28.10.2002: Meldung: Capstone Turbine: Third-Quarter Results
Capstone also announced that its Board of Directors has approved a stock repurchase program under which the company may purchase up to $10 million of Capstone common stock. The company could purchase shares from time to time through open market and privately negotiated transactions at prices deemed appropriate by management. The program
has no termination date. Capstone has approximately 77.5 million shares of common stock outstanding and approximately $144 million of cash and cash equivalents.
Ake Almgren, the Company"s President and Chief Executive Officer, also announced his intention to retire.
Dr. Almgren stated, "Capstone is by far the leading microturbine company. Today we have achieved one of my principal goals for the Company, that of establishing a strategic partnership with a major participant in distributed generation, United Technologies. I have had the opportunity of leading the company from being a small private company, through the launch of the first commercial microturbine, the
IPO process, and then positioning the public company for future growth. While the company has initiated an executive search for my successor, and the transition timeline is not yet established, I have agreed to support a smooth transition and continue the efforts of developing additional strategic alliances. As part of the transition process I have resigned as the Chairman of the Board. I am delighted to announce that Eliot Protsch, President of Interstate Power and Light Co. for Alliant Energy Corporation, has accepted the board"s nomination to that role."
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 gases into electricity
Micro-cogeneration: combined heat/power/chilling/drying solutions
The 9s market: power security, quality and reliability
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995
This announcement contains forward-looking statements relating to third quarter shipments and financial results, and a planned stock repurchase program, which are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from express or implied projections. Capstone"s shipments, revenues, loss per share and cash use during the quarter may change as a result of reviews by management or Capstone"s auditors. Capstone"s operating
and financial results generally are subject to factors detailed in
Capstone"s filings with the SEC. Capstone may not purchase any shares of common stock, may not purchase the maximum amounts authorized under the program or may not acquire shares at prices that later appear advantageous. The forward-looking statements speak only as of the date of this release and Capstone has no obligation to update any statement as a result of new information or future events.
"Capstone Turbine Corp" is a registered trademark of Capstone Turbine Corporation.
Capstone Turbine Corporation, Chatsworth
Karen Clark, 818/734-5114