20.12.2002: Meldung: FuelCell Energy Reports 2002 Fourth Quarter (engl.)

Danbury, Conn., Dec. 18 - FuelCell Energy, Inc. (Nasdaq: FCEL), a leading manufacturer of Direct FuelCell (DFC) stationary power plants, today reported 2002 year-end and fourth quarter results.

Financial Results

Revenues for the fiscal year increased 57% to $41.2 million from $26.2 million in the previous fiscal year while revenues in the fourth quarter of 2002 doubled to $13.7 million as compared to $6.7 million for the same quarter of the previous year and the company ended the year with over $220 million in cash. For the year, FuelCell Energy increased revenue 45% to $7.7 million on product sales and 61% to $33.5 million on revenues from research and development contracts.

Revenue in both the current quarter and the year to date periods include the Department of Energy"s (DOE) cooperative agreement to commercialize fuel cells, the clean coal project, and the coalmine methane project. In addition, revenue in both periods include the King County waste water treatment facility, the U.S. Navy marine/diesel program, fuel cell components shipped to European partner, MTU, and activities on the production of DFC 300A power plants for PPL Corporation, Marubeni and L.A. Dept. of Water and Power.

The company reported a net loss for year ended October 31, 2002 of $48.8 million or $1.25 per basic and diluted share compared with a net loss of $15.4 million or $0.45 per basic and diluted share in the previous fiscal year. For the fourth quarter ended October 31, 2002, FuelCell Energy reported a net loss of $20.7 million or $0.53 per basic and diluted share compared with a net loss of $4.8 million or $0.12 per basic and diluted share during the same quarter of the previous year. The net loss for both the current quarter and the year to date periods reflect the company"s focus on developing standard DFC power plant products, increasing manufacturing production volume, and developing its distribution network. For the fiscal year, full-time staff increased by 161 employees, including 76 in production, to 425 employees at October 31, 2002.

Cash, cash equivalents and investments (U.S. Treasuries) on hand as of October 31, 2002 totaled $220.6 million. For the fiscal year, the company used $69.9 million of cash, including $15.4 million in capital expenditures. In the fourth quarter, $19.9 million of cash was used, including $5.1 million for capital expenditures. Depreciation expense for the year was $3.1 million, including $1.1 million for the fourth quarter of 2002.

2002 Accomplishments

"We are heading into 2003 with the right products, strong distribution partners and the financial strength to bring our Direct FuelCell power plants to markets in Asia, Europe and the U.S.," said Jerry D. Leitman, Chairman and CEO of FuelCell Energy. "In 2002, we made significant progress on our near-term product strategy -- developing standardized products, increasing production capacity, developing distribution networks, building a strong organization and identifying new customer sites for our DFC products in a variety of distributed generation applications."

Product Development

DFC 300A -- The company has developed the next generation product, the DFC 300A, based on the experience gained from 68,000 accumulated operating hours including nine DFC 300 field trial units in the U.S. and Germany. The DFC 300A incorporates design improvements throughout the power plant, including more efficient thermal management and gas flow within the fuel cell module and enhancements to the mechanical and electrical balance-of-plant systems, which result in higher performance, lower costs and a smaller footprint. The first DFC 300A was delivered to Japan earlier this month and six additional DFC 300A power plants are currently operating at the company"s test facility in Danbury, Connecticut, prior to delivery to customer locations.

DFC 1500 -- The company completed the design of the one megawatt DFC power plant, which includes four 250 kW stacks in a module. Balance-of-plant equipment was factory tested, delivered and installed at the Torrington, Connecticut, facility. The DFC 1500 field trial unit will be installed at a municipal wastewater treatment facility in King County, Washington, in the first calendar quarter of 2003. While final site preparations are being completed at the customer location, the unit will operate on natural gas, grid-connected, at the company"s Torrington facility.

DFC 3000 -- In July 2002, the DOE accelerated the timetable for the first two-megawatt DFC 3000 power plant demonstration by approving a change in location from a coal gasifier in Kentucky to one in Indiana. This plant will also operate initially on natural gas, grid-connected in Torrington, before being delivered to the customer during the fourth quarter of calendar year 2003. The company completed the design of the two megawatt DFC power plant, which includes eight 250 kW stacks in two modules. Factory testing of balance-of-plant equipment is ongoing and deliveries have begun. The balance- of-plant will be installed in Torrington after the DFC 1500 testing is complete.

