- Continued gross margin expansion supported by cost reductions
and sales mix
- Record 70 megawatts of production sold during the year
- Utility sale of 3.4 megawatt high efficiency power plant for
gas pipeline application
- Six fuel cell modules totaling 8.4 megawatts sold to POSCO
Energy to meet Asian demand
- Multiple projects selected as Finalists for consideration under
utility RFP for Long Island, New York
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, 2014 along with an
update on key business highlights.
Financial Results
FuelCell Energy (the Company) reported total revenues for the
fourth quarter of 2014 of $54.4 million compared to $55.2 million
for the fourth quarter of 2013.
- Product sales for the fourth quarter of 2014 totaled $42.4
million, comprising $35.8 million of power plant revenue, fuel cell
module and fuel cell kit sales, and $6.6 million of power plant
component sales and site engineering and construction services.
Product sales for the comparable prior year period totaled $36.2
million.
- Service and license revenues for the fourth quarter of 2014
totaled $6.7 million. Service and license revenues totaled $15.4
million for the fourth quarter of 2013 or $5.2 million excluding
$10.2 million of revenue recognized in conjunction with the
execution of a revised multi-year service agreement with Asian
partner POSCO Energy.
- Advanced technologies contract revenue was $5.3 million for the
fourth quarter of 2014 compared to $3.6 million for the prior year
period.
The gross profit generated in the fourth quarter of 2014 totaled
$6.0 million compared to $2.6 million in the fourth quarter of
2013. The fourth quarter 2014 gross margin was 10.9 percent
compared to 4.7 percent for the prior year period. The current
period gross margin of 10.9 percent reflects continued sequential
margin expansion, improving from the 9.2 percent gross margin of
the third quarter of 2014, and is a record gross margin since the
Company began commercializing fuel cells. Margin expansion is
reflective of a sales mix transitioning to a larger percentage of
revenues from turn-key projects in the United States as well as
lower product costs from sustained production at 70 megawatts
annually combined with continued manufacturing efficiencies.
Operating expenses increased year-over-year primarily due to
higher administrative and selling costs related to an increased
level of project development and bidding on utility RFP's. Interest
expense decreased year-over-year due to the previously announced
conversion of the 8.0% Senior Unsecured Convertible Notes. Net loss
attributable to common shareholders for the fourth quarter of 2014
totaled $5.5 million, or $0.02 per basic and diluted share. For the
comparable prior year period, net loss attributable to common
shareholders totaled $10.5 million or $0.06 per basic and diluted
share.
Fiscal Year 2014
For the twelve months ended October 31, 2014, the Company
reported revenue of $180.3 million compared to $187.7 million for
the prior year period. Product sales were $136.8 million compared
to $145.1 million for the prior year period. Service agreement and
license revenues were $26.0 million compared to $28.1 million for
the prior year period. Advanced technologies contract revenues
totaled $17.5 million, compared to $14.4 million for the prior year
period.
For the twelve months ended October 31, 2014, gross profit was
$13.7 million compared to $7.1 million for the twelve months ended
October 31, 2013. The gross margin for the twelve months ended
October 31, 2014 was 7.6 percent compared to 3.8 percent for the
prior year period. Cost reductions from volume purchasing combined
with a more favorable sales mix supported expanding margins.
Net loss attributable to common shareholders for the twelve
months ended October 31, 2014 was $41.3 million or $0.17 per basic
and diluted share. Excluding the expense associated with the
conversions of Senior Unsecured Convertible notes and the related
embedded derivative adjustment, the adjusted net loss attributable
to common shareholders totaled $32.9 million or $0.13 per basic and
diluted share. For the comparable prior year period, net loss
attributable to common shareholders totaled $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 Senior
Unsecured Convertible notes, the adjusted net loss attributable to
common shareholders totaled $36.2 million or $0.19 per basic and
diluted share.
Revenue Backlog
During 2014, the backlog mix continued to transition to higher
margin turnkey projects in the U.S. as well as longer term service
agreements.
Total backlog was $333.9 million at October 31, 2014 compared to
$355.4 million at October 31, 2013. The recently announced 3.4 MW
utility contract adds approximately $31 million to total backlog
for the first quarter of 2015.
- Product sales backlog was $113.1 million at October 31, 2014.
This compares to $170.1 million at October 31, 2013.
- Service backlog was $196.8 million at October 31, 2014. This
compares to $166.8 million at October 31, 2013. The average
term for service agreements now exceeds 10 years.
