Danbury-based FuelCell Energy Inc.’s losses widened in the fiscal second quarter, burdened by the expense to fix some faulty power generators and an accounting treatment related to the value of some stock.
In the three months ended April 30, FuelCell lost $29.7 million, or 24 cents a share, up from a loss of $16.7 million, or 20 cents a share, the same period in 2010.
Second-quarter revenues climbed to $28.6 million from $16.6 million a year earlier.
Second-quarter earnings were impact, it said, by a previously disclosed power-generator repair and upgrade program charge of $8.8 million and an adjustment to additional paid in capital and loss of $9 million to adjust the historic carrying value of the Series I preferred shares to the current fair value.
FuelCell’s power generators that use a variety of liquid and gaseous fuels, including renewable wastewater gas, biogas from beer and food processing, as well as natural gas and other hydrocarbon fuels.
