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fuelcell energy inc (FCEL) Key Developments

FuelCell Energy Inc. Announces Board Changes

On December 18, 2014, at the conclusion of a regularly scheduled quarterly meeting of the Board of Directors of FuelCell Energy Inc., James D. Gerson resigned as a member of the company's Board of Directors. Mr. Gerson, age 71, was a member of the Board of Directors for 22 years. Mr. Gerson was also Chairman of the Audit and Finance Committee and a member of the Executive Committee and Nominating and Corporate Governance Committee of the company. The company has appointed Togo Dennis West Jr. to the Audit and Finance Committee, William A Lawson to the Executive Committee and James H. England to the Nominating and Corporate Governance Committee. The company has also appointed John Rolls as Chairman of the Audit and Finance Committee.

FuelCell Energy Inc., Board Meeting, Dec 18, 2014

FuelCell Energy Inc., Board Meeting, Dec 18, 2014. Agenda: To approve executive changes.

FuelCell Energy Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended October 31, 2014; Provides Capex Guidance for the Fiscal 2015

FuelCell Energy Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended October 31, 2014. For the quarter, the company reported total revenues of $54,409,000 against $55,157,000 for the same period last year. Loss from operations was $4,968,000 against $6,952,000 for the same period last year. Loss before provision for income taxes was $4,671,000 against $9,648,000 for the same period last year. Net loss attributable to the company was $4,700,000 against $9,700,000 for the same period last year. Net loss to common shareholders was $5,500,000 or $0.02 per basic and diluted share against $10,500,000 or $0.06 per basic and diluted share for the same period last year. Non-GAAP net loss to common shareholders was $5,500,000 or $0.02 per basic and diluted share against $9,409,000 or $0.05 per basic and diluted share for the same period last year. Non-GAAP loss before provision for income taxes was $4,671,000 against $8,557,000 for the same period last year. Adjusted LBITDA was $3,692,000 compared to $5,602,000 in the prior year. 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. For the year, the company reported total revenues of $180,293,000 against $187,658,000 for the same period last year. Loss from operations was $27,311,000 against $29,813,000 for the same period last year. Loss before provision for income taxes was $38,395,000 against $34,948,000 for the same period last year. Net loss attributable to the company was $38,125,000 against $34,358,000 for the same period last year. Net loss to common shareholders was $41,325,000 or $0.17 per basic and diluted share against $37,558,000 or $0.20 per basic and diluted share for the same period last year. Non-GAAP net loss to common shareholders was $32,907,000 or $0.20 per basic and diluted share against $36,175,000 or $0.19 per basic and diluted share for the same period last year. Non-GAAP loss before provision for income taxes was $29,977,000 against $33,565,000 for the same period last year. Adjusted LBITDA was $22,169,000 compared to $24,755,000 in the prior year. For fiscal 2015, the company estimated capital expenditures in the range of $8 million to $15 million. The upper end of this range represents spending for automation equipment and expansion on Torrington that will either occur in late 2015 or early 2016. As the company proceeds with Torrington expansion, financing from the State of Connecticut will partially offset CapEx spending.

UIL Holdings Corporation and Fuelcell Energy, Inc. to Install Power Generation Facility at Natural Gas Pressure-Reduction Facility in Glastonbury, Connecticut

UIL Holdings Corporation and FuelCell Energy Inc. announced they will install a power generation facility that takes advantage of unspent energy at a natural gas pressure-reduction facility in Glastonbury, Connecticut. The new 3.4-megawatt Direct FuelCell Energy Recovery Generator plant will be manufactured and installed by FuelCell Energy Inc. at a gate station owned by UIL subsidiary Connecticut Natural Gas Corporation, where natural gas is converted from high to low pressure. The facility will include a 2.8-megawatt Direct FuelCell DFC3000 fuel cell power plant, accompanied by a turbo expander that will produce an additional 600 kilowatts of clean, class-1 renewable power by harnessing energy that is otherwise unused during the station's natural gas pressure-reduction process. The turbo expander uses this energy to spin a turbine and generate electricity. Heat from the fuel cell will support this process, improving the station's carbon footprint and enhancing the project's economics. UIL purchased the power plant through a wholly owned subsidiary, UIL Distributed Resources, LLC. FuelCell Energy Inc. will manufacture and install the plant and then remotely operate it, providing maintenance under a long-term service agreement. The electricity it generates will be sold to The Connecticut Light and Power Company under a 20-year contract. It is expected to begin producing power by the end of 2015. Natural gas is transmitted under high pressure, and the pressure must be reduced prior to distributing it to homes and businesses. The DFC-ERG solution takes advantage of the energy released by the letdown station's pressure-reduction process to turn a turbine and generate electricity. Thermal energy from the fuel cell supports this pressure reduction power generation process. Letdown stations are located near the points of use for natural gas, and a city will typically have a number of these stations within the urban area and surrounding suburbs.

FuelCell Energy Inc. Presents at 17th Annual Needham Growth Conference, Jan-14-2015 08:40 AM

FuelCell Energy Inc. Presents at 17th Annual Needham Growth Conference, Jan-14-2015 08:40 AM. Venue: New York Palace Hotel, 455 Madison Avenue, New York, New York, United States.

 

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