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Meldungen 06.02.2004

6.2.2004: Meldung: Capstone Turbine: Third Quarter Results

Capstone Turbine Corporation (Nasdaq:CPST), the world"s leading microturbine power systems manufacturer, today reported results for its third fiscal quarter ended December 31, 2003.

Revenue for the quarter was $3.3 million as compared with $3.6 million in the period a year ago. Capstone"s CEO, John Tucker, said, "Our performance was off versus expectations due to some adjustments in deliveries to accommodate our customers" needs. However, we had a good order rate of 4.3 megawatts and we exited the quarter with 6.2 megawatts of product in backlog."

For the third quarter of fiscal 2004, Capstone"s net loss was $11.6 million, or ($0.14) per share compared to a net loss of $20.7 million or ($0.26) per share during the third quarter of fiscal year 2003.

Providing an update on the Company"s progress, Tucker commented, "We are continuing to enhance the depth and talent in the organization. Since last quarter, we have recruited Vice Presidents for Quality, Service and Business Development as well as for two key sales positions, The Americas and International. We continue to attack our key priorities of improving the robustness of our products, enhancing customer service and integrating the design and manufacturing process. Furthermore, we have initiated our strategic planning process which will establish a three-year roadmap for improved performance."

Tucker continued, "We have been active in pursuing several new opportunities that pose long-term prospects for the business. These new prospects span from biogas installations in Europe, to numerous projects that integrate our microturbines into larger power-packs. These power-packs range from 240-kilowatts used by UTC Power, a division of United Technologies Corporation, in their Pure Comfort 240, a combined cooling and power product; to 270-kilowatts, soon to be installed in support of the Ground Mid-Course Defense Project, to an 840-kilowatt package being developed for industrial and remote power use in Nigeria. Additionally, our distributors continue to develop exciting opportunities for Capstone MicroTurbines(TM) and we will be considering these opportunities in our strategic planning evaluations."

In summary, Tucker concluded, "We are making significant progress on our targeted priorities and, with the development of our strategic plan, we look forward to charting a positive course for Capstone"s future."

Third Quarter Financial Highlights

Gross loss in the third quarter of the fiscal year was $3.1 million, compared to $12.4 million for the same period a year ago. Last year"s third quarter included a $5.0 million charge for the partial impairment of the recuperator core manufacturing facility and a $3.6 million charge to adjust the warranty reserve balance. In the current period, the Company recorded $1.2 million in warranty costs related to accommodations made to Japanese distributors.

Research and development ("R&D") costs were $3.0 million in the period compared to $2.0 million in the third fiscal quarter of 2003. Costs in fiscal 2003 were reported net of $1.5 million in contract offsets. While R&D spending decreased $0.5 million between periods, the lack of contract reimbursement offsets in the current period resulted in an increase in reported R&D costs of $1.0 million. Capstone reported that it has suspended billing the Department of Energy ("DOE") for the AMTS program, which funds development of Capstone"s C200 product, because of a current lack of committed funding. The Company noted, however, that it intends to resume billings under the program when the DOE receives additional funding appropriations for the project.

Selling, general and administrative expenses decreased to $5.7 million from $6.8 million a year ago reflecting lower spending rates in the current period.

As of December 31, 2003, Capstone had $111.7 million in cash and cash equivalents, with no long-term debt. The company"s cash utilization was $8.2 million in the current quarter compared to a use of $4.0 million in the same period a year ago. This change primarily reflects $4.0 million in proceeds from sale of stock a year ago.

Conference call

The company will host a conference call today, Thursday, February 5, at 2:00 p.m. Pacific Time, to further review the company"s third fiscal quarter results. Access to the live broadcast and a replay of the webcast will be available until May 5, 2004 through the Company"s web site: www.microturbine.com.

About Capstone Turbine

Capstone Turbine Corporation (www.microturbine.com)(Nasdaq:CPST - News) is the world"s leading producer of low-emission microturbine systems. 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 more than 2,500 commercial production Capstone MicroTurbine(TM) systems to customers worldwide. These award-winning systems have logged more than 5 million hours of operation.

