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12.8.2005: Meldung: Capstone Turbine Corp.: 1st Quarter 2006 Results - 1.5 MW Order from the Government of Mexico
Capstone Turbine Announces 1st Quarter 2006 Results
Wednesday August 10, 9:00 am ET
CHATSWORTH, Calif.-- Aug. 10, 2005--Capstone Turbine Corporation? (Nasdaq:CPST - News; www.microturbine.com) reported results for the first quarter of fiscal year 2006 on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2005.
Backlog increased to 15.5 megawatts at quarter-end, up 94% from the prior year comparable quarter, and sequentially up 44% from the fourth quarter.
Financial Summary
Capstone"s financial results for the first quarter of fiscal 2006 included revenue of $3.8 million, down $1.6 million from $5.4 million reported for the fourth quarter of fiscal 2005. The majority of the decrease was due to staging of approximately $1.5 million of finished product for rapid response to the New York market. Additionally, approximately $0.6 million in revenue was delayed pending payments from certain international customers.
Backlog at the end of the first quarter of fiscal 2006 was 15.5 megawatts, consisting of backlog at the beginning of the quarter of 10.8 megawatts, orders during the quarter of 8.1 megawatts and shipments of 3.4 megawatts.
The reported gross loss was $3.4 million for the first quarter of fiscal 2006, an increase of $1.6 million from the $1.8 million loss reported in the fourth quarter of fiscal 2005. The primary reason for the change between periods resulted from a benefit of $1.6 million recorded in the prior quarter, and $0.6 million expense in the current quarter, or a net $2.2 million change in gross profit.
Operating Costs and Expenses were $7.9 million for the quarter, down $0.7 million from the prior quarter, primarily due to $0.9 million of benefits reported from the Department of Energy (DOE) cost sharing programs in the current quarter.
Capstone"s net loss was $10.9 million, an increase of $0.9 million from the $10 million loss reported in the fourth quarter of fiscal 2005. The first quarter of fiscal 2006 reported net loss was $0.13 per share as compared with $0.12 the previous quarter.
Cash usage in the first quarter was $11.6 million, a decrease of $0.6 million from the prior quarter"s cash usage of $12.1 million. The lower cash usage was attributable to less cash used in investing activities and lower operating cash usage.
Cash and cash equivalents at the end of the quarter were $52 million.
Business Summary
John Tucker, Capstone"s President and CEO said, "Over the past two months we have continued to demonstrate tangible progress towards our mission of becoming the world leader in distributed power generation." Listed below is a brief summary of our recent operating accomplishments:
Filed Materials Equipment Acceptance (MEA) application with the New York City Department of Buildings MEA Division which will significantly simplify the permitting and installation approval of Capstone-branded microturbines in the five boroughs of New York City. (Aug. 2, 2005)
KeySpan Energy Delivery developed with Capstone a marketing promotional mailer for the sale, installation and factory direct service of Capstone MicroTurbine? on-site power generation products. KeySpan Energy Delivery is a subsidiary of KeySpan Corporation (NYSE:KSE - News), which is the fifth largest distributor of natural gas in the United States and the largest in the Northeast, operating regulated gas utilities in New York, Massachusetts and New Hampshire that serve 2.6 million customers. (July 25, 2005)
Successfully completed certification testing on a new 30-kilowatt product specifically designed for hazardous oil and gas applications with Underwriters Laboratories, Inc. (UL). This certification states that the 30-kilowatt product meets the stringent NEC Class I, Division 2, Groups C and D classification where explosive gases may be present under abnormal conditions. (July 14, 2005)
Received large follow-up Russian order amounting to a total of 1.7 megawatts for both C30 and C60 kilowatt microturbine products. (July 6, 2005)
Signed National Sales representative Agreement with WESCO Distribution, Inc., the primary operating entity for Pittsburg-based WESCO International, Inc. (NYSE:WCC - News). WESCO Distribution, Inc. a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating supplies and is the nation"s largest provider of integrated supply services. (July 6, 2005)
In addition to these accomplishments, we were pleased to see the National Energy Bill signed by President Bush. This Bill provides incentives for companies to utilize microturbines for their power generation requirements including a 10% credit for the purchase of stationary microturbine power plants. Additionally, the Energy Tax Incentives Act of 2005 provides $2.7 billion of incentives for energy efficiency and conservation, both features of our microturbines.
