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Meldungen 01.11.2002

1.11.2002: Meldung: Capstone Turbine Corporation: Third Quarter Results

Capstone Turbine Announces Third Quarter Results

Thursday October 31, 5:18 pm ET

 

CHATSWORTH, Calif.-- Oct. 31, 2002--Capstone Turbine Corporation (Nasdaq:CPST - News; www.microturbine.com), the world"s leading microturbine power systems manufacturer, today reported revenue of $3.9 million for the quarter ended September 30, 2002, compared with revenue of $3.3 million for the third quarter of 2001. Capstone shipped 3.2 megawatts of power during the third quarter of 2002. The Company"s 60- kilowatt units represented slightly more than half of the megawatts shipped.

 

For the third quarter of 2002, Capstone"s net loss was $10.8 million, or ($0.14) per share, compared to a net loss of $12.5 million, or ($0.16) per share, in the third quarter of 2001.

 

The decrease in net loss was primarily attributable to lower operating costs in the current period.

 

"Current market conditions including tight capital spending budgets and declining wholesale electricity prices in some geographic areas are presenting significant challenges to near-term sales," said Dr. Ake Almgren, President and CEO of Capstone Turbine Corporation. "However, we continue to execute on the other strategic elements of our business plan to lay a foundation for long-term growth.

 

"Most notably, we have secured a major strategic partner in United Technologies Corporation (UTC) to help the Company develop the CHP market. This alliance brings valuable credibility, technological expertise, and sales and marketing capabilities that we believe provide a foundation for increasing sales of the Capstone MicroTurbine over time," said Dr. Almgren.

 

Operational Highlights

 

Approximately 70% of Capstone"s revenues were generated in North America during the third quarter of 2002, with another 20% coming from Asia.

 

Capstone achieved a number of important milestones in the third quarter of 2002 including:

 

Successfully running its Advanced Microturbine System at full temperature. The project continues on schedule and the first commercial release of the 200-kilowatt unit is scheduled for 2004.

Shipping a 60-kilowatt simple cycle machine for the Fuel Cell Energy program combining the Capstone MicroTurbine with Fuel Cell Energy"s 250-kilowatt molten carbon fuel cell stack. The electric efficiency of the combined system is expected to be in the same range as a large combined cycle gas turbine.

The National Accounts Energy Alliance, which included the American Gas Foundation, the American Gas Association and the Department of Energy, selected Capstone Microturbines for use in 2 pilot CHP installations to learn about and promote energy efficient distributed energy solutions for commercial customers.

 

Financial Highlights

 

Gross loss in the third quarter of 2002 was $2.4 million, compared with $2.1 million in the same period of 2001. The increase in gross loss was primarily attributable to lower production volumes.

 

Research and development expenses decreased to $1.9 million, compared with $2.5 million in the third quarter of 2001. R&D expenses are reported net of contract offsets such as the U.S. Department of Energy advanced microturbine program. Contract offsets were $1.5 million in the third quarter of 2002, compared with $1.0 million in the same period a year ago.

 

Selling, general and administrative expenses decreased to $7.1 million, compared with $9.2 million in the third quarter of 2001.

 

Cash utilization was $10.8 million in the third quarter of 2002, substantially less than the $18.7 million used in the third quarter of last year.

 

Capstone continues to be in a strong financial position. As of September 30, 2002, Capstone held approximately $144.3 million in cash and cash equivalents, with no long-term debt, except for capital leases.

 

Outlook

 

"The uncertain market conditions, the lengthy sales cycle for our microturbines, and our limited visibility to orders prevent us from being able to accurately project near-term sales levels," said Dr. Almgren. "With this in mind, we are continuing to reduce our cost structure, and we expect full year 2002 operating expenses to be approximately 20% below 2001 levels, excluding the impact of the marketing rights impairment charge taken during the current year.

 

"However, we are continuing to invest appropriately in sales, marketing and customer service, and we are addressing the factors we believe will help increase adoption of our microturbines as market conditions become more favorable. We continue to gain a better understanding of the types of customers that will derive value from the use of a microturbine, which enables us to develop more targeted sales and marketing strategies. Our strategic alliance with UTC also gives us the opportunity to provide a better total CHP solution to commercial building customers than we have in the past.

 

"I will be working closely with Capstone"s new Chairman, Eliot Protsch of Alliant Energy, as I transition to retirement and the Company selects a new Chief Executive Officer. During this time period, we will make certain that Capstone continues to execute on the key goals of developing the CHP market, improving the total quality and reliability of our microturbines, and reducing the total installed cost of ownership," said Dr. Almgren.

