3) $ 93,414  
Gross profit $ 7,122 $ --   $ 7,122 $ 445 $ 462   $ 907  
Loss from operations $ (29,813) $ --   $ (29,813) $ (32,129) $ 462   $ (31,667)  
Loss before provision for income taxes $ (34,948) $ 1,383 (1) $ (33,565) $ (35,837) $ 4,064 (2)(3) $ (31,773)  
Net loss $ (35,319) $ 1,383   $ (33,936) $ (35,906) $ 4,064   $ (31,842)  
Net loss to common shareholders $ (37,558) $ 1,383   $ (36,175) $ (38,696) $ 4,064   $ (34,632)  
                   
Net loss per share to common shareholders                  
Basic $ (0.20) $ 0.01   $ (0.19) $ (0.23) $ 0.02   $ (0.21)  
Diluted $ (0.20) $ 0.01   $ (0.19) $ (0.23) $ 0.02   $ (0.21)  

Notes to Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations For the Three and Twelve Months Ended October 31, 2013 and 2012

Results of Operations are presented in accordance with accounting principles generally accepted in the United States ("GAAP").  Management also uses non-GAAP measures which exclude non-recurring items in order to measure operating periodic performance. We have added this information because we believe it helps in understanding the results of our operations on a comparative basis.  This adjusted information supplements and is not intended to replace performance measures required by U.S. GAAP disclosure.

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