Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Capstone Turbine Announces Third Quarter Fiscal Year 2013 Operating Results



Capstone Turbine Announces Third Quarter Fiscal Year 2013 Operating Results

Record Gross Margin of 14% on Record Quarterly Revenue of $33.3 Million

CHATSWORTH, Calif., Feb. 11, 2013 (GLOBE NEWSWIRE) -- Capstone Turbine
Corporation  (Nasdaq:CPST), the world's leading clean technology manufacturer
of microturbine energy systems, today announced its financial results for the
third quarter fiscal year 2013 ended December 31, 2012.

Third Quarter 2013 Highlights

  * Record quarter revenue of $33.3 million, up 21% year-over-year
  * Product revenue of $26.3 million, up 20% year-over-year
  * Shipments of 26.1 megawatts, compared to 23.5 megawatts year-over-year
  * Gross margin doubled year-over-year, from $2.3 million to $4.6 million, or
    14% of revenue
  * Healthy product backlog of $136.5 million at December 31, 2012, up 19%
    year-over-year
  * Strong cash balance of $41.9 million at December 31, 2012

Management Commentary

"The third quarter of fiscal 2013 marked our best quarter as a whole in
company history. We set another record for quarterly revenue, achieved a
strong double digit gross margin percentage for the first time, and reduced
our net loss significantly. We are continuing to make outstanding progress on
our path to profitability," said Darren Jamison, Capstone's President and
Chief Executive Officer.

Jamison added, "In January, we received some sizeable follow-on orders in the
oil and gas sector, where we have significant opportunity to continue to
capture market share, and we have seen some improvement in European order
flow.

"We also entered the Chilean market for the first time with the sale of four
C65s with our new distributor in the region and received an order for our
first C1000 series product in China."

Third Quarter 2013 Financial Summary

Revenue for the third quarter of Fiscal 2013 was $33.3 million, an increase of
11% from $30.1 million for the second quarter of Fiscal 2013, and an increase
of 21% from $27.5 million for the third quarter of Fiscal 2012.  Capstone
shipped 26.1 megawatts in the third quarter of Fiscal 2013, compared to 24.0
megawatts in the second quarter of Fiscal 2013 and 23.5 megawatts in the third
quarter of Fiscal 2012.

Capstone's backlog as of December 31, 2012 was $136.5 million, compared to
$141.1 million at September 30, 2012, and an increase of 19% from $115.1
million at December 31, 2011.

Gross margin for the third quarter of Fiscal 2013 was $4.6 million, or 14% of
revenue, compared to $2.6 million, or 9% of revenue, for the second quarter of
Fiscal 2013, and $2.3 million, or 8% of revenue, for the third quarter of
Fiscal 2012. 

Research and development expenses were $2.2 million for the third quarter of
Fiscal 2013, compared to $2.4 million for the second quarter of Fiscal 2013
and $1.8 million for the third quarter of Fiscal 2012. 

Selling, general and administrative expenses were $6.8 million for the third
quarter of Fiscal 2013, compared to $6.4 million for the second quarter of
Fiscal 2013 and $8.3 million for the third quarter of Fiscal 2012.

Capstone's net loss was $4.5 million, or $0.01 loss per share, for the third
quarter of Fiscal 2013,compared to a net loss of $6.2 million, or $0.02 loss
per share, for the second quarter of Fiscal 2013, and a net loss of $8.8
million, or $0.03 per share, for the third quarter of Fiscal 2012.Capstone's
loss from operations for the third quarter of Fiscal 2013 was $4.4 million,
compared to $6.2 million for the second quarter of Fiscal 2013 and $7.8
million for the third quarter of Fiscal 2012.

Liquidity and Capital Resources

At December 31, 2012, cash and cash equivalents totaled $41.9 million,
compared to $45.2 million at September 30, 2012 and $22.9 million at December
31, 2011. During the quarter ended December 31, 2012,Capstone used $3.9
million of cash in operating activities and spent $0.2 million in capital
expenditures. This compares to cash used in operating activities of $6.2
million and $0.2 million in capital expenditures during the quarter ended
December 31, 2011.

Conference Call and Webcast

The Company will host a conference call today, Monday, February 11, 2013, at
1:45 p.m. Pacific Time (4:45 p.m. Eastern). Access to the live broadcast and a
replay of the webcast will be available for 30 days through the Investor
Relations page on the Company's website: www.capstoneturbine.com.

About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the
world's leading producer of low-emission microturbine systems, and was the
first to market commercially viable microturbine energy products. Capstone
Turbine has shipped over 6,500 Capstone MicroTurbine(R) systems to customers
worldwide. These award-winning systems have logged millions of documented
runtime operating hours. Capstone Turbine is a member of the U.S.
Environmental Protection Agency's Combined Heat and Power Partnership, which
is committed to improving the efficiency of the nation's energy infrastructure
and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO
9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in
the Los Angeles area with sales and/or service centers in the New York Metro
Area, Mexico City, Nottingham, Shanghai and Singapore.

