FuelCell Energy Inc. sales dropped 18 percent in its third fiscal quarter ending July 31 to $23 million, but the Danbury-based company received the largest order in its history, a $58 million job from Posco Power of South Korea, though it has yet to finalize a contract.
FuelCell Energy lost $15.7 million during the quarter, and blamed the capital and credit crisis in the United States for the decline in sales.
“Project finance is a tricky animal right now,” said Daniel Brdar, CEO of FuelCell, in a conference call this month with investment analysts. “We have to wait for everybody to get these (federal stimulus) applications in, and we have to wait for the government.”
Urstadt Biddle Properties Inc. revenue edged upward 1 percent in its third fiscal quarter to $20.5 million, and the company had a $7 million profit.
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The Greenwich-based real estate investment trust owns a swath of retail plazas and office buildings in Fairfield County and Westchester County, N.Y.
“The erosion of occupancy levels, due largely to the bankruptcies of certain retailers in our core properties, stabilized in both the second and the third quarters of 2009,” said Willing Biddle, president of Urstadt Biddle. “The severity of the economic crisis has reinforced our investment strategy of maintaining low leverage and investing primarily in grocery-anchored centers.”
During its fiscal third quarter, Urstadt Biddle completed a 10-year mortgage refinancing at Goodwives Shopping Center in Darien, increasing the mortgage balance from $12.1 million to $18.9 million at a fixed 6.55 percent interest rate.