Conference Call
The Company will host a conference call today, Wednesday, August 10, at 1:45 p.m. Pacific Standard Time. Access to the live broadcast and a replay of the webcast will be available for 90-days through the Company"s website: 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 energy products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has shipped more than 3,000 Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than 9.4 million runtime hours of documented operation. An ISO 9001:2000 certified company, Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Milan and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Source: Capstone Turbine Corporation
Capstone Receives a 1.5 MW Order from the Government of Mexico
Wednesday August 10, 9:00 am ET
CHATSWORTH, Calif.-- Aug. 10, 2005--Capstone Turbine Corporation? (www.microturbine.com; Nasdaq:CPST - News), the world"s leading manufacturer of microturbine energy systems, confirmed today that it has received an order for more than 1.5 megawatts of propane-fueled Capstone MicroTurbine? energy systems from its distributor in Mexico.
According to the Mexico City newspaper Reforma, the government of Mexico issued a contract to install distributed generation systems at three government office buildings in Mexico City. Capstone distributor Areche Ingenieros, S.A. de C.V. has been awarded the contract.
"Mexico represents a tremendous opportunity for our products due to grid reliability issues and the high cost of electricity. Our C60"s new fuel flexibility and 10-second fast transfer capability from utility grid to backup power make it a perfect product fit for the Mexican marketplace. This new order further supports our decision to open a Mexico City sales and service facility, which I recently mentioned in our fiscal year end conference call," said Capstone CEO John R. Tucker.
"We are very impressed with Capstone as an innovator and as a manufacturer of proven reliable equipment," said Carlos Arechederra, General Manager of Areche Ingenieros, one of Mexico"s largest distributors of air handling systems for buildings. "We are proud to be able to make Capstone products available to our many business and government clients."
Capstone recently qualified its C60 microturbine product to run on propane. The systems can easily switch between propane and natural gas via a simple software setting, without requiring any injector or other internal fuel system changes. Two of the three buildings will be transitioned from propane to natural gas at a later date, pending infrastructure work by the gas utility. The third building, in a historic Mexico City square, will remain propane-fueled.
One of the smaller buildings will use an array of five dual-mode Capstone C60s to generate 300 kilowatts for daily baseload and backup power. The two other buildings will use a combined cooling, heating and power (CCHP) configuration in which exhaust from their arrays will transfer heat into absorption chillers that convert waste heat energy for air conditioning, further reducing electric demand.
"This is a great start for our colleagues at Areche Ingenieros, one of Mexico"s leading companies in the field of heating, ventilation and air conditioning. They have a solid history of work with government and commercial buildings," said Tony Hynes, Capstone"s Vice-President of Sales & Service. "We expect these new sites will serve as showcase facilities demonstrating how other sites in Mexico can cleanly and reliably conserve energy and energy costs utilizing Capstone products."
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 energy products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has shipped more than 3,000 Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than 9.4 million runtime hours of documented operation. An ISO 9001:2000-certified company, Capstone Turbine is headquartered in the Los Angeles area, with sales and/or service centers in New York, Milan and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Editors:
Spec sheets on Capstone MicroTurbine models are at: www.microturbine.com/technology/specsheets.asp
A Distributed Energy magazine article on Capstone-driven CCHP applications is at: www.distributednrg.com/de_0409_retrofits.html
Other example case studies are at: www.microturbine.com/onsite
Contact:
Capstone Turbine Corporation
General Media: Keith Field, 818-407-3615
Investor
and Investment Media: Alice Barsoomian, 818-407-3628
Source: Capstone Turbine Corporation
Wednesday August 10, 9:00 am ET
CHATSWORTH, Calif.-- Aug. 10, 2005--Capstone Turbine Corporation? (Nasdaq:CPST - News; www.microturbine.com) reported results for the first quarter of fiscal year 2006 on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2005.