This press release contains "forward-looking statements," as that term is used in the federal securities laws, about Capstone"s business, with regard to its ability to address its market challenges, identify and successfully develop the market opportunities with strong potential, develop and implement a successful business strategy, improve the robustness of its products, improve its customer service, and drive change in the business. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Capstone"s actual results to be materially different from any future results expressed or implied in such statements. Such factors include, but are not limited to:

1) Market acceptance and trends;

2) The ability to enhance the quality and reliability of

Capstone"s products;

3) The limited operating history characterized by net losses;

4) The abilities of new management to effect beneficial changes;

5) The ability of the Company to develop and/or retain the

distribution channels necessary to support planned sales;

6) The ability of Capstone to successfully execute its production

and marketing plans; and

7) Other factors detailed in the Company"s filings with the

Securities and Exchange Commission.

Capstone cautions readers not to place undue reliance on these statements, which speak only as of the date of this 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 release or to reflect the occurrence of unanticipated events.

"Capstone Turbine Corp." is a registered 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 31, March 31,

2003 2003

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

Assets

Current Assets:

Cash and cash equivalents $111,719,000 $132,584,000

Accounts receivable, net of allowance

for doubtful accounts and sales returns

of $508,000 at September 30, 2003 and

$414,000 at March 31, 2003 2,406,000 3,748,000

Inventory 9,149,000 12,121,000

Prepaid expenses and other current assets 1,719,000 1,341,000

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

Total current assets 124,993,000 149,794,000

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

Equipment and Leasehold Improvements:

Machinery, equipment, and furniture 21,136,000 23,914,000

Leasehold improvements 8,499,000 8,480,000

Molds and tooling 4,345,000 4,365,000

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

33,980,000 36,759,000

Less accumulated depreciation and

amortization 17,749,000 16,857,000

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

Total equipment and leasehold

improvements, net 16,231,000 19,902,000

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

 

Non-Current Portion of Inventory 4,783,000 4,412,000

Intangible Asset, net 1,761,000 1,961,000

Other Assets 472,000 578,000

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

Total $148,240,000 $176,647,000

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

 

Liabilities and Stockholders" Equity

Current Liabilities:

Accounts payable $2,282,000 $2,156,000

Accrued salaries and wages 1,725,000 1,472,000

Other accrued liabilities 1,888,000 1,117,000

Accrued warranty reserve 6,725,000 6,657,000

Deferred revenue 1,077,000 1,253,000

Current portion of capital lease

obligations 808,000 1,411,000

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

Total current liabilities 14,505,000 14,066,000

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

Long-Term Portion of Capital Lease

Obligations 105,000 736,000

 

Other Long-Term Liabilities 1,185,000 1,277,000

 

Commitments and Contingencies -- --

 

Stockholders" Equity:

Common stock, $.001 par value;

415,000,000 shares authorized;

83,791,753 shares issued and

83,240,545 shares outstanding

at December 31, 2003; 81,700,735

shares issued and 81,248,782 shares

outstanding at March 31, 2003 84,000 82,000

Additional paid-in capital 529,652,000 527,188,000

Accumulated deficit (396,238,000) (366,281,000)

Less: Deferred stock compensation (540,000) --

Less: Treasury stock, at cost; 551,208

shares at December 31, 2003;

451,953 shares at March 31, 2003 (513,000) (421,000)

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

Total stockholders" equity 132,445,000 160,568,000

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

Total $148,240,000 $176,647,000

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

 

 

Capstone Turbine Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three Months Ended

December 31,

2003 2002

 

Revenues $ 3,251,000 $ 3,643,000

Cost of Goods Sold 6,359,000 16,049,000

Gross Loss (3,108,000) (12,406,000)

 

Operating Expenses:

Research and development 3,034,000 2,028,000

Selling, general and administrative 5,688,000 6,779,000

Impairment loss on marketing rights - -

Total operating expenses 8,722,000 8,807,000

Loss from Operations (11,830,000) (21,213,000)

