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

December 31, March 31,
2003 2003
------------- -------------
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

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

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
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
Cash paid during the period for:
Interest $154,000 $292,000
Income taxes $ -- $ --

Capstone Turbine Corporation, Chatsworth, Calif.
Investor Media: Alice Barsoomian, 818-734-5428
General Media: Keith Field, 818-734-5465
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