FuelCell Energy Reports Q3 2007 Results

FuelCell Energy, Inc. has reported results and accomplishments for its third fiscal quarter and nine months ended July 31, 2007. FuelCell Energy reported revenues for the third quarter of fiscal 2007 of $13.5 million, compared to $8.7 million in the same period a year ago. Product sales and revenues were up 45 percent to $7.8 million compared to $5.4 million in the same period a year ago. The product cost-to-revenue ratio was 1.91 compared with 2.83 in the same period a year ago resulting in improved margins over the prior year. Product cost reductions were realized from the Company’s cost out program and increased production of megawatt (MW) class power plants, which have a lower product cost per kilowatt (kW) of capacity. Research and development contract revenue was $5.7 million compared to $3.3 million in 2006 on higher activity in the Company’s solid oxide fuel cell program. The Company’s product backlog as of July 31, 2007, including long-term service agreements more than doubled to $49.6 million compared to $20.0 million as of July 31, 2006. Research and development contract backlog totaled $22.1 million compared to $9.8 million as of July 31, 2006. In the third quarter of fiscal 2007, net […]

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