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Capstone
Turbine Corporation
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Nasdaq
:CPST
Capstone
Turbine Corporation develops, designs, assembles and sells Capstone MicroTurbines
for worldwide applications in the markets for on-site power production,
also known as distributed power generation, and hybrid electric vehicles
that combine the primary source battery with an auxiliary power source,
such as a microturbine, to enhance performance.
Capstone
Turbine Corporation développe, conçoit, assemble et vend
Capstone MicroTurbines pour des applications mondiales sur les marchés
de la production d'énergie sur place, également connus sous
le nom de production d'électricité distribuée, et
véhicules électriques hybrides qui combinent la batterie
primaire de source avec une source de puissance auxiliare, telle qu'un
microturbine, pour augmenter l'exécution
http://www.capstoneturbine.com
Capstone
Turbine Corporation Announces First Quarter Fiscal 2009 Operating Results
Capstone
backlog increases to $43 Million, up 53% from prior quarter and 706% from
the same period last year
CHATSWORTH,
Calif.--(BUSINESS WIRE)--Aug. 11, 2008--Capstone Turbine Corporation (www.microturbine.com;)
(NASDAQ:CPST), today reported operating results for its first quarter ended
June 30, 2008 in its Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission.
Financial
Summary
Capstone's
backlog at the end of the first quarter was $42.7 million, an increase
of approximately $14.8 million, or 53%, from the prior quarter and an increase
of approximately $37.4 million, or 706%, from the end of the prior year
comparable quarter.
"I
am extremely pleased with the $20 million in new product orders received
during the first quarter as it represents more than our entire product
revenue in Fiscal 2007 and 92% of our product revenue in Fiscal 2008,"
stated Darren Jamison, Capstone's President and Chief Executive Officer.
"Additionally, the current backlog at the end of the first quarter exceeds
Fiscal 2008 total revenue by 32%," added Jamison.
Capstone's
revenue for the first quarter ended June 30, 2008 was $7.5 million, an
increase of approximately 34% from the same period last year. Capstone
shipped 89 units in the first quarter of Fiscal 2009, compared to 77 units
in the same period last year.
The
reported gross loss for the first quarter was $1.1 million, or 15% of revenue,
compared to $2.5 million, or 44% of revenue, from the same period last
year. The decrease in the gross loss and corresponding improvement in the
gross loss percentage reflects increased sales of both C30 and C60 Series
units along with reduced warranty expense and higher absorption of overhead
costs into ending inventory, offset by increased manufacturing expenses.
Research
and development costs were $2.0 million for the first quarter, a decrease
of $0.7 million, or 26%, from the same period last year. R&D expenses
are reported net of benefits from cost-sharing programs. There were approximately
$2.0 million of such benefits this quarter and no such benefits for the
same period last year. The overall net decrease in R&D expenses resulted
from additional funding from UTC Power Corporation for the cost-sharing
program for our C200 commercialization, offset by increased spending for
supplies, consulting and facility expense.
Selling,
general and administrative costs were $6.9 million for the first quarter,
an increase of $1.0 million, or 17%, from the same period last year. The
net increase in SG&A expenses was comprised of an increase in non-cash
stock compensation and travel, labor, marketing and facility expense, offset
by decreased professional services and consulting expenses. The increase
in travel and marketing costs reflected the continued effort in developing
worldwide distributors and launching the C200 and C1000 Series products.
Capstone's
net loss was $9.8 million, or $0.07 per share, for the first quarter, a
decrease of $0.6 million from the $10.4 million loss, or $0.07 per share,
reported for the same period last year.
Cash
balances decreased by $9.9 million during the first quarter of Fiscal 2009.
As of June 30, 2008, cash and cash equivalents were $32.7 million.
Capstone
Announces New Distributor Agreement for Ecuador
CHATSWORTH,
Calif., Feb 25, 2008 (BUSINESS WIRE) -- Capstone Turbine Corporation (www.microturbine.com)
(NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine
energy systems, today announced the signing of a new Distributor agreement
with Proetel Ingenieros Asociados Cia.Ltda for all applications and market
segments in Ecuador.
Founded
in 1999, Proetel specializes in the generation, transmission and distribution
of electrical power. It has developed thermo power generation projects
in Ecuador, fueled by biogases from bio-digesters and landfills as well
as wellhead gases from oil exploration.
"Proetel
Ingenieros Asociados is a well managed company with strong in-house engineering
and technical expertise. They have projects underway in oil and gas and
biogas applications both in the private and public sectors," said Jim Crouse,
Capstone's Executive Vice President, Sales and Marketing. "In addition,
the company will focus on the hybrid bus market. Buses powered by our turbines
provide the customers lower emissions, lower operating expenses and improved
fuel mileage," added Crouse.
Capstone
Turbine Corporation Announces Third Quarter Fiscal 2008 Operating Results
Overall
performance best since going public in 2000; Backlog of $13.1M increased
62%; Revenue of $9.2M increased 61%; and cash burn decreased $10.2M to
$3.6M compared to same period last year
CHATSWORTH,
Calif.--(BUSINESS WIRE)--Feb. 11, 2008--Capstone Turbine Corporation(R)
(www.microturbine.com;) (NASDAQ:CPST), reported operating results for its
third quarter ended December 31, 2007 in its Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on February 11, 2008.