- Advanced technologies contracts backlog was $24.0 million at
October 31, 2014 compared to $18.5 million at October 31,
2013.
Liquidity and Capital Resources
Cash and cash equivalents and restricted cash totaled $108.8
million at October 31, 2014 which compares to $77.7 million as
October 31, 2013. The Company also had approximately $43
million of availability under its loan agreements as of the end of
the fiscal year compared to $1.5 million of availability at October
31, 2013.
Adjusted EBITDA in the fourth quarter totaled ($3.7) million
compared to ($5.6) million in the fourth quarter of 2013.
Refer to the discussion of Non-GAAP financial measures below
regarding the Company's calculation of Adjusted EBITDA. Net
cash used by operating activities in the fourth quarter of 2014 was
$25.9 million as a result of changes in working capital, including
an increase in accounts receivable of $11.0 million primarily
related to invoicing for sales made at the end of the fourth
quarter of 2014. Capital spending was $3.0 million and
depreciation expense was $1.1 million for the fourth quarter of
2014.
Business Highlights
"We maintained focus on expanding margins as we continue to
pursue cost reductions," said Chip Bottone, President and Chief
Executive Officer, FuelCell Energy, Inc. "We sold 2014
production and are marketing distributed power generation solutions
that are more competitive and affordable compared to bids we were
submitting just last year, this combined with increasing
recognition in the marketplace has led to a high level of
activity."
Market Developments
United Illuminating purchased a 3.4 megawatt (MW) DFC-ERG system
and accompanying multi-year service agreement in November, 2014 for
installation at a natural gas pressure let-down station. These
types of let-down stations are numerous in and near populated areas
and represent a sizeable global market opportunity. The high
efficiency Direct FuelCell – Energy Recovery Generator® (DFC-ERG®)
helps utilities drive demand for clean natural gas, add ultra-clean
distributed power generation, and meet sustainability
goals.
The Company and its business partners submitted multiple fuel
cell park projects, under the Long Island Power Authority (LIPA)
Request for Proposal (RFP) for 280 MW of on-island renewable power
generation. Each of the submitted projects is 19.6
MW. LIPA recently selected a number of projects using the
Company's power plants as "Finalists" to be considered for
selection under the RFP and requested "Best and Final" offers for
the projects. These best and final offers were recently
submitted. Construction on these projects could begin in 2015
for completion in 2016.
In addition to the LIPA opportunity, the Company has developed a
significant pipeline of projects for on-site 'behind-the-meter'
applications and for grid support fuel cell parks. Behind-the-meter
applications provide end users with predictable long-term
economics, on-site power including micro-grid capabilities and
reduced carbon emissions. On-site projects being developed are for
project sizes ranging from 1.4MW – 14.0 MW for end users such as
pharmaceuticals, technology companies, hospitals and universities.
In addition, a number of multi-megawatt utility grid support
projects are being developed for utilities and independent power
producers to support the grid where power is needed. These projects
help both utilities and states meet their renewable portfolio
standards. The 15 MW project in Bridgeport, Connecticut owned by
Dominion has now been operating for twelve months and demonstrates
the Company's development and operational capabilities. Power
output from the fuel cell park is meeting the expectations of
Dominion.
Operational Developments
The recently announced multi-year two phase expansion of the
North American manufacturing facility will support further cost
reductions and position the company for further growth. The
first phase expands the building and will lead to lower expenses as
logistics efficiencies are realized and further material handling
automation implemented. The second phase involves the
installation of manufacturing equipment to increase capacity to at
least 200 megawatts annually and will only be undertaken in support
of backlog. The State has committed $20 million of low
interest/long term loans for the two phases that are up to 50
percent forgivable if certain job retention and job creation goals
are attained. The State commitment also includes $10 million
of tax credits which vest over time as the Company executes on its
expansion plans.
The POSCO Energy Asian manufacturing building is completed and
manufacturing equipment is currently being installed with
production expected by mid-2015. Partner POSCO Energy is
adding the capacity and once operational, increased levels of
purchasing from the integrated global supply chain, whether by
POSCO Energy or the Company will benefit both parties by obtaining
lower pricing tiers from suppliers from the greater combined
purchasing volume. This facility will have initial capacity of 100
MW but is sized to accommodate up to 200 MW of annual production as
the Asian market continues to grow.
