Exhibit 99.1
FUELCELL ENERGY, INC.
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Consolidated Balance Sheets
(Unaudited)
(Dollars in thousands, except share and per share amounts)
October 31, | October 31, | |||||||
2009 | 2008 | |||||||
(Amended) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 57,823 | $ | 38,043 | ||||
Investments: U.S. treasury securities | 7,004 | 30,406 | ||||||
Accounts receivable, net | 22,920 | 16,096 | ||||||
Inventories, net | 25,433 | 24,523 | ||||||
Other current assets | 6,499 | 8,952 | ||||||
Total current assets | 119,679 | 118,020 | ||||||
Property, plant and equipment, net | 32,394 | 38,259 | ||||||
Investments: U.S. treasury securities | — | 18,434 | ||||||
Investment and loan to affiliate | 10,064 | 10,405 | ||||||
Other assets, net | 551 | 358 | ||||||
Total assets | $ | 162,688 | $ | 185,476 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt and other liabilities | $ | 997 | $ | 795 | ||||
Accounts payable | 8,484 | 16,287 | ||||||
Accounts payable due to affiliate | 1,584 | 724 | ||||||
Accrued liabilities | 13,808 | 11,023 | ||||||
Deferred revenue, royalty income and customer deposits | 17,013 | 29,585 | ||||||
Total current liabilities | 41,886 | 58,414 | ||||||
Long-term deferred revenue and royalty income | 10,124 | 2,672 | ||||||
Long-term debt and other liabilities | 4,410 | 4,075 | ||||||
Total liabilities | 56,420 | 65,161 | ||||||
Redeemable minority interest | 14,976 | 13,307 | ||||||
Redeemable preferred stock ($0.01 par value, liquidation preference of $64,120 at October 31, 2009 and 2008.) | 59,950 | 59,950 | ||||||
Shareholders’ equity: | ||||||||
Common stock ($.0001 par value); 150,000,000 shares authorized at October 31, 2009 and 2008; 84,387,741 and 68,782,446 shares issued and outstanding at October 31, 2009 and 2008, respectively. | 8 | 7 | ||||||
Additional paid-in capital | 631,296 | 578,337 | ||||||
Accumulated deficit | (599,960 | ) | (531,286 | ) | ||||
Accumulated other comprehensive loss | (2 | ) | — | |||||
Treasury stock, Common, at cost (5,679 and 8,981 shares at October 31, 2009 and 2008, respectively.) | (53 | ) | (90 | ) | ||||
Deferred compensation | 53 | 90 | ||||||
Total shareholders’ equity | 31,342 | 47,058 | ||||||
Total liabilities and shareholders’ equity | $ | 162,688 | $ | 185,476 | ||||
FUELCELL ENERGY, INC.
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Three Months Ended | ||||||||
October 31, | ||||||||
2009 | 2008 | |||||||
(Amended) | ||||||||
Revenues: | ||||||||
Product sales and revenues | $ | 16,727 | $ | 23,320 | ||||
Research and development contracts | 3,685 | 2,849 | ||||||
Total revenues | 20,412 | 26,169 | ||||||
Costs and expenses: | ||||||||
Cost of product sales and revenues | 23,213 | 35,831 | ||||||
Cost of research and development contracts | 2,941 | 2,415 | ||||||
Administrative and selling expenses | 4,086 | 4,432 | ||||||
Research and development expenses | 4,220 | 6,314 | ||||||
Total costs and expenses | 34,460 | 48,992 | ||||||
Loss from operations | (14,048 | ) | (22,823 | ) | ||||
Interest expense | (74 | ) | (35 | ) | ||||
Loss from equity investments | (235 | ) | (572 | ) | ||||
Interest and other income, net | 130 | 419 | ||||||
Loss before redeemable minority interest | (14,227 | ) | (23,011 | ) | ||||
Redeemable minority interest | (533 | ) | (473 | ) | ||||
Loss before provision for income taxes | (14,760 | ) | (23,484 | ) | ||||
Provision for income taxes | — | — | ||||||
Net loss | (14,760 | ) | (23,484 | ) | ||||
Preferred stock dividends | (802 | ) | (802 | ) | ||||
Net loss to common shareholders | $ | (15,562 | ) | $ | (24,286 | ) | ||
Loss per share basic and diluted: | ||||||||
Net loss per share to common shareholders | $ | (0.20 | ) | $ | (0.35 | ) | ||
Basic and diluted weighted average shares outstanding | 77,625,323 | 68,783,020 |
FUELCELL ENERGY, INC.
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share and per share amounts)
Fiscal Year Ended | ||||||||
October 31, | ||||||||
2009 | 2008 | |||||||
(Amended) | ||||||||
Revenues: | ||||||||
Product sales and revenues | $ | 73,804 | $ | 82,748 | ||||
Research and development contracts | 14,212 | 17,987 | ||||||
Total revenues | 88,016 | 100,735 | ||||||
Costs and expenses: | ||||||||
Cost of product sales and revenues | 107,033 | 134,038 | ||||||
Cost of research and development contracts | 10,994 | 16,059 | ||||||
Administrative and selling expenses | 17,194 | 19,968 | ||||||
Research and development expenses | 19,160 | 23,471 | ||||||
Total costs and expenses | 154,381 | 193,536 | ||||||
Loss from operations | (66,365 | ) | (92,801 | ) | ||||
Interest expense | (265 | ) | (100 | ) | ||||
Loss from equity investments | (812 | ) | (1,867 | ) | ||||
Interest and other income, net | 860 | 3,268 | ||||||
Loss before redeemable minority interest | (66,582 | ) | (91,500 | ) | ||||
Redeemable minority interest | (2,092 | ) | (1,857 | ) | ||||
Loss before provision for income taxes | (68,674 | ) | (93,357 | ) | ||||
Provision for income taxes | — | — | ||||||
Net loss | (68,674 | ) | (93,357 | ) | ||||
Preferred stock dividends | (3,208 | ) | (3,208 | ) | ||||
Net loss to common shareholders | $ | (71,882 | ) | $ | (96,565 | ) | ||
Loss per share basic and diluted: | ||||||||
Net loss per share to common shareholders | $ | (0.99 | ) | $ | (1.41 | ) | ||
Basic and diluted weighted average shares outstanding | 72,392,928 | 68,570,689 |