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Capstone Turbine Corp.: Fourth Quarter and Fiscal 2009 Operating Results

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Fiscal 2009 Revenue Grew 40% and Backlog Increased 120% From Fiscal 2008

On Monday June 15, 2009, 4:15 pm EDT

CHATSWORTH, Calif., June 15, 2009 -- Capstone Turbine Corporation (www.capstoneturbine.com) reported operating results for its fourth quarter and fiscal year ended March 31, 2009 in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 15, 2009.

Financial Summary

Capstone's backlog for the fiscal year ended March 31, 2009 was $61.5 million, an increase of 120% from the prior fiscal year and 8% from December 31, 2008.

Revenue for the fiscal year ended March 31, 2009 was $43.9 million, an increase of 40% from the prior fiscal year. Capstone shipped 494 units in Fiscal 2009, compared to 434 units in the prior fiscal year.

The reported gross loss for the fiscal year ended March 31, 2009 was $5.3 million, or 12% of revenue, compared to $3.8 million, or 12% of revenue for the prior fiscal year. The year over year increase in the gross loss reflects increased manufacturing costs because of the product launch of the C200 and C1000 Series systems. These manufacturing costs were offset by higher margin product mix, primarily because of increased sales of C60 Series systems and reduced warranty expense.

Research and development costs were $8.1 million for the fiscal year ended March 31, 2009, a decrease of $0.8 million, or 9%, from the prior fiscal year. The net decrease was the result of an increase in benefits from cost-sharing programs, primarily from United Technologies Corporation, offset by increased spending for supplies, labor costs, consulting fees and facilities expense.

Selling, general and administrative costs were $28.6 million for the fiscal year ended March 31, 2009, an increase of $3.0 million, or 12%, from the prior fiscal year. The increase was primarily attributable to increased labor cost, travel expense, marketing costs and professional services, including accounting, legal and insurance expense, offset by a decrease for a change in estimate of legal accruals, supplies and consulting expense. The increase in labor and travel costs reflects the continued effort to develop worldwide distributors and the launch of the C200 and C1000 Series systems.

Capstone's net loss was $41.7 million, or $0.25 per diluted share, for the fiscal year ended March 31, 2009, an increase of $5.6 million from the $36.1 million loss or $0.25 per diluted share, reported for the prior fiscal year.

Cash and cash equivalents for the fiscal year ended March 31, 2009 were $19.5 million. Cash balances decreased $23.1 million during the fiscal year ended March 31, 2009. The Company completed a registered offering of its common stock during the second quarter, resulting in net proceeds of approximately $29.5 million.

Revenue for the fourth quarter ended March 31, 2009 was $11.8 million, an improvement of 28% from the prior year comparable quarter. Capstone shipped 117 units in the fourth quarter of Fiscal 2009, compared to 140 units for the prior year comparable quarter.

The reported gross loss for the fourth quarter was $2.9 million, or 25% of revenue, compared to $0.5 million, or 6% of revenue, for the fourth quarter of Fiscal 2008.

The quarter over quarter increase in the gross loss reflects increased manufacturing and overhead costs because of the product launch of the C200 and C1000 Series systems. These manufacturing costs were offset by reduced warranty expense.

Research and development costs were $2.1 million for the fourth quarter, an increase of $0.1 million, or 5%, from the prior year comparable quarter. The net increase was the result of increased labor costs and supplies in addition to less funding offset from United Technologies Corporation in Fiscal 2009. This increase was offset by a decrease in consulting services.

Selling, general and administrative costs were $6.9 million for the fourth quarter, a decrease of $0.4 million, or 6%, from the prior year comparable quarter. The decrease was primarily attributable to decreased consulting, administrative costs and facilities, offset by increased labor and travel costs.

Capstone's net loss was $12.0 million for the fourth quarter, or $0.06 per share, an increase of $2.4 million from the $9.6 million loss, or $0.07 per share, reported for the prior year comparable quarter.

Cash used in operations was $6.6 million for the fourth quarter compared to $19.3 million for the prior quarter and $2.5 million for the same period last year.

About Capstone Turbine

Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST - News) 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 4,000 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 9001:2000 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, Singapore and Tokyo.

Contact:

Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com

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