Capstone: Q4 and Full-Year Fiscal 2016 Results
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Capstone Turbine Corporation (www.capstoneturbine.com) (CPST), the world's leading clean technology manufacturer of microturbine energy systems, reported financial results for its fourth quarter and the full fiscal year of 2016 ended March 31, 2016.
Darren Jamison, President and Chief Executive Officer of Capstone Turbine, said, “Having faced numerous challenges this year, we took action to reposition the business for profitability. As a result of those actions, we are successfully diversifying our market verticals, expanding into new geographical areas and substantially reducing our operating expenses with the goal of reaching profitability at lower operating levels. We also launched Capstone Energy Finance™, our joint venture that provides financing options to purchase our microturbines and capture customers that would like to deploy our products but may not currently have the capital dollars to purchase them.”
Total revenue for the fourth quarter of fiscal 2016 was $18.9 million compared with $29.9 million in the year-ago fourth quarter, and net loss was $5.3 million, or $0.25 per share compared with a net loss of $14.3 million or $0.87 per share in the year-ago fourth quarter. Capstone had bad debt recovery of $1.4 million during the fourth quarter of fiscal 2016 from EMI, one of its distributors in the Middle East and Africa. In comparison, Capstone recorded a bad debt expense of approximately $7.1 million during the fourth quarter of fiscal 2015 against its receivables owed by BPC, one of its Russian distributors.
Total revenue for fiscal 2016 was $85.2 million, compared with $115.5 million in the year-ago period. Net loss for fiscal 2016 improved to $25.2 million, or $1.39 per share, compared with $31.5 million or $1.92 per share in fiscal 2015. Capstone had bad debt recovery of $1.5 million during fiscal 2016 primarily from EMI. In comparison, Capstone recorded bad debt expense of approximately $10.1 million during fiscal 2015 against its receivables owed primarily by BPC and EMI. Per-share figures for both the fourth quarter and full year include the 1-for-20 reverse stock split that was effected in November 2015.
Mr. Jamison continued, “During the year, we focused on increasing our business in the energy efficiency and renewable energy vertical markets. Our efforts were successful as fiscal 2016 product revenue was comprised of 53% from energy efficiency applications, 37% from oil and gas and other natural resources applications and 10% from renewable energy applications. This compared to fiscal 2015 product revenue of 44% from energy efficiency, 49% from oil and gas and other natural resources, and 7% from renewable energy applications. These results indicate that we have made significant strides in shifting our business toward the energy efficiency vertical market, because it was only 25% of our total product revenue in fiscal 2014.”
Financial Highlights of Fiscal 2016 Fourth Quarter:
Gross margin for the quarter was 11% compared to 12% in the year-ago fiscal fourth quarter at 37% lower revenue levels
Operating expenses for the quarter were reduced $10.3 million, or 59%, to $7.3 million from $17.6 million in the year-ago fourth quarter
Net loss for the quarter improved $9 million, or 63%, to $5.3 million, or $0.25 per share, for the quarter from a net loss of $14.3 million, or $0.87 per share, in the year-ago fourth quarter
Inventories decreased $4.4 million from the third quarter on lower finished goods and raw materials
Accounts payable and accrued expenses decreased $8.2 million, or 38%, from the third quarter
Bookings for the fourth quarter were $18.3 million compared to $13.7 million in the year-ago fourth quarter
Book-to-bill for the quarter improved to 1.6 from 0.6 in the year-ago fourth quarter
Financial Highlights of Full Year Fiscal 2016:
Gross margin for fiscal 2016 was 15% compared to 16% in fiscal 2015 at 26% lower revenue levels
Operating expenses for fiscal 2016 were reduced $11.9 million, or 24%, to $37.3 million from $49.2 million in fiscal 2015
Net loss for the year improved $6.3 million, or 20%, to $25.2 million, or $1.39 per share, for fiscal 2016 from a net loss of $31.5 million, or $1.92 per share, in fiscal 2015
Inventories decreased $7.1 million, or 28%, in fiscal 2016 on lower finished goods and raw materials
Accounts payable and accrued expenses decreased $9.1 million, or 41%, in fiscal 2016
Working capital was negative $2.4 million for fiscal 2016 compared to negative $11.9 million in fiscal 2015
Borrowings decreased $3.5 million on the Wells Fargo credit facility in fiscal 2016 compared to a $0.3 million reduction in fiscal 2015
“As we look into the year ahead, we remain focused on reaching profitability as quickly as possible,” continued Mr. Jamison. “With the improvements we have made, we believe we are firmly on the path of reducing our cost structure by 35%, increasing our gross margin to 25% and reaching our breakeven goal at approximately $25 million in quarterly revenue.”
Mr. Jamison added, “We also expect to benefit from improved market vertical diversification with more focus on energy efficiency and renewable energy and improved geographic diversification with a strong focus on increasing our business in growth areas such as Mexico, South America, Africa, Eastern Europe, the Middle East and Australia. With a slow return of business from our Russian distributor BPC, we look forward to rebuilding our business in that country by continuing to support BPC and also by adding new distributors in Russia and the Commonwealth of Independent States. In addition to market vertical and geographical diversification, we expect growth to come from our newly launched C1000 Signature Series, our service business with a growing Factory Protection Plan program and our new extended warranty product.”
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (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 New York Metro Area, United Kingdom, Mexico City, Shanghai and Singapore.