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Q1 Results for Fuel Cell
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Business New Haven
3/4/2002
By: BNH
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DANBURY - FuelCell Energy Inc. (NASDAQ: FCEL), a developer and manufacturer of Direct FuelCell power plants, today reported results for its 2002 first quarter ended January 31. The company reported a net loss of $6 million, or 15 cents per basic and diluted share, compared with a loss of $2.8 million, or nine cents per basic and diluted share, during the same quarter of fiscal 2001. Revenues for the three-month period increased 31 percent to $7 million versus revenues of $5.3 million for same quarter a year ago. Revenues from product sales and research and development contracts increased to approximately $700,000 and $6.3 million, respectively, in the first quarter of 2002 compared with approximately $500,000 and $4.8 million for the same period in the prior year.
The net loss for the recently completed quarter reflects continuing development of the company's field trial program, investment in the design of a sub-megawatt product, increased activity on government contracts that carry higher cost-share responsibility, increased sales and marketing activity related to distributor partnerships and proposal efforts, and an overall increase in personnel costs, according to FCEL officials.
Cash, cash equivalents and investments decreased by $17.0 million in the quarter, which included $3.2 million for capital expenditures.
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