FuelCell Energy Announces Third Quarter Results

FuelCell Energy, Inc. reported third quarter and nine-month results for the period ended July 31, 2002 and announced additional orders by the MTU unit of DaimlerChrysler for fuel cell components for six, 250 kW units.

Danbury, Connecticut – August 29, 2002 [SolarAccess.com] FuelCell Energy reported a revenue increase of 57 percent in the third quarter of 2002 to US$12.0 million compared to US$7.6 million in the same quarter of the previous year. Net loss for the third quarter of 2002 was US$13.2 million, or US$0.34 per basic and diluted share, compared with a net loss of US$2.8 million, or US$0.08 per basic and diluted share, during the same quarter of the previous year. Revenues increased 42 percent to US$27.5 million for the nine months ended July 31, 2002 from US$19.4 million for the same period in 2001. Net loss for the nine months ended July 31, 2002 was US$28.1 million, or US$0.72 per basic and diluted share, compared with a net loss of US$10.6 million, or US$0.32 per basic and diluted share, in the previous year. Cash, cash equivalents and investments (U.S. Treasuries) on hand as of July 31, 2002 totaled US$240 million. Cash used in the third quarter was US$17.8 million, including US$4.5 million for capital expenditures. Depreciation expense for the three month and nine month periods ended July 31, 2002 was US$756,000 and US$2.1 million, respectively. “We believe that the key market drivers for distributed generation are still in place,” said Jerry D. Leitman, Chairman and CEO of FuelCell Energy, Inc. “We are focused on developing standard DFC products, increasing production volume and developing our distribution network. These efforts will reduce costs, improve reliability and provide greater serviceability of our DFC power plants, positioning us for world-wide market opportunities.” FuelCell Energy added 94 employees during the third quarter, bringing its headcount to over 400. Staff training was conducted for field service technicians and applications systems engineers. FuelCell Energy’s information systems are being enhanced to support the growth of the business. (NASDAQ: FCEL)
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