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 via COMTEX) -- Capstone
Turbine Corporation (Nasdaq:CPST), the world's leading c! lean 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 20! 12.
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 capit! al 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, wh! ich 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 identifie! d 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.
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