28.02.03

28.2.2003: Meldung: Capstone Turbine Announces Results for 2002

Capstone Turbine Corporation (Nasdaq:CPST - News; www.microturbine.com), the world"s leading microturbine power systems manufacturer, today reported its results for the year ended December 31, 2002.

Revenue for the quarter ended December 31, 2002 was $3.6 million as compared with $10.1 million for the fourth quarter of 2001. Capstone shipped 3.4 megawatts of power during the fourth quarter of 2002. This compares with 3.2 megawatts in the third quarter of 2002 and 11.1 megawatts during the fourth quarter of 2001.

For the fourth quarter of 2002, Capstone"s net loss was $20.7 million, or ($0.26) per share. Included in this were two significant adjustments, a $5.0 million impairment charge, or ($0.06) per share, related to the recuperator core manufacturing facility and a $3.6 million charge, or ($0.05) per share, to adjust the warranty reserve balance for anticipated obligations. Excluding these charges, the loss for the quarter was $12.1 million or ($0.15) per share compared to a net loss of $14.6 million, or ($0.19) per share, in the fourth quarter of 2001.

For the full year 2002, Capstone reported revenue of $19.5 million, compared with revenue of $36.0 million in 2001. Capstone"s net loss increased to $74.4 million, or ($0.95) per share, for the year ended December 31, 2002. The 2002 loss included ($0.20) per share for an impairment charge recorded in the second quarter and ($0.11) per share for the impairment and warranty adjustments recorded in the fourth quarter. Excluding these charges, results for the year would have shown a loss of $49.8 million, or $(0.64) per share compared with a net loss of $46.9 million, or ($0.61) per share, for the prior year.

"While tight capital spending in the market impacted Capstone in 2002, the Board believes management is making progress on the fundamentals necessary to build long-term success," said Eliot Protsch, Chairman of the Board of Directors of Capstone. "The company has many enthusiastic customers for its products in a wide variety of applications. Now we need to focus on the markets and applications with the greatest near-term potential. Under the leadership of our interim CEO, Emily Liggett, Capstone is addressing this challenge."

"We have made a number of changes designed to further strengthen our position as the leader in microturbine technology, while also taking steps to conserve our cash," said Ms. Liggett. "We believe these steps are important to seeing us through to becoming a profitable company within our existing cash resources. For immediate actions, we have identified three high-leverage areas for the company. These areas are focused vertical markets, lower maintenance costs and targeted new product development."

Ms. Liggett continued, "We are focusing on those markets where our sales channel partners are strong allies in providing complete solutions to end users. We realize that we do not need to provide the entire solution ourselves, but do need to make sure it exists for customers. We believe that working with our business partners to provide tailored solutions for specific end user applications is imperative to building the rate of adoption of microturbines.

"We are also working with our channel partners to address what we now realize are higher channel inventories than we had previously identified," said Ms. Liggett. "We estimate that today, up to 700 units are available for sale from our channels. We are working in concert with our channel partners as they place this inventory. We believe this will impact Capstone"s sales of products in 2003 and that 2002 sales were impacted by about 200 units that were shipped from channel partner inventories in that year."


Fourth Quarter Financial Highlights

Capstone shipped 69 units, comprised of 45 of its 60-kilowatt systems and 24 of its 30-kilowatt systems, in the fourth quarter of 2002. Product shipments in the quarter resulted in $2.6 million of revenues as compared with $8.8 million of product revenue in the same period a year ago. In the quarter, revenues from the sales of parts, accessories and service were $1.0 million compared with $1.3 million in the same period of the prior year.

Gross loss increased $10.0 million from the loss realized in the fourth quarter of 2001. This was primarily due to $8.6 million from the impairment and warranty adjustments recorded in the current period and $1.2 million from lower sales volume.

Research and development expenses are reported net of contract offsets such as the U.S. Department of Energy advanced microturbine program. Excluding the benefit of these offsets, $1.5 million and $0.7 million in 2002 and 2001, respectively, research and development expenses were $3.5 million, or $0.3 million higher in 2002 than in 2001.

Selling, general and administrative expenses decreased to $6.8 million, compared with $10.8 million in the fourth quarter of 2001. The decreased costs between periods are due to lower spending in 2002 and $1.3 million in lower amortization expense in the current quarter resulting from having fully impaired the marketing right earlier in the year.