Direct FuelCell/Turbine® (DFC/T®) -- During 2002, FuelCell Energy started initial systems integration for a 40 MW design and completed operation of the "proof-of-concept" DFC/T system that combined a sub-megawatt DFC with a 30 kW micro turbine. In October 2002, the DOE modified its Vision 21 agreement with the company to include demonstration of two packaged sub-megawatt units, one in Danbury and one at a customer site in Montana. This modification provides an additional $16 million to the project"s budget that will be shared by the DOE and FuelCell Energy. In the patented DFC/T system, the fuel cell is operated in a combined-cycle using the byproduct heat of the fuel cell with an unfired gas turbine. In the larger 10-50 MW combined-cycle design, the DFC/T is expected to approach the 75 percent electrical efficiency target as specified by the DOE"s Vision 21 program while retaining the ultra-low emissions attribute of the company"s DFC power plants.

Diesel DFC -- The ability to utilize liquid fuel such as diesel is important for many defense, marine, remote and island power generation applications. Under a program with the U.S. Navy, the company has designed the fuel processing system and a packaged 500 kW DFC power plant that will be demonstrated at the Philadelphia Navy Yard in late 2003, following testing in Danbury.

Distribution Network Development

FuelCell Energy has established strong commercial distribution alliances with electric power equipment sales and service companies (OEMs), energy services and solutions providers (ESCOs) and specialty application developers. In 2002, the company conducted multiple training sessions for distribution partners that focused on applications, sales, installation and service of DFC power plants.

MTU Daimler/Chrysler -- The company"s European partner, MTU, a unit of DaimlerChrysler, placed orders for fuel cell components for six additional sub-megawatt units and began operating five new sub-megawatt DFC power plants at customer sites in Europe. These included: RWE, Germany"s largest utility; IZAR, a ship builder in Spain; Deutsche Telecom, at a telecommunications center in Munich; enBW, at a Michelin tire plant in Karlsruhe; and IPF, at a hospital in Magdeburg.

Marubeni -- Marubeni, the company"s Asian distribution partner, announced the first three DFC 300A customers in Japan. The first, a DFC 300A installation at the Kirin Brewery, Tokyo, will operate on industrial wastewater treatment gas serving part of the brewery"s base load needs for both electric power and steam. This unit was delivered to Japan this month following sales and service training. The second DFC 300A is slated for installation in early 2003 at a municipal wastewater treatment facility in Fukuoka, Japan. Marubeni"s third DFC 300A, announced earlier this week, is for Nippon Metals, a specialty steel manufacturer in Japan.

Caterpillar -- The company established a ten-year alliance agreement to distribute DFC power plants and to develop Caterpillar-branded DFC power plants. These units in the 250kW to 3MW size range will incorporate the company"s DFC fuel cell modules into Caterpillar power plant systems. More than 60 Caterpillar dealer representatives participated in training seminars at FuelCell Energy and are actively pursuing market opportunities. The companies also successfully completed a joint safety and serviceability audit of the DFC 300A.

PPL Energy Plus -- PPL Energy announced five additional customers, adding to the Coast Guard project announced in fiscal year 2001. DFC 300A power plants will be delivered in 2003 to the following customers: two for Sheraton hotels in New Jersey; one for Ocean County College in New Jersey; and two for Zoot Enterprises" headquarters building in Montana. All will be operated in base load combined heat and power modes, and the DFC 300As at Zoot will be part of its critical reliability system, serving the 24/7-credit processing operations.

Energy Solutions Companies/Specialty Applications -- During 2002, the company entered into market development agreements with Chevron Energy Solutions and CMS Viron Energy Services, focusing on the California market. The company also entered into a marketing and development agreement with MWH Energy Solutions, focusing on the wastewater treatment market.

Manufacturing Facilities

The company continued to expand its production capabilities in Danbury and Torrington, and its partner, MTU, expanded its assembly and testing facility in Munich. The Danbury facility was expanded to test and condition 50 megawatts of fuel cell power plants per year. A second tape casting line was installed at the manufacturing plant in Torrington earlier this month and initial operations have begun. While this brings manufacturing capacity to 50 megawatts, production levels will be determined consistent with market demand.

Focus for 2003

Deliver and commission the DFC 300A power plants in backlog.
Generate orders for DFC products through the distribution network by
focusing on targeted commercial and industrial markets -- universities,

hospitals, hotels, industrial, critical reliability, wastewater

treatment and grid-support applications -- and offering competitive

terms and conditions.