Advanced Technologies Developments
The Advanced Technologies group is progressing towards
commercialization of both carbon capture and distributed hydrogen
solutions. Carbon capture attracted private industry funding
from a global energy company with a multi-million dollar contract
for evaluating the integration of fuel cells into a large scale
combined cycle gas power plant to achieve only trace carbon
emissions from combustion-based natural gas power
generation. U.S. Department of Energy (DOE) advanced
additional funding during the fourth quarter of 2014 for coal-fired
power plant carbon capture studies. Separately, a tri-generation
fuel cell power plant is undergoing commissioning at the Company's
manufacturing facility, providing ultra-clean power and heat to the
facility and on-site hydrogen generation for the manufacturing
process. This installation will result in cost savings and
supports the Company's sustainability objectives.
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.
Non-GAAP Financial Measures
Financial Results are presented in accordance with accounting
principles generally accepted in the United States ("GAAP").
Management also uses non-GAAP measures to analyze the business.
Earnings before interest, taxes, depreciation and amortization
(EBITDA) is an alternate measure of cash utilization. The
table below calculates Adjusted EBITDA and reconciles these figures
to the GAAP financial statement measure Net loss attributable to
FuelCell Energy, Inc.
| |
Three Months
Ended October 31, |
Fiscal Year Ended
October 31, |
| (Amounts in thousands) |
2014 |
2013 |
2014 |
2013 |
| Net loss attributable to
FuelCell Energy, Inc. |
$ (4,700) |
$ (9,700) |
$ (38,125) |
$ (34,358) |
| Depreciation and
amortization |
1,086 |
1,053 |
4,384 |
4,097 |
| Provision for income taxes |
219 |
349 |
488 |
371 |
| Other income (expense), net
(1) |
(957) |
941 |
7,523 |
1,208 |
| Interest expense |
660 |
1,755 |
3,561 |
3,973 |
| Income from equity
investment |
-- |
-- |
-- |
(46) |
| Adjusted EBITDA |
$ (3,692) |
$ (5,602) |
$ (22,169) |
$ (24,755) |
| |
|
|
|
|
| (1) Other
income (expense), net includes gains and losses from transactions
denominated in foreign currencies, fair value changes in embedded
derivatives, make-whole interest charges on the Senior Unsecured
Convertible notes and receipt of research and development tax
credits. These items are not the result of the Company's normal
business operations and as a result are excluded from EBITDA to
arrive at Adjusted EBITDA. |
Adjusted EBITDA is a non-GAAP measure of financial performance
and should not be considered as an alternative to net income or any
other performance measure derived in accordance with GAAP, or as an
alternative to cash flows from operating activities.
The Company also calculates net loss and earnings per share
which exclude non-recurring items in order to measure operating
periodic performance. This is described in more detail in the
Reconciliation of GAAP to Non-GAAP Consolidated Statements of
Operations following the Financial Statements.
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 three 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 16, 2014
to discuss the fourth quarter and fiscal year 2014 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 can dial 678-809-1045
- The passcode is 'FuelCell Energy'
The replay of the conference call will be available via webcast
on the Company's Investors' page at www.fuelcellenergy.com
approximately two hours after the conclusion of the call.
| FUELCELL ENERGY,
INC. |
| Consolidated Balance
Sheets |
| (Unaudited) |
| (Amounts in thousands,
except share and per share amounts) |
| |
|
|
| |
October 31,
2014 |
October 31,
2013 |
| ASSETS |
|
|
| Current assets: |
|
|
| Cash and cash equivalents -
unrestricted |
$ 83,710 |
$ 67,696 |
| Restricted cash and cash
equivalents – short-term |
