fuelcell energy inc (FCEL) Key Developments
FuelCell Energy Receives Non-Compliance Notice From NASDAQ
Aug 14 15
On August 12, 2015, FuelCell Energy, Inc. received a letter from the NASDAQ Stock Market stating that the Company was not in compliance with NASDAQ Marketplace Rule 5450(a)(1) because the bid price of the Company’s common stock closed below the required minimum $1.00 per share for the previous 30 consecutive business days. This notification has no immediate effect on the listing of the Company’s common stock. In accordance with NASDAQ rules, the Company has a period of 180 calendar days to regain compliance with the minimum bid price rule. If at any time before February 8, 2016, the bid price of the Company’s common stock closes at $1.00 per share or higher for a minimum of 10 consecutive business days, NASDAQ will notify the Company that it has regained compliance with the minimum bid price rule. The Company has notified NASDAQ of its intention to regain compliance with the NASDAQ bid price requirement. The Company is in compliance with all other NASDAQ listing standards. If the Company is unable to demonstrate compliance with Rule 5450(a)(1) by February 8, 2016, the Company can submit an application to transfer its securities to The NASDAQ Capital Market and request an additional 180 day period to regain compliance with the minimum bid price requirement.
Fuelcell Energy Inc. Appoints Paul F. Browning and Matthew F. Hilzinger as Board Directors
Aug 6 15
FuelCell Energy Inc. announced the appointment of two new members to the Company’s Board of Directors, including Paul F. Browning, former President and Chief Executive Officer, Irving Oil Company Limited and Matthew F. Hilzinger, Executive Vice President and Chief Financial Officer, USG Corporation. These additions to the FuelCell Energy Board of Directors increase the total number of members to ten. Most recently, Mr. Browning served as President and Chief Executive Officer of Irving Oil Limited. Previously, Mr. Browning led General Electric’s Thermal Products division. Prior to GE, Mr. Browning spent 12 years at Caterpillar including
responsibility for the engineering, product development, manufacturing and supply chain of the industrial gas turbine business, Solar Turbines, and culminating in the position of Managing Director of MAK in the Marine & Petroleum Power division, based in Kiel, Germany. Currently, Mr. Hilzinger is Executive Vice President and Chief Financial Officer for USG Corporation. Previously, Mr. Hilzinger spent 10 years at Exelon Corporation advancing to Chief Financial Officer where he was responsible for finance and risk management. Prior to Exelon, Mr. Hilzinger held a variety of financial and operating roles, including Corporate Controller at Kmart Corporation, Vice President International Operations at Handelman Company and Manager at Arthur Andersen.
FuelCell Energy Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 09:20 AM
Jul 3 15
FuelCell Energy Inc. Presents at Jefferies 11th Annual Industrials Conference, Aug-10-2015 09:20 AM. Venue: Grand Hyatt, 109 E. 42nd Street, New York, New York, United States. Speakers: Arthur A. Bottone, Chief Executive Officer, President, Director, Chairman of Executive Committee and Member of Government Affairs Committee, Kurt Goddard, Vice President of Investor Relations.
FuelCell Energy Inc. Provides Revenue Guidance for the Third and Fourth Quarters of 2015
Jun 9 15
FuelCell Energy Inc. provided revenue guidance for the third and fourth quarters of 2015. The company projected average quarterly revenue of $38 million to $48 million for the third and fourth quarters of 2015. The increase in the second half reflects the expected conversion of inventory into product revenue and increasing service revenue.
FuelCell Energy Inc. Reports Consolidated Unaudited Earnings Results for the Second and Six Months Ended April 30, 2015
Jun 8 15
FuelCell Energy Inc. reported consolidated unaudited earnings results for the second and six months ended April 30, 2015. For the quarter, the company reported total revenues of $28,600,000 compared with $38,274,000 for the same period last year. Loss from operations was $8,793,000 compared with $8,773,000 for the same period last year. Loss before provision for income taxes was $9,942,000 compared with $15,971,000 for the same period last year. Net loss attributable to the company was $9,894,000 or $0.04 diluted per share compared with $15,843,000 or $0.07 diluted per share for the same period last year. Capital spending was $1.7 million. EBITDA was $7,709,000 compared with $7,467,000 for the same period last year.
For the six, the company reported total revenues of $70,270,000 compared with $82,708,000 for the same period last year. Loss from operations was $13,923,000 compared with $16,343,000 for the same period last year. Loss before provision for income taxes was $14,056,000 compared with $26,676,000 for the same period last year. Net loss attributable to the company was $13,960,000 or $0.05 diluted per share compared with $26,447,000 or $0.13 diluted per share for the same period last year.