Backlog increased to 15.5 megawatts at quarter-end, up 94% from the prior year comparable quarter, and sequentially up 44% from the fourth quarter.
Financial Summary
Capstone"s financial results for the first quarter of fiscal 2006 included revenue of $3.8 million, down $1.6 million from $5.4 million reported for the fourth quarter of fiscal 2005. The majority of the decrease was due to staging of approximately $1.5 million of finished product for rapid response to the New York market. Additionally, approximately $0.6 million in revenue was delayed pending payments from certain international customers.
Backlog at the end of the first quarter of fiscal 2006 was 15.5 megawatts, consisting of backlog at the beginning of the quarter of 10.8 megawatts, orders during the quarter of 8.1 megawatts and shipments of 3.4 megawatts.
The reported gross loss was $3.4 million for the first quarter of fiscal 2006, an increase of $1.6 million from the $1.8 million loss reported in the fourth quarter of fiscal 2005. The primary reason for the change between periods resulted from a benefit of $1.6 million recorded in the prior quarter, and $0.6 million expense in the current quarter, or a net $2.2 million change in gross profit.
Operating Costs and Expenses were $7.9 million for the quarter, down $0.7 million from the prior quarter, primarily due to $0.9 million of benefits reported from the Department of Energy (DOE) cost sharing programs in the current quarter.
Capstone"s net loss was $10.9 million, an increase of $0.9 million from the $10 million loss reported in the fourth quarter of fiscal 2005. The first quarter of fiscal 2006 reported net loss was $0.13 per share as compared with $0.12 the previous quarter.
Cash usage in the first quarter was $11.6 million, a decrease of $0.6 million from the prior quarter"s cash usage of $12.1 million. The lower cash usage was attributable to less cash used in investing activities and lower operating cash usage.
Cash and cash equivalents at the end of the quarter were $52 million.
Business Summary
John Tucker, Capstone"s President and CEO said, "Over the past two months we have continued to demonstrate tangible progress towards our mission of becoming the world leader in distributed power generation." Listed below is a brief summary of our recent operating accomplishments:
Filed Materials Equipment Acceptance (MEA) application with the New York City Department of Buildings MEA Division which will significantly simplify the permitting and installation approval of Capstone-branded microturbines in the five boroughs of New York City. (Aug. 2, 2005)
KeySpan Energy Delivery developed with Capstone a marketing promotional mailer for the sale, installation and factory direct service of Capstone MicroTurbine? on-site power generation products. KeySpan Energy Delivery is a subsidiary of KeySpan Corporation (NYSE:KSE - News), which is the fifth largest distributor of natural gas in the United States and the largest in the Northeast, operating regulated gas utilities in New York, Massachusetts and New Hampshire that serve 2.6 million customers. (July 25, 2005)
Successfully completed certification testing on a new 30-kilowatt product specifically designed for hazardous oil and gas applications with Underwriters Laboratories, Inc. (UL). This certification states that the 30-kilowatt product meets the stringent NEC Class I, Division 2, Groups C and D classification where explosive gases may be present under abnormal conditions. (July 14, 2005)
Received large follow-up Russian order amounting to a total of 1.7 megawatts for both C30 and C60 kilowatt microturbine products. (July 6, 2005)
Signed National Sales representative Agreement with WESCO Distribution, Inc., the primary operating entity for Pittsburg-based WESCO International, Inc. (NYSE:WCC - News). WESCO Distribution, Inc. a leading distributor of electrical construction products and electrical and industrial maintenance, repair and operating supplies and is the nation"s largest provider of integrated supply services. (July 6, 2005)
In addition to these accomplishments, we were pleased to see the National Energy Bill signed by President Bush. This Bill provides incentives for companies to utilize microturbines for their power generation requirements including a 10% credit for the purchase of stationary microturbine power plants. Additionally, the Energy Tax Incentives Act of 2005 provides $2.7 billion of incentives for energy efficiency and conservation, both features of our microturbines.