Financial
Summary
Capstone's
backlog at the end of the third quarter was $13.1 million of which $11.2
million is short term (within twelve months). Total backlog increased approximately
$2.7 million, or 26% from the second quarter ended September 30, 2007 and
approximately $5.0 million, or 62% from the end of the same period last
year.
Revenue
for the third quarter ended December 31, 2007 was $9.2 million, an increase
of approximately 61% from the $5.7 million reported for the same period
last year and $2.0 million or 28% from the prior quarter. The increase
is attributable to continued growth in the Americas, European and Asian
markets.
The
reported gross loss for the third quarter was $40,000, or less than 1%
of revenue, compared to $500,000, or 8% of revenue for the same period
last year. The improvement in gross loss from the prior year was because
of increased total volume and lower warranty costs offset by lower absorption
of overhead into inventory.
Research
and development costs were $1.8 million for the third quarter, a decrease
of $0.2 million, or 13% from the same period last year. R&D expenses
are reported net of benefits from cost-sharing programs such as the United
Technologies Corporation ("UTC") funding. During the quarter $0.9 million
of such funding was applied against R&D expense. There was approximately
$0.5 million of such benefits from another source for the same period last
year. Overall net expenses were lower primarily because of the UTC payments
that were recognized against R&D expense.
Selling,
general and administrative costs were $6.5 million for the third quarter,
an increase of $0.1 million, or 2% from the same period last year. The
increase is primarily due to increased efforts in developing worldwide
distributors and the launch of the C200 and C1000 Series.
Capstone's
net loss was $7.7 million, or $0.05 per share, for the third quarter, a
decrease of $0.8 million from the $8.5 million loss, or $0.08 per share,
reported for the same period last year.
Cash
balances decreased by $3.6 million during the third quarter of fiscal 2008.
As of December 31, 2007, cash and cash equivalents were $42.7 million.
Cash used in operations was $3.3 million for the quarter compared to $5.4
million for the prior quarter and $13.1 million for the same period last
year. Capstone benefited from achieving two milestones which generated
$4.5 million of UTC funding during the quarter.
Capstone
Announces Appointment of New Chief Financial Officer
CHATSWORTH,
Calif.--(BUSINESS WIRE)--Jan. 16, 2008--Capstone Turbine Corporation (www.microturbine.com)
(NASDAQ:CPST), the world's leading clean technology manufacturer of microturbine
energy systems, announced today that it has promoted Edward Reich from
Vice President, Financial Planning and Analysis to Executive Vice President
and Chief Financial Officer, effective February 11, 2008.
Chuck
McBride, Capstone's current Executive Vice President and Chief Financial
Officer, is leaving Capstone to join Synthetic Genomics Inc., a privately
held company dedicated to developing and commercializing genomic-driven
solutions to address global energy and environmental challenges. Mr. McBride
will remain with the company through February 11, 2008 to effect a smooth
transition
Capstone
Turbine Corporation Announces First Quarter Fiscal 2008 Operating Results
First
Quarter Revenue of $5.6 Million; Backlog Increases 6% and Inventory Decreases
7% from Prior Quarter
CHATSWORTH,
Calif.--(BUSINESS WIRE)--Aug. 8, 2007--Capstone Turbine Corporation(R)
(www.microturbine.com) (NASDAQ:CPST), reported operating results for its
first quarter ended June 30, 2007 in its Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission on August 8, 2007.
Financial
Summary
Capstone's
revenue for the first quarter ended June 30, 2007 was $5.6 million, a decrease
of approximately 14% from the same period last year. The decline is attributable
to lower than expected sales primarily in the North American and Asian
markets.
Backlog
at the end of the first quarter was $5.3 million, an increase of approximately
$0.3 million, or 6% from the prior quarter but decreased approximately
$0.1 million, or 2% from the end of the prior year comparable quarter.
The
reported gross loss for the first quarter was $2.5 million, or 44% of revenue,
compared to $1.2 million, or 19% of revenue from the same period last year.
The increase in gross loss was due to lower sales of higher margin C-60
series units and lower absorption of overhead costs into inventory offset
by decreased costs for manufacturing, warranty and inventory charges. During
the quarter inventory decreased $1.6 million or 7% from the prior quarter.
Research
and development costs were $2.7 million for the first quarter, a decrease
of $0.1 million, or 2% from the same period last year. R&D expenses
are reported net of benefits from cost-sharing programs. There were no
such benefits this quarter and $0.5 million for the same period last year.
Overall net expenses were lower primarily due to lower labor and consulting
spending, decreased development hardware, and reduced facilities expenses.
Selling,
general and administrative costs were $5.9 million for both the first quarter
of fiscal 2008 and the same period last year. Reduced non-cash stock compensation
was offset by increased labor related costs, professional services, travel,
marketing, supplies and facility maintenance costs.
Capstone's
net loss was $10.4 million, or $0.07 per share, for the first quarter,
an increase of $1.1 million from the $9.3 million loss, or $0.09 per share,
reported for the same period last year.
Cash
balances decreased by $10.1 million during the first quarter of fiscal
2008. As of June 30, 2007, cash and cash equivalents were $50.3 million.
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