Implement a field follow program for the DFC 300A to monitor fleet performance (additional instrumentation, field service and data gathering).
Initiate the field trial program for the megawatt-class DFC 1500 and DFC 3000 power plants, operating on natural gas, grid connected, in Torrington before delivery to customer sites.
Reduce product cost, focusing on value engineering, performance improvements, manufacturing cost efficiencies and supplier development.
Manage cash consistent with market demand following completion of the near-term product strategy, including standardizing products, increasing production capacity, developing distribution and delivering DFC power plants in backlog.
About Direct FuelCells

Direct FuelCells efficiently generate clean electricity at distributed locations near the customer, including hospitals, schools, universities, hotels and other commercial and industrial applications. In essence, they are like large, continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there is no pollution commonly associated with the combustion of fossil fuels. The high efficiency leads to the generation of more electric power from less fuel and with less carbon dioxide emission. Operating on biomass fuels, such as wastewater treatment digester gas, the Direct FuelCell is a renewable technology.

About FuelCell Energy, Inc.

FuelCell Energy, Inc. (www.fuelcellenergy.com) based in Danbury, Connecticut, is a world leader in the development and manufacture of highly efficient fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts. The Company has developed commercial distribution alliances with MTU, a unit of DaimlerChrysler, in Europe; Marubeni Corporation in Asia; and Caterpillar, PPL Energy Plus, Chevron Energy Solutions, CMS Viron Energy Services and MWH Energy Solutions in the U.S. FuelCell Energy is developing Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through their Office of Fossil Energy"s National Energy Technology Laboratory.

This press release contains forward-looking statements, including statements regarding the Company"s plans and expectations regarding the development and commercialization of its fuel cell technology. 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, the risk that commercial field trials of the Company"s products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, 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.

Consolidated Statements of Loss
(Dollars in thousands, except per share amounts)

Three months ended

October 31, 2002 October 31, 2001

Research and development contracts $ 10,168 $ 6,293
Product sales and revenue 3,535 438
Total revenues 13,703 6,731

Costs and expenses:
Cost of research and development contracts 16,212 5,944
Cost of product sales and revenues 14,796 4,743
Administrative and selling expenses 2,276 2,363
Research and development expenses 2,172 773
Total costs and expenses 35,456 13,823

Loss from operations (21,753) (7,092)

License fee income, net 67 67
Interest expense (39) (28)
Interest and other income, net 986 2,245

Loss before provision for income taxes (20,739) (4,808)

Provision for income taxes 7 --

Net loss $ (20,746) $ (4,808)

Basic and diluted loss per share $ (0.53) $ (0.12)

Basic and diluted shares outstanding 39,228,828 38,992,827

Consolidated Statements of Loss
(Dollars in thousands, except per share amounts)

Twelve months ended

October 31, 2002 October 31, 2001

Research and development contracts $ 33,575 $ 20,882
Product sales and revenue 7,656 5,297
Total revenues 41,231 26,179

Costs and expenses:
Cost of research and development contracts 45,664 19,033
Cost of product sales and revenues 32,129 16,214
Administrative and selling expenses 10,451 9,100
Research and development expenses 6,806 3,108
Total costs and expenses 95,050 47,455

Loss from operations (53,819) (21,276)

License fee income, net 270 270
Interest expense (160) (116)
Interest and other income, net 4,876 5,684

Loss before provision for income taxes (48,833) (15,438)

Provision for income taxes 7 --

Net loss $ (48,840) $ (15,438)

Basic and diluted loss per share $ (1.25) $ (0.45)

Basic and diluted shares outstanding 39,135,256 34,359,320

Consolidated Condensed Balance Sheets
(Dollars in thousands, except per share amounts)

October 31, October 31,
2002 2001

Current assets:
Cash and cash equivalents $102,495 $256,870
Investments (U.S. Treasury Securities) 103,501 17,890
Accounts receivable, net 10,438 7,110
Inventories 13,981 6,334
Other current assets 4,324 1,021
Total current assets 234,739 289,225

Property, plant and equipment, net 38,710 27,188
Investments (U.S. Treasury Securities) 14,587 15,773
Other assets, net 1,767 1,834

Total assets $289,803 $334,020


Current portion of long-term debt $285 $175
Accounts payable 4,712 4,679
Accrued liabilities 7,904 6,763
Deferred license fee income 38 37
Customer advances 3,466 1,398
Total current liabilities 16,405 13,052

Long-term debt 1,696 1,252
Total liabilities 18,101 14,304

Shareholders" equity:

Common stock 4 4
Additional paid-in capital 339,762 338,936
Accumulated deficit (68,064) (19,224)
Total shareholders" equity 271,702 319,716
Total liabilities and shareholders" equity $289,803 $334,020
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