5,523 |
5,053 |
| Accounts receivable, net |
50,465 |
49,116 |
| Inventories, net |
55,895 |
56,185 |
| Other current assets |
7,528 |
11,279 |
| Total current assets |
203,121 |
189,329 |
| |
|
|
| Restricted cash and cash equivalents –
long-term |
19,600 |
4,950 |
| Property, plant and equipment, net |
26,609 |
24,225 |
| Goodwill |
4,075 |
4,075 |
| Intangible assets |
9,592 |
9,592 |
| Other assets, net |
3,729 |
5,465 |
| Total assets |
$ 266,726 |
$ 237,636 |
| |
|
|
| LIABILITIES AND EQUITY
(DEFICIT) |
|
|
| Current liabilities: |
|
|
| Current portion of long-term
debt |
$ 1,439 |
$ 6,931 |
| Accounts payable |
22,969 |
24,535 |
| Accrued liabilities |
12,066 |
21,912 |
| Deferred revenue |
23,716 |
51,857 |
| Preferred stock obligation of
subsidiary |
961 |
1,028 |
| Total current liabilities |
61,151 |
106,263 |
| |
|
|
| Long-term deferred revenue |
20,705 |
18,763 |
| Long-term preferred stock obligation of
subsidiary |
13,197 |
13,270 |
| Long-term debt and other liabilities |
13,367 |
52,675 |
| Total liabilities |
108,420 |
190,971 |
| Redeemable preferred stock (liquidation
preference of $64,020 at October 31, 2014 and October 31,
2013) |
59,857 |
59,857 |
| Total Equity (Deficit): |
|
|
| Shareholders' equity
(deficit) |
|
|
| Common stock ($.0001 par value;
400,000,000 and 275,000,000 shares authorized at October 31,
2014 and October 31, 2013, respectively; 287,160,003
and 196,310,402 shares issued and outstanding at October 31,
2014 and October 31, 2013, respectively) |
29 |
20 |
| Additional paid-in capital |
909,431 |
758,656 |
| Accumulated deficit |
(809,314) |
(771,189) |
| Accumulated other comprehensive
income (loss) |
(159) |
101 |
| Treasury stock, Common, at cost
(45,550 and 5,679 shares at October 31, 2014 and October 31, 2013,
respectively) |
(95) |
(53) |
| Deferred compensation |
95 |
53 |
| Total shareholders' equity
(deficit) |
99,987 |
(12,412) |
| Noncontrolling interest in
subsidiaries |
(1,538) |
(780) |
| Total equity (deficit) |
98,449 |
(13,192) |
| Total liabilities
and equity (deficit) |
$ 266,726 |
$ 237,636 |
| |
| FUELCELL ENERGY,
INC. |
| Consolidated Statements
of Operations |
| (unaudited) |
| (Amounts in thousands,
except share and per share amounts) |
| |
|
|
| |
Three Months
Ended October 31, |
| |
2014 |
2013 |
| Revenues: |
|
|
| Product sales |
$ 42,360 |
$ 36,190 |
| Service agreements and license
revenues |
6,741 |
15,358 |
| Advanced technologies contract
revenues |
5,308 |
3,609 |
| Total revenues |
54,409 |
55,157 |
| |
|
|
| Costs of revenues: |
|
|
| Cost of product sales |
37,922 |
33,039 |
| Cost of service agreements and
license revenues |
5,491 |
15,867 |
| Cost of advanced technologies
contract revenues |
5,041 |
3,654 |
| Total cost of revenues |
48,454 |
52,560 |
| |
|
|
| Gross profit |
5,955 |
2,597 |
| |
|
|
| Operating expenses: |
|
|
| Administrative and selling
expenses |
6,628 |
5,147 |
| Research and development
expenses |
4,295 |
4,402 |
| Total operating expenses |
10,923 |
9,549 |
| |
|
|
| Loss from operations |
(4,968) |
(6,952) |
| |
|
|
| Interest expense |
(660) |
(1,755) |
| Other income (expense),
net |
957 |
(941) |
| |
|
|
| Loss before provision for income taxes |
(4,671) |
(9,648) |
| |
|
|
| Provision for income taxes |
(219) |
(349) |
| |
|
|
| Net loss |
(4,890) |
(9,997) |
| |
|
|
| Net loss attributable to
noncontrolling interest |
190 |
297 |
| |
|
|
| Net loss attributable to FuelCell Energy,
Inc. |
(4,700) |
(9,700) |
| |
|
|
| Preferred stock dividends |
(800) |
(800) |
| |
|
|
| Net loss to common shareholders |
$ (5,500) |
$ (10,500) |
| |
|
|
| Loss per share basic and diluted |
|
|
| Basic |
$ (0.02) |
$ (0.06) |
| Diluted |
$ (0.02) |
$ (0.06) |
| |
|
|
| Weighted average shares outstanding |
|
|
| Basic |
280,563,763 |
187,918,612 |
| Diluted |
280,563,763 |
187,918,612 |
| |
| FUELCELL ENERGY,
INC. |
