Capstone: Preliminary Q4 2016 Results
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Sequential Quarterly Improvements Result in Improved Revenue, Gross Margin, EBITDA and Net Loss
Chatsworth California - Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, reports select preliminary fiscal fourth quarter 2016 financial results.
Preliminary estimates for the fourth quarter ended March 31, 2016 are as follows: Revenue is approximately $19 million compared to $21.5 million for the third quarter ended December 31, 2015. Cash and cash equivalents, including restricted cash, are approximately $17 million compared to $18.5 million as of December 31, 2015. In addition, the company recovered approximately $1.4 million in bad debt during the fourth quarter compared to $0.2 million during the third quarter ended December 31, 2015.
Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, “As with many other companies that have heavy exposure to the energy sector, we too have experienced a very challenging year. However, despite the current revenue pressures, the preliminary fourth quarter results illustrate another quarter of balance sheet management. In particular, I am encouraged by recent renewed shipments to our Russian distributor BPC and cash recovery on a significant portion of the fully reserved EMI receivable.”
Receiving new product orders from 18 different countries, the company continued its geographic diversification during the fourth quarter and booked total orders of approximately $20 million to backlog during the quarter, representing a 1.8:1 book-to-bill ratio. Accessories, Parts and Service revenue for the quarter was near a record high as the global microturbine population and factory protection plan revenue continues to expand.
“We continue to execute on our three-pronged recovery plan to reduce operating expenses; diversify and increase revenue; and improve gross margin. I am pleased with our product bookings in the fourth quarter of fiscal 2016 as they represent the highest book-to-bill ratio since the fourth quarter of fiscal 2012. We also continued to make significant strides in diversifying our market verticals. The combined heat and power market continued to show solid growth and is now the largest segment of our business,” added Mr. Jamison.
Mr. Jamison also noted a report published in March 2016 by the U.S. Department of Energy (DOE) on the combined heat and power market, titled “Combined Heat and Power (CHP) Technical Potential in the United States.” He stated, “This report provides excellent insight on the market potential and installed base for CHP in the U.S. and is advantageous for Capstone as we plan the marketing strategy of our new C1000 Signature Series, 82 percent efficient, CHP, in-a-box product.”
Highlights of the report are included in an Appendix to this press release. The full report is available at http://energy.gov/sites/prod/files/2016/04/f30/CHP Technical Potential Study 3-31-2016 Final.pdf
Relating to capitalization, during the quarter ended March 31, 2016, the company raised funds through the sale of 4.0 million shares of common stock through its previously disclosed at-the-market offering program. The net proceeds to the company from the sale of the common stock, after deducting fees and other offering expenses, were approximately $5.4 million.
Members of the company’s executive management also voluntarily agreed to cancel and terminate a total of 65,509 unvested stock options that had been previously issued to them. This cancellation resulted in a one-time non-cash period expense of approximately $0.7 million for the unrecognized stock-based compensation expense that would have been recognized over the weighted average remaining service period of approximately 2.3 years had the options continued to vest.
The company expects to issue its full financial results for the fiscal year and fourth quarter ended March 31, 2016 no later than June 14, 2016.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 8,700 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, United Kingdom, Mexico City, Shanghai and Singapore.