Fuelcell Energy (FCEL) saw its loss narrow to $4.70 million, or $0.02 a share for the quarter ended Oct. 31, 2014. In the previous year period, the company reported a loss of $9.70 million, or $0.06 a share. On the other hand, adjusted net loss for the quarter narrowed to $5.50 million, or $0.02 a share from a loss of $9.41 million or $0.05 a share, a year ago. Revenue during the quarter went down marginally by 1.36 percent to $54.41 million from $55.16 million in the previous year period. Gross margin for the quarter expanded 624 basis points over the previous year period to 10.94 percent. Operating margin for the quarter stood at negative 9.13 percent as compared to a negative 12.60 percent for the previous year period.
Operating loss for the quarter was $4.97 million, compared with an operating loss of $6.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $3.69 million compared to negative $5.60 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 6.79 percent for the quarter compared to negative 10.16 percent in the last year period.
"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."
Working capital increases sharply Fuelcell Energy has recorded an increase in the working capital over the last year. It stood at $141.97 million as at Oct. 31, 2014, up 70.91 percent or $58.90 million from $83.07 million on Oct. 31, 2013. Current ratio was at 3.32 as on Oct. 31, 2014, up from 1.78 on Oct. 31, 2013.
Debt
Fuelcell Energy has recorded a decline in short-term debt over the last one year. It stood at $1.44 million as on Oct. 31, 2014, down 79.24 percent or $5.49 million from $6.93 million on Oct. 31, 2013. Total debt was 0.54 percent of total assets as on Oct. 31, 2014, compared with 2.92 percent on Oct. 31, 2013. Debt to equity ratio was at 0.01 as on Oct. 31, 2014, up from 0.53 as on Oct. 31, 2013. Interest coverage ratio decreased to 7.53 for the quarter from 3.96 for the same period last year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
