2013 Q1 Form 10-Q Financial Statement

#000088612813000006 Filed on March 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $36.36M $31.34M
YoY Change 16.02% 11.6%
Cost Of Revenue $38.67M $29.23M
YoY Change 32.28% -3.84%
Gross Profit -$2.311M $2.104M
YoY Change -209.84% -190.85%
Gross Profit Margin -6.36% 6.71%
Selling, General & Admin $5.432M $3.764M
YoY Change 44.31% -7.06%
% of Gross Profit 178.9%
Research & Development $3.327M $3.783M
YoY Change -12.05% -10.99%
% of Gross Profit 179.8%
Depreciation & Amortization $1.012M $1.449M
YoY Change -30.16% -11.1%
% of Gross Profit 68.87%
Operating Expenses $8.759M $7.547M
YoY Change 16.06% -8.96%
Operating Profit -$11.07M -$5.443M
YoY Change 103.38% -48.71%
Interest Expense $566.0K $630.0K
YoY Change -10.16% -180.77%
% of Operating Profit
Other Income/Expense, Net -$282.0K $196.0K
YoY Change -243.88% -48.42%
Pretax Income -$11.87M -$5.815M
YoY Change 104.16% -47.18%
Income Tax $7.000K $199.0K
% Of Pretax Income
Net Earnings -$11.68M -$5.943M
YoY Change 96.55% -46.01%
Net Earnings / Revenue -32.13% -18.96%
Basic Earnings Per Share -$0.07 -$0.05
Diluted Earnings Per Share -$0.07 -$0.05
COMMON SHARES
Basic Shares Outstanding 187.6M shares 139.6M shares
Diluted Shares Outstanding 187.6M shares 186.5M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.30M $41.50M
YoY Change 107.95% -36.74%
Cash & Equivalents $81.36M $37.03M
Short-Term Investments $4.500M
Other Short-Term Assets $6.945M $6.500M
YoY Change 6.85% 3.17%
Inventory $47.05M $46.30M
Prepaid Expenses
Receivables $20.10M $23.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.4M $118.2M
YoY Change 35.67% -7.37%
LONG-TERM ASSETS
Property, Plant & Equipment $21.55M $23.40M
YoY Change -7.89% -7.87%
Goodwill $4.245M
YoY Change
Intangibles $9.592M
YoY Change
Long-Term Investments $0.00 $10.10M
YoY Change -100.0% -28.87%
Other Assets $13.88M $18.20M
YoY Change -23.73% 420.0%
Total Long-Term Assets $49.27M $51.70M
YoY Change -4.7% 19.95%
TOTAL ASSETS
Total Short-Term Assets $160.4M $118.2M
Total Long-Term Assets $49.27M $51.70M
Total Assets $209.6M $169.9M
YoY Change 23.39% -0.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.413M $18.20M
YoY Change -59.27% 73.33%
Accrued Expenses $20.84M $23.00M
YoY Change -9.38% 45.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.300M $6.200M
YoY Change 1.61% 210.0%
Total Short-Term Liabilities $101.1M $105.5M
YoY Change -4.13% 59.37%
LONG-TERM LIABILITIES
Long-Term Debt $20.60M $16.60M
YoY Change 24.1% -22.79%
Other Long-Term Liabilities $22.30M $6.800M
YoY Change 227.94% -12.82%
Total Long-Term Liabilities $42.90M $23.40M
YoY Change 83.33% -20.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $101.1M $105.5M
Total Long-Term Liabilities $42.90M $23.40M
Total Liabilities $144.1M $127.9M
YoY Change 12.67% 35.06%
SHAREHOLDERS EQUITY
Retained Earnings -$748.5M
YoY Change
Common Stock $754.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $53.00K
YoY Change
Treasury Stock Shares 5.679K shares
Shareholders Equity $5.675M $42.00M
YoY Change
Total Liabilities & Shareholders Equity $209.6M $169.9M
YoY Change 23.39% -0.47%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$11.68M -$5.943M
YoY Change 96.55% -46.01%
Depreciation, Depletion And Amortization $1.012M $1.449M
YoY Change -30.16% -11.1%
Cash From Operating Activities $30.90M -$17.80M
YoY Change -273.56% 728.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$930.0K
YoY Change 50.54% 272.0%
Acquisitions
YoY Change
Other Investing Activities $360.0K $7.500M
YoY Change -95.2% -175.0%
Cash From Investing Activities -$1.040M $6.574M
YoY Change -115.82% -164.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.188M
YoY Change -100.0% -93.33%
Debt Paid & Issued, Net $63.00K $55.00K
YoY Change 14.55%
Cash From Financing Activities -$6.176M -$3.155M
YoY Change 95.75% -117.51%
NET CHANGE
Cash From Operating Activities $30.90M -$17.80M
Cash From Investing Activities -$1.040M $6.574M
Cash From Financing Activities -$6.176M -$3.155M
Net Change In Cash $23.68M -$14.38M
YoY Change -264.65% -355.93%
FREE CASH FLOW
Cash From Operating Activities $30.90M -$17.80M
Capital Expenditures -$1.400M -$930.0K
Free Cash Flow $32.30M -$16.87M
YoY Change -291.42% 788.0%

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CY2012Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
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CY2013Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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15600000 USD
