Today’s Nasdaq list of penny stocks to watch is led by FuelCell Energy, Inc. (Nasdaq: FCEL). FCEL reported first quarter financial results and business highlights before the market open which is bound to have those day trading penny stocks in a fury to get hold of shares in the leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants.
Financial Results for First Quarter ended January 31, 2012:
Total revenues: $31.3 million compared to $28.1 million in the same period last year
- Product sales and revenues: Increased 15% to $29.6 million compared to $25.8 million in the prior year quarter due to increasing demand for Direct FuelCell(R) (DFC(R)) power plants, components and installation services.
- Product revenue included $20.9 million of power plants and fuel cell kits,
- $5.3 million of power plant component sales and installation services, and
- $3.4 million of service and power purchase agreements.
- Product sales and service backlog totaled $184.1 million as of January 31, 2012 compared to $156.9 million as of January 31, 2011.
- Product sales backlog was $107.9 million and $78.9 million as of January 31, 2012 and 2011, respectively.
- Service agreement backlog was $76.2 million and $78.0 million as of January 31, 2012 and 2011, respectively.
- Backlog does not include the 120 MW POSCO Energy announcement or service agreement with Southern California Edison received subsequent to quarter end.
Research and development contract revenue: $1.7 million for the first quarter of 2012 compared to $2.3 million for the first quarter of 2011.
- The Company’s research and development contract backlog totaled $14.1 million as of January 31, 2012 compared to $7.9 million as of January 31, 2011, reflecting the awarding of contracts during 2011 for carbon capture research and hydrogen separation and compression programs.
Total gross profit: $2.1 million in the first quarter of 2012, compared to a gross loss of $2.3 million in the first quarter of 2011.
- Gross profit for product sales and revenues improved $4.2 million compared to the first quarter of 2011.
- The product gross margin was 6.6 percent for the first quarter of 2012 compared to negative 8.9 percent in the prior year period.
- Improvements in margin compared to the prior year period are primarily attributable to increased production volume, lower product costs achieved from manufacturing and supply chain efficiencies and improved services margins as older early generation power plants are offset by new installations with profitable service contracts.
FCEL Stock Snap Shot:
Current Price (pre-Market): 1.64
Market Cap: 209.24M
52-Week High (Mar 31, 2011): 2.23
52-Week Low (Oct 4, 2011): 0.80
5-Day Moving Average: 1.43
10-Day Moving Average: 1.44
20-Day Moving Average: 1.43
50-Day Moving Average: 1.26
200-Day Moving Average: 1.07
FCEL Share Statistics:
Avg Vol (3 month): 1,664,320
Avg Vol (10 day): 1,738,660
Volume Friday, March 9, 2012: 1,968,758
Shares Outstanding: 139.49M
Float: 125.52M
% Held by Insiders: 19.78%
Shares Short (as of Feb 29, 2012): 7.06M
FCEL 3-Month Stock Chart:
First quarter 2012 loss from operations decreased to $5.4 million compared to $10.6 million for the comparable prior year period as higher sales volume reduced product costs combined with the benefit of lower operating expenses.
- A series of cost control initiatives resulted in reduced operating expenses for the current period compared to the prior year period.
Net loss to common shareholders for the first quarter of 2012 decreased to $6.7 million, or $0.05 per basic and diluted share, compared to $11.7 million or $0.10 per basic and diluted share in the first quarter of 2011.
FCEL shares are already trading up nearly 10% in Pre-Market trading. FCEL should trade heavy volume as the penny stock has already gapped and short sellers will be getting squeezed on the positive financial results reported today. Subscribe today to get our next stock alert FREE.
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