| Consolidated Statements
of Operations |
| (unaudited) |
| (Amounts in thousands,
except share and per share amounts) |
| |
|
|
| |
Twelve Months
Ended October 31, |
| |
2014 |
2013 |
| Revenues: |
|
|
| Product sales |
$ 136,842 |
$ 145,071 |
| Service agreements and license
revenues |
25,956 |
28,141 |
| Advanced technologies contract
revenues |
17,495 |
14,446 |
| Total revenues |
180,293 |
187,658 |
| |
|
|
| Costs of revenues: |
|
|
| Cost of product sales |
126,866 |
136,989 |
| Cost of service agreements and
license revenues |
23,037 |
29,683 |
| Cost of advanced technologies
contract revenues |
16,664 |
13,864 |
| Total cost of revenues |
166,567 |
180,536 |
| |
|
|
| Gross profit |
13,726 |
7,122 |
| |
|
|
| Operating expenses: |
|
|
| Administrative and selling
expenses |
22,797 |
21,218 |
| Research and development
expenses |
18,240 |
15,717 |
| Total operating expenses |
41,037 |
36,935 |
| |
|
|
| Loss from operations |
(27,311) |
(29,813) |
| |
|
|
| Interest expense |
(3,561) |
(3,973) |
| Income from equity
investment |
-- |
46 |
| Other income (expense),
net |
(7,523) |
(1,208) |
| |
|
|
| Loss before provision for income taxes |
(38,395) |
(34,948) |
| |
|
|
| Provision for income taxes |
(488) |
(371) |
| |
|
|
| Net loss |
(38,883) |
(35,319) |
| |
|
|
| Net loss attributable to
noncontrolling interest |
758 |
961 |
| |
|
|
| Net loss attributable to FuelCell Energy,
Inc. |
(38,125) |
(34,358) |
| |
|
|
| Preferred stock dividends |
(3,200) |
(3,200) |
| |
|
|
| Net loss to common shareholders |
$ (41,325) |
$ (37,558) |
| |
|
|
| Loss per share basic and diluted |
|
|
| Basic |
$ (0.17) |
$ (0.20) |
| Diluted |
$ (0.17) |
$ (0.20) |
| |
|
|
| Weighted average shares outstanding |
|
|
| Basic |
245,686,983 |
186,525,001 |
| Diluted |
245,686,983 |
186,525,001 |
| |
| 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, |
| |
2014 |
2013 |
| |
GAAP As Reported |
Non-GAAP Adjustments |
|
Non-GAAP As Adjusted |
GAAP As Reported |
Non-GAAP Adjustments |
|
Non-GAAP As Adjusted |
| Loss before provision for income taxes |
$ (4,671) |
$ -- |
|
$ (4,671) |
$ (9,648) |
$ 1,091 |
(2) |
$ (8,557) |
| Net loss |
$ (4,890) |
$ -- |
|
$ (4,890) |
$ (9,997) |
$ 1,091 |
|
$ (8,906) |
| Net loss to common shareholders |
$ (5,500) |
$ -- |
|
$ (5,500) |
$ (10,500) |
$ 1,091 |
|
$ (9,409) |
| |
|
|
|
|
|
|
|
|
| Net loss per share to common
shareholders |
|
|
|
|
|
|
|
|
| Basic |
$ (0.02) |
|
|
$ (0.02) |
$ (0.06) |
|
|
$ (0.05) |
| Diluted |
$ (0.02) |
|
|
$ (0.02) |
$ (0.06) |
|
|
$ (0.05) |
| |
|
|
|
|
|
|
|
|
| |
Twelve Months
Ended October 31, |
| |
2014 |
2013 |
| |
GAAP As Reported |
Non-GAAP Adjustments |
|
Non-GAAP As Adjusted |
GAAP As Reported |
Non-GAAP Adjustments |
|
Non-GAAP As Adjusted |
| Loss before provision for income taxes |
$ (38,395) |
$ 8,418 |
(1) |
$ (29,977) |
$ (34,948) |
$ 1,383 |
(2) |
$ (33,565) |
| Net loss |
$ (38,883) |
$ 8,418 |
|
$ (30,465) |
$ (35,319) |
$ 1,383 |
|
$ (33,936) |
| Net loss to common shareholders |
$ (41,325) |
$ 8,418 |
|
$ (32,907) |
$ (37,558) |
$ 1,383 |
|
$ (36,175) |
| |
|
|
|
|
|
|
|
|
| Net loss per share to common
shareholders |
|
|
|
|
|
|
|
|
| Basic |
$ (0.17) |
|
|
$ (0.13) |
$ (0.20) |
|
|
$ (0.19) |
| Diluted |
$ (0.17) |
|
|
$ (0.13) |
$ (0.20) |
|
|
$ (0.19) |
Notes to Reconciliation of GAAP to
Non-GAAP Consolidated Statements of Operations For
the Three and Twelve Months Ended October 31, 2014 and
2013
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 twelve months ended
October 31, 2014 represents expense associated with the conversion
of the $38.0 million Senior Unsecured Convertible notes, partially
offset by a favorable 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, 2013 represents 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.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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