Capstone: Q1 Fiscal 2017 Results

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Capstone Turbine Corporation ( (CPST), the world’s leading clean technology manufacturer of microturbine energy systems, reported financial results for its first quarter of fiscal 2017 ended June 30, 2016.

The company reported total revenue of $19.1 million for the first quarter of fiscal 2017 and a net loss of $4.5 million, or $0.17 per share. This compares with total revenue of $27.0 million and a net loss of $6.0 million, or $0.36 per share, reported for the first quarter of fiscal 2016.

Darren Jamison, President and Chief Executive Officer of Capstone, said, “With our goal of achieving near-term profitability via our three-pronged strategic plan, we successfully lowered our net loss year-over-year despite a 29% reduction in revenue. This was achieved primarily by lowering our operating expenses 30% below last year’s first quarter. In addition, we have made solid strides in diversifying our business into the energy efficiency space and into target growth geographies. The quarter-over-quarter revenue decline was expected and is a result of the ongoing volatility of the global oil and gas markets, a stronger U.S. dollar and continued geopolitical strife in several of our end markets.”

Mr. Jamison continued, “We are successfully diversifying our market verticals and concentrating on new growth markets. This was evidenced during the first quarter of fiscal 2017, as energy efficiency applications increased to 48% of our revenue, compared with 35% in last year’s first quarter, with global shipments to customer sites that included hotels, office buildings, hospitals, retail and industrial applications. Our recently launched C1000 Signature Series is targeted directly at these markets, and I’m proud to say we shipped the first Signature Series unit to Europe this quarter. Oil, gas and natural resources applications declined to 46% of revenue compared with 55% during last year’s first quarter, and renewable energy applications were 6% of our sales compared with 10% in first quarter fiscal 2016.”

Mr. Jamison additionally noted, “With our emphasis on geographic expansion, revenue in Asia, Australia, Europe, Russia, the Middle East and Africa increased over last year’s first quarter. Collectively, these markets accounted for almost 54% of our product shipments this quarter, compared with 29% in the year-ago first quarter.”

Financial Highlights of Fiscal 2017 First Quarter:

    Net loss for the first quarter improved $1.5 million, or 25%, to $4.5 million compared with $6.0 million in last year’s first quarter.
    Loss per share decreased 53% to $0.17 compared to last year’s first quarter loss per share of $0.36 (split adjusted). Weighted average shares outstanding at the end of the first quarter of fiscal 2017 were 27.2 million compared with 16.5 million in the year-ago first quarter.
    Total revenue for the first quarter of fiscal 2017 was $19.1 million, a decrease of 29% compared with $27.0 million in the year-ago first quarter.
    Gross margin for the quarter was 16% compared to 17% in the year-ago fiscal first quarter, despite a 40% decrease in product shipments.
    Operating expenses for the quarter were reduced by $3.1 million, or 30%, to $7.4 million from $10.5 million in the year-ago first quarter.
    Cash and cash equivalents were $24.0 million as of June 30, 2016, including $13.1 million in net proceeds from our public offering in April and $5 million of restricted cash related to our Wells Fargo credit facility, compared to cash and cash equivalents of $16.7 million, including restricted cash of $5 million from the credit facility as of March 31, 2016.
    Inventories improved to $16.1 million compared with $26.4 million in the year-ago first quarter, a decrease of $10.3 million, and a decrease of $2.2 million from inventories at the end of the fourth quarter of fiscal 2016.
    Accounts payable and accrued expenses were $13.2 million compared with $23.4 million in the first quarter fiscal 2016.
    Bad debt recovery was $0.9 million during the first quarter of fiscal 2017 primarily from EMI, one of our distributors in the Middle East and Africa. There were no bad debt charges or recoveries recorded during the first quarter of fiscal 2016.
    Book-to-bill for the quarter improved to 0.9 compared with 0.7 in the year-ago first quarter.
    Positive working capital of $2.0 million was generated for the first quarter of fiscal 2017 compared to $2.5 million used in last year’s fiscal first quarter.
    As of June 30, 2016, borrowings on the Wells Fargo credit facility were $6.1 million, a $3.4 million decrease from borrowings as of March 31, 2016.

Mr. Jamison concluded, “As energy efficiency applications become the largest part of our business and we continue our strategy of geographical expansion, we remain determined to grow revenue to achieve our stated profitability targets, despite the macroeconomic headwinds. With the continued acceptance of our new C1000 Signature Series product, growth of our higher-margin service business and new revenue from our Capstone Energy Finance joint venture, we believe we are on track to reach our $25 million quarterly revenue goal.”

About Capstone Turbine Corporation
Capstone Turbine Corporation ( (CPST) is the world's leading producer of low-emission microturbine systems and was the first to market commercially viable microturbine energy products. Capstone has shipped approximately 8,800 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone 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 United States, Latin America, Europe, Middle East, China and Singapore.
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