"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone
Turbine Corporation. All other trademarks mentioned are the property of their
respective owners.

The Capstone Turbine Corporation logo is available here.

Forward-Looking Statements

This press release contains "forward-looking statements," as that term is used
in the federal securities laws, about market expansion; growth in revenue,
gross margin and backlog; attaining profitability; and improvement in certain
key performance indicators. Forward-looking statements may be identified by
words such as "expects," "objective," "intend," "targeted," "plan" and similar
phrases. These forward-looking statements are subject to numerous assumptions,
risks and uncertainties described in Capstone's Form 10-K, Form 10-Q and other
recent filings with the Securities and Exchange Commission that may cause
Capstone's actual results to be materially different from any future results
expressed or implied in such statements. Capstone cautions investors not to
place undue reliance on these forward-looking statements, which speak only as
of the date of this press release. Capstone undertakes no obligation, and
specifically disclaims any obligation, to release any revisions to any
forward-looking statements to reflect events or circumstances after the date
of this press release or to reflect the occurrence of unanticipated events.

                         – Financial Tables Follow –

CAPSTONE TURBINE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited)
                                                        December 31, March 31,
                                                        2012         2012
ASSETS                                                                
Current Assets:                                                       
Cash and cash equivalents                               $ 41,913     $ 49,952
Accounts receivable, net of allowance for doubtful
accounts of $2,519 at December 31, 2012 and $2,228 at   19,298       18,576
March 31, 2012 
Inventories                                             19,963       18,881
Prepaid expenses and other current assets               3,550        2,974
Total current assets                                    84,724       90,383
Property, plant and equipment, net                      3,720        4,833
Non-current portion of inventories                      3,389        1,313
Intangible assets, net                                  2,435        2,811
Other assets                                            394          452
Total                                                   $ 94,662     $ 99,792
                                                                      
LIABILITIES AND STOCKHOLDERS' EQUITY                                  
                                                                      
Current Liabilities:                                                  
Accounts payable and accrued expenses                   $ 24,463     $ 23,061
Accrued salaries and wages                              2,108        1,716
Accrued warranty reserve                                2,378        1,494
Deferred revenue                                        6,555        2,995
Revolving credit facility                               12,821       10,431
Current portion of notes payable and capital lease      446          363
obligations 
Warrant liability                                       36           791
Total current liabilities                               48,807       40,851
Long-term portion of notes payable and capital lease    111          70
obligations 
Other long-term liabilities                             152          254
Commitments and contingencies                                         
Stockholders' Equity:                                                 
Preferred stock, $.001 par value; 10,000,000 shares     —            —
authorized; none issued 
Common stock, $.001 par value; 515,000,000 shares
authorized, 305,605,031 shares issued and 304,566,328
shares outstanding at December 31, 2012; 415,000,000    306          300
shares authorized, 300,315,313 shares issued and
299,317,493 shares outstanding at March 31, 2012 
Additional paid-in capital                              796,343      790,901
Accumulated deficit                                     (749,845)    (731,412)
Treasury stock, at cost; 1,038,703 shares at            (1,212)      (1,172)
December 31, 2012 and 997,820 shares at March 31, 2012 
Total stockholders' equity                              45,592       58,617
Total                                                   $ 94,662     $ 99,792
                                                                      

CAPSTONE TURBINE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
                                     Three Months Ended  Nine Months Ended
                                     December 31,        December 31,
                                     2012      2011      2012       2011
Revenue                              $ 33,257  $ 27,483  $ 92,187   $ 79,238
Cost of goods sold                   28,639    25,143    82,794     74,722
Gross margin                         4,618     2,340     9,393      4,516
Operating expenses:                                                  
Research and development             2,188     1,823     6,805      6,230
Selling, general and administrative  6,816     8,311     20,692     21,535
Total operating expenses             9,004     10,134    27,497     27,765
Loss from operations                 (4,386)   (7,794)   (18,104)   (23,249)
Other income                         —         (4)       26         2
Interest income                      —         —         —          1
Interest expense                     (205)     (237)     (524)      (641)
Change in fair value of warrant      304       (783)     755        13,437
liability
Loss before income taxes             (4,287)   (8,818)   (17,847)   (10,450)
Provision for income taxes           190       —         586        —
Net loss                             $ (4,477) $ (8,818) $ (18,433) $ (10,450)
                                                                     
Net loss per common share—basic and  $ (0.01)  $ (0.03)  $ (0.06)   $ (0.04)
diluted
                                                                     
Weighted average shares used to      304,418   266,044   301,376    261,658
calculate net loss per common share

CONTACT: Investor and Investment Media Inquiries:
         818-407-3628
         ir@capstoneturbine.com

company logo
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement