Capstone: Preliminary Q1 Fiscal 2018 Financial Results
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- Book-to-Bill Ratio Continues to be Strong on New Energy Efficiency Projects
- Low Cash Usage on Working Capital Management, Expense Controls and Financing Activities
- Q1 Fiscal 2018 Financial Results Webcast to be Held August 9, 2017 at 1:45 PM PT, 4:45 PM ET
CHATSWORTH, Calif. -- In a continued effort to increase investor transparency, Capstone Turbine Corporation (www.capstoneturbine.com) (CPST), the world’s leading clean technology manufacturer of microturbine energy systems, announced its select preliminary first quarter financial results. Orders for new products were strong for the second straight quarter with a book-to-bill ratio of 1.3 to 1 for the first quarter of fiscal 2018 preliminarily indicating a rebound in the business. Capstone booked $35.9 million in new product orders for the six month period ended June 30, 2017 compared to $20.4 million in the preceding six months.
Capstone reported that its cash usage, excluding net proceeds from equity transactions, during the first quarter of fiscal 2018 was $2.7 million lower compared to the same period last year on similar quarterly revenue. Preliminary revenue for the first quarter was approximately $19.2 million compared to $19.1 million in the same period a year ago. The continued improvement in cash usage on similar revenue was achieved by a combined improvement in working capital management and tighter control of expenses.
In addition, Capstone set a new record for its Factory Protection Plan (FPP) service contract revenue of approximately $3.7 million for the first quarter of fiscal 2018 which is an increase of 12% over the same period last year. Capstone has identified growth of its FPP business as a critical part of its profitability plan given the recurring revenue generated by FPP service contracts which typically have higher margins.
Darren Jamison, President and Chief Executive Officer of Capstone Turbine said, “I am pleased with our preliminary first quarter of fiscal 2018 results as the business continues to demonstrate improvement in each of our key focus areas.” Mr. Jamison added, “Two straight quarters of robust new product orders and record FPP service contract revenue are positive signs. Additionally, with our concentrated focus on revenue growth and working capital management, we continue to pave the strategic path towards profitability as we leverage our new and significantly lower operating cost structure.”
Total cash, cash equivalents and restricted cash decreased approximately $0.6 million to $19.1 million as of June 30, 2017, compared to $19.7 million at the end of the prior quarter. Capstone also announced that borrowings on its line of credit decreased approximately $2.0 million during the first quarter of fiscal 2018 and it received approximately $2.5 million from the at-the-market offering program during the period.
During the quarter, Capstone secured orders from a diverse set of customers including:
One C600S for a small community in West Africa
Thirty C65s for CHP projects across the United Kingdom
Two C1000S units to provide power for two research facilities in Kuwait
Two C65s to be installed in a flare gas application in North Africa
One C600S for a wastewater treatment plant in upstate New York
One C1000S and one C600S for a hospital in the New York metro area
Two C1000S units for a commercial customer in Fiji
Nine C65s to upgrade a large chicken egg farm in California
Two C1000S units to provide power from waste gas for an oil and gas customer in California
“Diversifying our customer base and geographic presence remains a primary focus for us as we look to increase our revenue from the energy efficiency markets while our oil and gas business continues to rebound,” added Mr. Jamison.
“As we continue our war on operating costs, we remain persistent in identifying new opportunities to further decrease our cash burn, reduce expenses, increase inventory turns, increase efficiency and improve our overall cash cycle. Substantive progress stemming from our cost cutting efforts, which started in the first quarter of 2016, has materialized as previously reported. We continue to operate at these lower expense levels and have yet to harvest the full benefits of our current plant consolidation efforts,” said Mr. Jamison.
“Our efforts are concentrated on shortening our path to profitability as we continually lower our business expenses, grow our product, service and add-on accessory revenue, diversify our geographic and vertical markets, launch new innovative products, create new key partnerships and further emphasize firm balance sheet management,” Mr. Jamison concluded.
The select financial results presented in this press release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management and have not been reviewed or audited by our independent registered public accounting firm. There can be no assurance that the company’s actual results for the period presented herein will not differ from the preliminary financial data presented herein and such changes could be material. This preliminary financial data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future periods.