Conference Call
The Company will host a conference call today, Wednesday, August 10, at 1:45 p.m. Pacific Standard Time. Access to the live broadcast and a replay of the webcast will be available for 90-days through the Company"s website: 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 energy products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has shipped more than 3,000 Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than 9.4 million runtime hours of documented operation. An ISO 9001:2000 certified company, Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Milan and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Source: Capstone Turbine Corporation
Capstone Receives a 1.5 MW Order from the Government of Mexico
Wednesday August 10, 9:00 am ET
CHATSWORTH, Calif.-- Aug. 10, 2005--Capstone Turbine Corporation? (www.microturbine.com; Nasdaq:CPST - News), the world"s leading manufacturer of microturbine energy systems, confirmed today that it has received an order for more than 1.5 megawatts of propane-fueled Capstone MicroTurbine? energy systems from its distributor in Mexico.
According to the Mexico City newspaper Reforma, the government of Mexico issued a contract to install distributed generation systems at three government office buildings in Mexico City. Capstone distributor Areche Ingenieros, S.A. de C.V. has been awarded the contract.
"Mexico represents a tremendous opportunity for our products due to grid reliability issues and the high cost of electricity. Our C60"s new fuel flexibility and 10-second fast transfer capability from utility grid to backup power make it a perfect product fit for the Mexican marketplace. This new order further supports our decision to open a Mexico City sales and service facility, which I recently mentioned in our fiscal year end conference call," said Capstone CEO John R. Tucker.
"We are very impressed with Capstone as an innovator and as a manufacturer of proven reliable equipment," said Carlos Arechederra, General Manager of Areche Ingenieros, one of Mexico"s largest distributors of air handling systems for buildings. "We are proud to be able to make Capstone products available to our many business and government clients."
Capstone recently qualified its C60 microturbine product to run on propane. The systems can easily switch between propane and natural gas via a simple software setting, without requiring any injector or other internal fuel system changes. Two of the three buildings will be transitioned from propane to natural gas at a later date, pending infrastructure work by the gas utility. The third building, in a historic Mexico City square, will remain propane-fueled.
One of the smaller buildings will use an array of five dual-mode Capstone C60s to generate 300 kilowatts for daily baseload and backup power. The two other buildings will use a combined cooling, heating and power (CCHP) configuration in which exhaust from their arrays will transfer heat into absorption chillers that convert waste heat energy for air conditioning, further reducing electric demand.
"This is a great start for our colleagues at Areche Ingenieros, one of Mexico"s leading companies in the field of heating, ventilation and air conditioning. They have a solid history of work with government and commercial buildings," said Tony Hynes, Capstone"s Vice-President of Sales & Service. "We expect these new sites will serve as showcase facilities demonstrating how other sites in Mexico can cleanly and reliably conserve energy and energy costs utilizing Capstone products."
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 energy products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has shipped more than 3,000 Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than 9.4 million runtime hours of documented operation. An ISO 9001:2000-certified company, Capstone Turbine is headquartered in the Los Angeles area, with sales and/or service centers in New York, Milan and Tokyo.
"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Editors:
Spec sheets on Capstone MicroTurbine models are at: www.microturbine.com/technology/specsheets.asp
A Distributed Energy magazine article on Capstone-driven CCHP applications is at: www.distributednrg.com/de_0409_retrofits.html
Other example case studies are at: www.microturbine.com/onsite
Contact:
Capstone Turbine Corporation
General Media: Keith Field, 818-407-3615
Investor
and Investment Media: Alice Barsoomian, 818-407-3628
Source: Capstone Turbine Corporation