Inventory at the end of 2002 was $15.9 million. While this inventory is expected to be used over time, only a portion of it is expected to be used to meet anticipated sales in 2003. The remainder is expected to be used in future periods. Therefore, $9.1 million was classified as current inventory and the remaining $6.8 million was long term.

The Company reduced cash utilization to $4.0 million in the fourth quarter, substantially less than the $10.8 million used in the third quarter of 2002 and the $10.8 million used in the fourth quarter of 2001. Operating activities used $7.1 million in cash in the fourth quarter of 2002 versus $9.2 million in the same period of 2001. Overall, the Company continues to be in a strong financial position. As of December 31, 2002, Capstone held approximately $140.3 million in cash and cash equivalents, with no long-term debt.

About Capstone Turbine

Capstone Turbine Corporation (www.microturbine.com; Nasdaq: CPST) 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 over 2,500 commercial production Capstone MicroTurbine systems to customers worldwide. These award- winning systems have logged more than three 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 the ability to build long-term success, reach profitability, address its market challenges, maintain or strengthen its position as a leading technology, conserve its cash, maintain its business partners, deplete channel partner inventories or its ability to build its rate of adoption. 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 quality of Capstone"s technology and
products;

2) Limited operating history characterized by net losses;

3) The size, timing, shipment and pricing of individual orders;

4) The ability of Capstone to successfully execute its production
and marketing plans;

5) The ability of Capstone"s sales channel partners to provide
quality and cost effective solutions for customers;

6) The Company"s ability to develop additional microturbine
product releases; 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

December 31,
2002 2001
Assets
Current Assets:
Cash and cash equivalents $140,310,000 $170,868,000
Accounts receivable, net of allowance for
doubtful accounts and sales returns of
$194,000 in 2002 and $163,000 in 2001 4,893,000 8,016,000
Inventory 9,124,000 21,973,000
Prepaid expenses and other current assets 2,331,000 1,422,000
Total current assets 156,658,000 202,279,000
Equipment and Leasehold Improvements:
Machinery, equipment, and furniture 22,996,000 22,895,000
Leasehold improvements 8,480,000 9,235,000
Molds and tooling 4,350,000 4,534,000
35,826,000 36,664,000
Less accumulated depreciation and
amortization 15,346,000 9,362,000
Total equipment and leasehold
improvements 20,480,000 27,302,000

Non-current portion of Inventory 6,784,000 --
Deposits on Fixed Assets 708,000 2,550,000
Other Assets 532,000 242,000
Intangible Assets, Net 2,029,000 21,881,000
Total $187,191,000 $254,254,000

Liabilities and Stockholders" Equity
Current Liabilities:
Accounts payable $4,321,000 $3,490,000
Accrued salaries and wages 2,088,000 1,440,000
Other accrued liabilities 1,132,000 1,263,000
Accrued warranty reserve 6,913,000 4,145,000
Deferred revenue 734,000 1,471,000
Current portion of capital lease
obligations 1,522,000 1,308,000
Total current liabilities 16,710,000 13,117,000

Long-Term Portion of Capital Lease
Obligations 974,000 2,525,000

Other Long-Term Liabilities 1,325,000 1,158,000

Commitments and Contingencies -- --

Stockholders" Equity:
Common stock, $.001 par value;
415,000,000 shares authorized;
81,437,822 and 77,207,383
shares issued and outstanding at
December 31, 2002 and 2001 82,000 77,000
Additional paid-in capital 526,952,000 521,668,000
Accumulated deficit (358,646,000) (284,291,000)
Less Treasury stock, at cost; 197,213
shares in 2002 (206,000) --
Total stockholders" equity 168,182,000 237,454,000
Total $187,191,000 $254,254,000