Interest Income 302,000 574,000

Interest Expense (38,000) (90,000)

Other Income (1,000) (3,000)

Loss Before Income Taxes (11,567,000) (20,732,000)

Provision for Income Taxes - -

Net Loss $ (11,567,000) $(20,732,000)

 

Weighted Average Common Shares

Outstanding 82,705,535 80,168,807

 

Net Loss Per Share of Common Stock

- Basic and Diluted $ (0.14) $ (0.26)

 

 

Nine Months Ended

December 31,

2003 2002

 

Revenues $ 9,730,000 $ 14,938,000

Cost of Goods Sold 17,649,000 33,981,000

Gross Loss (7,919,000) (19,043,000)

 

Operating Expenses:

Research and development 7,886,000 5,527,000

Selling, general and administrative 15,007,000 23,486,000

Impairment loss on marketing rights - 15,999,000

Total operating expenses 22,893,000 45,012,000

Loss from Operations (30,812,000) (64,055,000)

Interest Income 1,011,000 2,017,000

Interest Expense (154,000) (292,000)

Other Income (2,000) 5,000

Loss Before Income Taxes (29,957,000) (62,325,000)

Provision for Income Taxes - -

Net Loss $(29,957,000) $(62,325,000)

 

Weighted Average Common Shares

Outstanding 81,908,416 78,378,535

 

Net Loss Per Share of Common Stock

- Basic and Diluted $ (0.37) $ (0.80)

 

-

 

Capstone Turbine Corporation

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

Nine Months Ended

December 31,

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

2003 2002

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

Cash Flows from Operating Activities:

Net loss $(29,957,000) $(62,325,000)

Adjustments to reconcile net loss to

net cash used in operating activities:

Depreciation and amortization 4,747,000 6,808,000

Impairment loss on fixed assets and

manufacturing license -- 5,016,000

Impairment loss on marketing rights -- 15,999,000

Provision for doubtful accounts and

sales returns 280,000 90,000

Inventory write-down (recovery) (313,000) 4,321,000

Provision for warranty expenses 3,454,000 5,328,000

Loss on disposal of equipment 243,000 65,000

Non-employee stock compensation 74,000 --

Employee and director stock

compensation 462,000 759,000

Changes in operating assets and

liabilities:

Accounts receivable 1,062,000 167,000

Inventory 2,914,000 331,000

Prepaid expenses and other current

assets (378,000) (1,027,000)

Other assets -- 100,000

Accounts payable 126,000 1,543,000

Accrued salaries and wages and

deferred compensation 227,000 791,000

Other accrued liabilities 705,000 867,000

Accrued warranty reserve (3,386,000) (3,098,000)

Deferred revenue (176,000) (653,000)

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

Net cash used in operating

activities (19,916,000) (24,918,000)

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

Cash Flows from Investing Activities:

Acquisition of and deposits on fixed

assets (1,111,000) (2,121,000)

Proceeds from disposal of fixed assets 26,000 --

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

Net cash used in investing

activities (1,085,000) (2,121,000)

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

Cash Flows from Financing Activities:

Repayment of capital lease obligations (1,162,000) (994,000)

Exercise of stock options and employee

stock purchases 1,390,000 200,000

Net proceeds from issuance of common

stock -- 3,985,000

Purchase of treasury stock (92,000) (206,000)

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

Net cash provided by financing

activities 136,000 2,985,000

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

Net Decrease in Cash and Cash

Equivalents (20,865,000) (24,054,000)

Cash and Cash Equivalents, Beginning of

Period 132,584,000 164,364,000

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

Cash and Cash Equivalents, End of

Period $111,719,000 $140,310,000

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

 

Supplemental Disclosures of Cash Flow

Information:

Cash paid during the period for:

Interest $154,000 $292,000

Income taxes $ -- $ --

 

 

 

Contact:

Capstone Turbine Corporation, Chatsworth, Calif.

Investor Media: Alice Barsoomian, 818-734-5428

General Media: Keith Field, 818-734-5465

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