 

About Capstone Turbine

 

Capstone Turbine Corporation is the world"s leading producer of very-low-emission microturbine systems used for onsite power production. In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has sold and shipped nearly 2,400 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have documented more than 2 million hours of operation serving, among others, the following applications:

 

Hybrid electric vehicles (HEVs): onboard generation

Resource recovery: converting oilfield, landfill and sewage waste gases into electricity

Micro-cogeneration: combined heat/power/chilling/drying solutions

The 9s market: power security, quality and reliability

 

"CapstoneTurbine Corp" is a registered trademark and "MicroTubine" is a trademark of Capstone Turbine Corporation. All other trademarks mentioned in this press release are the property of their respective owners.

 

CAPSTONE TURBINE CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

December September

31, 2001 30, 2002

 

ASSETS

Current Assets:

Cash and cash equivalents $170,868,000 $144,333,000

Accounts receivable, net

of allowance for doubtful

accounts of $163,000 at

December 31, 2001 and

$251,000 at September 30,

2002 8,016,000 5,818,000

Inventory 21,973,000 16,218,000

Prepaid expenses and other

current assets 1,422,000 2,642,000

Total current assets 202,279,000 169,011,000

Equipment and Leasehold Improvements:

Machinery, equipment, and

furniture 22,895,000 24,822,000

Leasehold improvements 9,235,000 9,275,000

Molds and tooling 4,534,000 4,866,000

36,664,000 38,963,000

Less accumulated depreciation and

amortization 9,362,000 13,923,000

Total equipment and leasehold

improvements 27,302,000 25,040,000

 

Deposits on Fixed Assets 2,550,000 1,707,000

Other Assets 242,000 1,376,000

Intangible Assets, Net 21,881,000 2,934,000

Total $254,254,000 $200,068,000

 

 

LIABILITIES AND STOCKHOLDERS" EQUITY

Current Liabilities:

Accounts payable $ 3,490,000 $ 3,380,000

Accrued salaries and wages 1,440,000 1,768,000

Other accrued liabilities 1,263,000 1,094,000

Accrued warranty reserve 4,145,000 4,270,000

Deferred revenue 1,471,000 633,000

Current portion of capital

lease obligations 1,308,000 1,403,000

Total current liabilities 13,117,000 12,548,000

 

Long-Term Portion of Capital

Lease Obligations 2,525,000 1,432,000

 

Other Long-Term Liabilities 1,158,000 1,263,000

 

Commitments and Contingencies -- --

 

Stockholders" Equity:

Common stock, $.001 par value;

415,000,000 shares authorized;

77,207,383 and 77,532,060 shares

issued and outstanding at

December 31, 2001 and

September 30, 2002, respectively 77,000 78,000

Additional paid-in capital 521,668,000 522,661,000

 

Accumulated deficit (284,291,000) (337,914,000)

Total stockholders" equity 237,454,000 184,825,000

Total $254,254,000 $200,068,000

 

 

 

 

CAPSTONE TURBINE CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three Nine

Months Ended Months Ended

September 30, September 30,

2001 2002 2001 2002

 

Revenues $ 3,346,000 $ 3,887,000 $ 25,811,000 $ 15,886,000

Cost of Goods

Sold 5,468,000 6,301,000 27,033,000 25,481,000

--------------------------- -------------- ---------

Gross Loss (2,122,000) (2,414,000) (1,222,000) (9,595,000)

 

Operating Costs

and Expenses:

Research and

development 2,512,000 1,880,000 8,171,000 4,938,000

Selling,

general and

admini-

strative 9,210,000 7,057,000 30,015,000 25,067,000

Impairment

loss - - - 15,999,000

Total

operating

costs and

expenses 11,722,000 8,937,000 38,186,000 46,004,000

-------------- ----------- ------------ ----------

Loss from

Operations (13,844,000) (11,351,000) (39,408,000) (55,599,000)

 

Interest Income 1,485,000 687,000 7,611,000 2,266,000

Interest Expense (137,000) (97,000) (457,000) (316,000)

Other Income 11,000 3,000 38,000 28,000

--------------- ----------- ------------ ---------

Loss Before

Income Taxes (12,485,000) (10,758,000) (32,216,000) (53,621,000)

Provision for

Income Taxes - - 1,000 2,000

 

Net Loss $(12,485,000)$(10,758,000)$(32,217,000) $(53,623,000)

============ ============ ============ ============

 

Weighted Average

Common Shares

Outstanding 76,976,934 77,526,602 76,560,247 77,455,926

 

 

Net Loss Per

Share of Common

Stock -

Basic and Diluted $ (0.16) $ (0.14) $ (0.42) $ (0.69)

 

Contact:

 

Capstone Turbine Corporation

General Media: Keith Field, 818-734-5465

or

FRB/Weber Shandwick

Investor Media: Jill Fukuhara, 310-407-6539

 

Source: Capstone Turbine Corporation

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