- Record revenue for fiscal year 2013 – up 56 percent
year-over-year
- Bridgeport fuel cell park on schedule and producing power
- 59 megawatt South Korean fuel cell park completed on schedule
and operating
- Delivered first German-manufactured fuel cell power plant
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design,
manufacture, operation and service of ultra-clean, efficient and
reliable fuel cell power plants, today reported results for its
fourth quarter and fiscal year ended October 31, 2013 along with an
update on key business highlights.
Financial Results
FuelCell Energy (the Company) reported total revenues for the
fourth quarter of 2013 of $55.2 million compared to $35.4 million
for the fourth quarter of 2012.
Product sales for the fourth quarter of 2013 totaled $36.2
million, comprising $23.4 million of power plant revenue and fuel
cell kit sales, and $12.8 million of power plant component sales
and installation services, including installation services for the
Bridgeport fuel cell park. For the comparable prior year period,
product sales totaled $29.1 million, including $24.0 million of
power plant revenues and fuel cell kit sales and $5.1 million of
power plant component sales and installation services.
Service and license revenues for the fourth quarter of 2013
totaled $15.4 million compared to $4.8 million for the comparable
prior year period. During the fourth quarter of 2013, the Company
entered into a previously announced revised Master Service
Agreement with POSCO Energy, its South Korean partner, whereby
POSCO assumes more responsibility for servicing installations in
Asia that utilize power plants manufactured by POSCO Energy. FCE
will perform engineering and support services for each unit in the
installed fleet and receive quarterly fees as well as a royalty on
each scheduled fuel cell module exchange built by POSCO Energy and
installed at any plant in Asia. Costs incurred under the Master
Service Agreement during the fourth quarter of fiscal year 2013 of
$10.1 million resulted in associated revenue recognized of $10.2
million. Such costs primarily related to the provision of fuel cell
stacks to POSCO upon execution of the agreement to service the
installations under the ongoing service contract. Quarterly service
revenue in 2014 is forecasted to be in a range of $4.0 million to
$6.0 million with quarterly fluctuations impacted by the timing of
scheduled fuel cell module exchanges. Customer acceptance of the
Bridgeport fuel cell park during the first quarter of fiscal 2014
is expected to trigger the start of the associated $69 million 15
year service contract, which would contribute to a quarterly
increase in service revenues in fiscal year 2014.
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.
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.
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.
"Based upon strong 2013 project development activity and
regulatory approvals, we anticipate closing over 30 megawatts of
new orders in North America in the first half of 2014. These,
combined with our backlog from POSCO and service commitments, will
consume all of our anticipated production in fiscal year 2014,"
continued Mr. Bottone.
Operations update
"We began 2013 with North American production levels at an
annual run-rate of 56 megawatts, smoothly increased the production
rate to 70 megawatts during the year, and expanded total capacity
by about 11 percent through process improvements to 100 megawatts
annually," said Tony Rauseo, Chief Operating Officer, FuelCell
Energy, Inc. "We are prepared to increase production levels
further as demand supports."
The Company maintained an annual production run-rate at the
Torrington, Connecticut production facility of approximately 70
megawatts during the fourth quarter of 2013, producing 17.5 MW of
cell components for fuel cell kits and fuel cell power plants.
The construction of the Bridgeport fuel cell park is on schedule
and is currently undergoing final commissioning. All five fuel
cell plants are producing power and power production from the
organic rankine cycle turbine is expected within days. Final
acceptance is expected by the end of December 2013, as
scheduled. The associated service contract, valued at
approximately $69 million over the 15 year project life, begins at
customer acceptance.
All 21 DFC3000® power plants are installed at the Gyeonggi Green
Energy fuel cell park in Hwasung City, South Korea. The
project is on schedule and delivering power to the electric grid
and steam to a district heating system. POSCO Energy
constructed the fuel cell park in only twelve months demonstrating
the ability to add a significant level of renewable power near
where the power is used in a very short period of time. The
facility is a global showcase for distributed baseload electric
grid support from ultra-clean fuel cell power plants and a model
for other regions of the world.
The first German built fuel cell power plant was completed by
FuelCell Energy Solutions, GmbH (FCES) and delivered to the future
Federal Ministry of Education and Research office complex in
Berlin, Germany during the fourth quarter. FCES is managing
the installation of the power plant and commissioning is expected
in mid-2014 once construction of the office complex nears
completion. FCES is the sales, manufacturing and service
business for the European Served Area for FuelCell Energy,
Inc.
Advanced Technology update
The Company continues working towards commercialization of its
solid oxide fuel cell (SOFC) technology and distributed hydrogen
generation capabilities, utilizing global partners to build
critical mass and to develop technology platforms suitable for
markets around the world. During the fourth quarter of 2013,
the Company entered into the following:
- $6.4 million agreement with the U.S. Department of Energy (DOE)
to demonstrate a sub-megawatt SOFC plant configured for combined
heat & power (CHP) output that is connected to the electric
grid.
- A multi-phase two year agreement to supply a demonstration
solid-state electrochemical hydrogen separation (EHS) unit to a
global chemical company for high efficiency separation of hydrogen
from natural gas. Under the first phase, valued at
approximately $1.1 million, the Company will deliver a remotely
monitored CE-compliant EHS system. Successful completion of
the first phase is expected to lead to subsequent funding to
increase the size and scale of the system for the targeted
industrial market. The technology provides a unique way to
separate hydrogen from clean natural gas or renewable biogas in a
process with relatively low energy consumption and without the need
for pressurization or moving parts, leading to lower operating
costs than current hydrogen separation technologies. Cost
effective distributed hydrogen generation has attractive market
potential.
- The build phase of a DOE supported project to convert renewable
biogas from agricultural waste into power utilizing a FuelCell
Energy manufactured SOFC power plant at a dairy farm in
California. The Sacramento Municipal Utility District (SMUD)
will facilitate the installation and operation of the SOFC power
system.
Cautionary Language
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, including, without limitation,
statements with respect to the Company's anticipated financial
results and statements regarding the Company's plans and
expectations regarding the continuing development,
commercialization and financing of its fuel cell technology and
business plans. All forward-looking statements are subject to risks
and uncertainties that could cause actual results to differ
materially from those projected. Factors that could cause such a
difference include, without limitation, changes to projected
deliveries and order flow, changes to production rate and product
costs, general risks associated with product development,
manufacturing, changes in the regulatory environment, customer
strategies, unanticipated manufacturing issues that impact power
plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company's ability to achieve its sales plans
and cost reduction targets, as well as other risks set forth in the
Company's filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company's expectations or any change in events, conditions or
circumstances on which any such statement is based.
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
See us on YouTube
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.
Notes to the reconciliation of GAAP to non-GAAP Consolidated
Statements of Operations information are as follows:
(1) Adjustment for the three and twelve months ended
October 31, 2013 for the impact from the fair value adjustment
required on the embedded derivatives in the Senior Unsecured
Convertible notes in accordance with Accounting Standards
Codification (ASC) 815 – Derivatives and Hedging.
(2) Adjustment for the three and twelve months ended
October 31, 2012 represents a non-recurring impairment of the
equity investment in Versa Power Systems.
(3) In the second quarter of 2011, the Company committed to a
repair and upgrade program to fix a performance shortfall for a
select group of 1.2 MW fuel cell modules produced between 2007 and
early 2009. The estimate for the repair and upgrade program
was revised in the fourth quarter of 2012 to adjust for the cost of
modules which were expected to be deployed as field replacements
when needed. This resulted in a charge to cost of goods sold
in the fourth quarter of 2012 of $0.5 million.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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