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RetainedEarningsAccumulatedDeficit
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CY2012Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Revenues
Revenues
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CY2013Q1 us-gaap Sales Revenue Goods Net
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CY2013Q1 us-gaap Sales Revenue Services Net
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CY2012Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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CY2012Q1 us-gaap Share Based Compensation
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.59
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2013Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2012Q1 us-gaap Stock Issued During Period Value Acquisitions
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CY2013Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
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CY2013Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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CY2013Q1 us-gaap Stock Issued During Period Value New Issues
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StockholdersEquity
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CY2013Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
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CY2013Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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CY2013Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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CY2013Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
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CY2013Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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CY2012Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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0 shares
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q1 fcel Amortization Of Bond Premium
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CY2012Q1 fcel Amortization Of Bond Premium
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CY2012Q4 fcel Business Acquisition Purchase Price Allocation In Process Research And Development
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CY2013Q1 fcel Carrying Value Of Series1 Preferred Shares
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CY2012Q4 fcel Carrying Value Of Series1 Preferred Shares
CarryingValueOfSeries1PreferredShares
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CY2013Q1 fcel Carrying Value Of Series1 Preferred Shares
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CY2012Q4 fcel Carrying Value Of Series1 Preferred Shares
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CY2012Q4 fcel Commercial Customers Accounts Receivable
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25074000 USD
CY2013Q1 fcel Commercial Customers Accounts Receivable
CommercialCustomersAccountsReceivable
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CY2013Q1 fcel Common Stock Issued For Employee Stock Purchase Plan In Settlement Of Prior Year Accrued Employee Contributions
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85000 USD
CY2012Q1 fcel Common Stock Issued For Employee Stock Purchase Plan In Settlement Of Prior Year Accrued Employee Contributions
CommonStockIssuedForEmployeeStockPurchasePlanInSettlementOfPriorYearAccruedEmployeeContributions
84000 USD
CY2012Q1 fcel Common Stock Issued In Settlement Of Prior Year Bonus Obligation
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550000 USD
CY2013Q1 fcel Common Stock Issued In Settlement Of Prior Year Bonus Obligation
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0 USD
CY2012Q4 fcel Completed Standard Component
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CY2013Q1 fcel Completed Standard Component
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CY2013Q1 fcel Costs For Repair And Upgrades
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100000 USD
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DeferredCompensation
53000 USD
CY2013Q1 fcel Deferred Compensation
DeferredCompensation
53000 USD
CY2013Q1 fcel Letter Of Credit Date Of Expiration
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2015-07-01
CY2012Q1 fcel License Fee And Royalty Income
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424000 USD
CY2013Q1 fcel License Fee And Royalty Income
LicenseFeeAndRoyaltyIncome
