FuelCell Energy, Inc. (NASD: FCEL), the world leader in the development and production of stationary fuel cells for commercial, industrial, municipal and utility customers, recently reported the company’s financial results for its third fiscal quarter ended July 31, 2008. Shares of FuelCell Energy, whose ultra-clean and high efficiency DFC® fuel cells currently generate power at over 45 locations worldwide, declined late last week on the earnings announcement.
The company reported a 106 percent increase in revenues to $27.9 million for the fiscal third quarter, compared to $13.5 million during the same period one-year earlier; however, FuelCell’s net loss totaled $26.8 million, or a loss of $0.39 per basic and diluted share, compared to a net loss of $16.2 million, or a loss of only $0.24 per basic and diluted share, during the corresponding quarter in fiscal 2007.
According to R. Daniel Brdar, FuelCell Energy’s chairman and chief executive officer, the company is currently building on the first half of the year and will continue to implement cost reductions and ramp up production efforts in order to record revenue gains. Mr. Brdar also stated, “As a result of this year’s cost reduction efforts, we expect to see positive gross margins on multi-megawatt power plants and fuel cell modules, which will be the majority of our production by late 2009.”
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