CAPSTONE TURBINE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS

YEARS ENDED DECEMBER 31, 2002 AND 2001

2002 2001

Net Revenues $19,529,000 $35,956,000
Cost of Goods Sold (including impairment
loss of $5,016,000 in 2002) 41,530,000 39,602,000
Gross Loss (22,001,000) (3,646,000)
Operating Costs and Expenses:
Research and development 6,966,000 10,658,000
Selling, general, and administrative 31,846,000 40,780,000
Impairment loss on Marketing Rights 15,999,000 --
Total operating costs and expenses 54,811,000 51,438,000
Loss from Operations (76,812,000) (55,084,000)
Interest Income 2,840,000 8,690,000
Interest Expense (407,000) (585,000)
Other Income (Expense), net 26,000 121,000
Loss Before Income Taxes (74,353,000) (46,858,000)
Provision for Income Taxes 2,000 1,000
Net Loss $(74,355,000) $(46,859,000)
Net Loss Per Share of Common Stock -- Basic
and Diluted $(0.95) $(0.61)
Weighted Average Common Shares Outstanding 78,130,795 76,694,670



CAPSTONE TURBINE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED DECEMBER 31, 2002 AND 2001

2002 2001

Net Revenues $3,643,000 $10,145,000
Cost of Goods Sold (including impairment
loss of $5,016,000 in 2002) 16,049,000 12,569,000
Gross Loss (12,406,000) (2,424,000)
Operating Costs and Expenses:
Research and development 2,028,000 2,487,000
Selling, general, and administrative 6,779,000 10,765,000
Total operating costs and expenses 8,807,000 13,252,000
Loss from Operations (21,213,000) (15,676,000)
Interest Income 574,000 1,079,000
Interest Expense (91,000) (128,000)
Other Income (Expense), net (2,000) 83,000
Loss Before Income Taxes (20,732,000) (14,642,000)
Provision for Income Taxes -- --
Net Loss $(20,732,000) $(14,642,000)
Net Loss Per Share of Common Stock -- Basic
and Diluted $(0.26) $(0.19)
Weighted Average Common Shares Outstanding 80,168,807 77,098,076



CAPSTONE TURBINE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2002 AND 2001

2002 2001
Cash Flows from Operating Activities:
Net loss $(74,355,000) $(46,859,000)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 9,891,000 10,560,000
Impairment loss on fixed assets and
manufacturing rights 5,016,000 --
Impairment loss on marketing rights 15,999,000 --
Provision for doubtful accounts and
returns 215,000 --
Inventory write-down 4,793,000 2,900,000
Provision for warranty expenses 6,175,000 2,391,000
Loss on disposal of fixed assets 102,000 90,000
Non-employee stock compensation -- 396,000
Employee stock compensation 1,024,000 2,139,000
Changes in operating assets and
liabilities:
Accounts receivable 2,907,000 (4,301,000)
Other assets 100,000 --
Inventory 1,272,000 (10,750,000)
Prepaid expenses and other assets (1,302,000) 236,000
Accounts payable 830,000 (1,238,000)
Accrued salaries and wages 639,000 531,000
Other accrued liabilities 44,000 578,000
Accrued warranty reserve (3,406,000) (3,835,000)
Deferred revenue (737,000) (2,592,000)
Net cash used in operating activities (30,793,000) (49,754,000)
Cash Flows from Investing Activities:
Acquisition of and deposits on equipment
and leasehold improvements (2,515,000) (16,818,000)
Proceeds from sale of equipment -- 1,000
Acquisition of Intangible assets -- (557,000)
Net cash used in investing activities (2,515,000) (17,374,000)
Cash Flows from Financing Activities:
Repayment of capital lease obligations (1,309,000) (1,347,000)
Exercise of stock options, warrants and
employee stock purchases 280,000 2,506,000
Stock issuance costs -- (110,000)
Purchase of treasury stock (206,000) --
Net proceeds from issuance of common stock 3,985,000 --
Net cash provided by financing
activities 2,750,000 1,049,000
Net Decrease in Cash and Cash Equivalents (30,558,000) (66,079,000)
Cash and Cash Equivalents, Beginning of
Year 170,868,000 236,947,000
Cash and Cash Equivalents, End of Year $140,310,000 $170,868,000
Supplemental Disclosures of Cash Flow Information
Cash paid during the year for:
Interest $407,000 $584,000
Income taxes $2,000 $1,000

Contact:

Capstone Turbine Corporation
Wade Welch, 818/734-5555 (Investor Media)
Keith Field, 818/734-5465 (General Media)
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x