0 USD
CY2012Q4 fcel License Fee Receivable
LicenseFeeReceivable
10000000 USD
CY2013Q1 fcel License Fee Receivable
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0 USD
CY2012Q4 fcel Long Term Debt And Other Long Term Liabilities
LongTermDebtAndOtherLongTermLiabilities
3975000 USD
CY2013Q1 fcel Long Term Debt And Other Long Term Liabilities
LongTermDebtAndOtherLongTermLiabilities
7380000 USD
CY2013Q1 fcel Long Term Preferred Stock Obligation Of Subsidiary
LongTermPreferredStockObligationOfSubsidiary
13268000 USD
CY2012Q4 fcel Long Term Preferred Stock Obligation Of Subsidiary
LongTermPreferredStockObligationOfSubsidiary
13095000 USD
CY2012Q4 fcel Long Term Stack Residual Value
LongTermStackResidualValue
14316000 USD
CY2013Q1 fcel Long Term Stack Residual Value
LongTermStackResidualValue
12924000 USD
CY2013Q1 fcel Loss Reserve On Service Agreements
LossReserveOnServiceAgreements
5600000 USD
CY2012Q4 fcel Loss Reserve On Service Agreements
LossReserveOnServiceAgreements
5000000 USD
CY2012Q4 fcel Noncontrolling Interest Ownership Percentage By Controlling Owners
NoncontrollingInterestOwnershipPercentageByControllingOwners
0.61
CY2012Q1 fcel Payment Of Preferred Dividends And Return Of Capital
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4288000 USD
CY2013Q1 fcel Preferred Stock Obligation Of Subsidiary
PreferredStockObligationOfSubsidiary
1073000 USD
CY2012Q4 fcel Preferred Stock Obligation Of Subsidiary
PreferredStockObligationOfSubsidiary
1075000 USD
CY2012Q4 fcel Price Per Share For New Common Stock Issuance
PricePerShareForNewCommonStockIssuance
1.01
CY2013Q1 fcel Product Warranty Accrual Payment And Adjustments
ProductWarrantyAccrualPaymentAndAdjustments
1600000 USD
CY2013Q1 fcel Redeemable Preferred Stock Liquidation Preference
RedeemablePreferredStockLiquidationPreference
64020000 USD
CY2012Q4 fcel Redeemable Preferred Stock Liquidation Preference
RedeemablePreferredStockLiquidationPreference
64020000 USD
CY2013Q1 fcel Reserve For Long Term Service Agreement
ReserveForLongTermServiceAgreement
7957000 USD
CY2012Q4 fcel Reserve For Long Term Service Agreement
ReserveForLongTermServiceAgreement
7222000 USD
CY2012Q4 fcel Reserve For Performance Guarantees
ReserveForPerformanceGuarantees
2200000 USD
CY2013Q1 fcel Reserve For Performance Guarantees
ReserveForPerformanceGuarantees
2400000 USD
CY2012Q4 fcel Reserve For Repair And Upgrade Program
ReserveForRepairAndUpgradeProgram
4753000 USD
CY2013Q1 fcel Reserve For Repair And Upgrade Program
ReserveForRepairAndUpgradeProgram
4669000 USD
CY2013Q1 fcel Restricted Stock Awards Outstanding
RestrictedStockAwardsOutstanding
3118429 shares
CY2013Q1 fcel Return Of Capital And Dividend Payments On Series1 Preferred Shares
ReturnOfCapitalAndDividendPaymentsOnSeries1PreferredShares
300000 CAD
CY2013Q1 fcel Return Of Capital And Dividend Payments On Series1 Preferred Shares
ReturnOfCapitalAndDividendPaymentsOnSeries1PreferredShares
300000 USD
CY2012Q1 fcel Significant Customer Revenue Percentage
SignificantCustomerRevenuePercentage
0.80
CY2013Q1 fcel Significant Customer Revenue Percentage
SignificantCustomerRevenuePercentage
0.90
CY2012Q1 fcel Treasury Notes Matured
TreasuryNotesMatured
7500000 USD
CY2013Q1 fcel Treasury Notes Matured
TreasuryNotesMatured
0 USD
CY2013Q1 fcel Us Government Accounts Receivable Total
UsGovernmentAccountsReceivableTotal
2135000 USD
CY2012Q4 fcel Us Government Accounts Receivable Total
UsGovernmentAccountsReceivableTotal
910000 USD
CY2012Q1 fcel Weighted Average Shares Outstanding Basic And Diluted
WeightedAverageSharesOutstandingBasicAndDiluted
139555596 shares
CY2013Q1 fcel Weighted Average Shares Outstanding Basic And Diluted
WeightedAverageSharesOutstandingBasicAndDiluted
187553306 shares
CY2012Q4 dei Amendment Flag
AmendmentFlag
false
CY2012Q4 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--10-31
CY2012Q4 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q4 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2012Q4 dei Document Period End Date
DocumentPeriodEndDate
2013-01-31
CY2012Q4 dei Document Type
DocumentType
10-Q
CY2012Q4 dei Entity Central Index Key
EntityCentralIndexKey
0000886128
CY2013Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
189475524 shares
CY2012Q4 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2012Q4 dei Entity Registrant Name
EntityRegistrantName
FUELCELL ENERGY INC

Files In Submission

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0000886128-13-000006.txt Edgar Link pending
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