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) December31, March31, 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 December31, 2012 and $2,228 at 19,298 18,576 March31, 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 notespayable and capital lease 111 70 obligations Other long-term liabilities 152 254 Commitments and contingencies Stockholders' Equity: Preferred stock, $.001par value; 10,000,000shares — — authorized; none issued Common stock, $.001par value; 515,000,000shares authorized, 305,605,031 shares issued and 304,566,328 shares outstanding at December31, 2012; 415,000,000 306 300 shares authorized, 300,315,313shares issued and 299,317,493shares outstanding at March31, 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) December31, 2012 and 997,820 shares at March31, 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 MonthsEnded Nine MonthsEnded December31, 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 email@example.com company logo
Capstone Turbine Announces Third Quarter Fiscal Year 2013 Operating Results
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