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Capstone: Q4 & Fiscal Year 2013 Operating Results
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CHATSWORTH, California - Capstone Turbine Corporation (CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2013.
Fourth Quarter 2013 Highlights
Record quarterly revenue of $35.4 million, up 18% year-over-year
Product revenue of $29.1 million, up 17% year-over-year
Gross margin of $5.0 million, or 14%, compared to $0.9 million, or 3%, in fourth quarter Fiscal 2012
Second consecutive quarter of double-digit gross margin
New product orders of $41.5 million resulting in book-to-bill ratio of 1.4:1
Record product backlog of $148.9 million at March 31, 2013
Fiscal Year 2013 Highlights
Record annual revenue of $127.6 million, up 17% from Fiscal 2012
Product revenue of $102.7 million, up 14% from Fiscal 2012
Gross margin of $14.4 million, or 11% of revenue, compared to $5.4 million, or 5% of revenue, for Fiscal 2012
Operating loss decreased 31% year-over-year
New product orders of $112.6 million resulting in book-to-bill ratio of 1.1:1
Strong cash balance of $38.8 million at March 31, 2013
Inventory turns were 5.4x at the end of Fiscal 2013 compared to 5.1x for Fiscal 2012
Management Commentary
"Our outstanding results for Fiscal 2013 showcase the progress we've made in transforming Capstone for long-term profitability," said Darren Jamison, Capstone's President and Chief Executive Officer. "This was the best year in Capstone's history -- an extraordinary achievement for a team that has worked diligently to align all of our resources in operations, R&D, customer service, and sales and marketing, and position the company for long-term success. I'm also pleased to report that the fourth quarter of this year was the best year-end period in company history, with record revenue, an excellent book-to-bill ratio, substantially reduced operating loss, and a healthy cash balance.
"Over the past several years we have injected much greater predictability into our operations which has resulted in improved cost controls, increasing margin, reduced cash burn and heightened visibility," Jamison continued. "We have implemented lean manufacturing principles, bolstered our product development efficiency and enhanced our customer service resources. Additionally, our compounded annual revenue growth of 35% over the past 6 years reflects our targeted penetration of key markets that offer maximum potential. By focusing our resources in all the right areas, our foundation for continued success is in place. Capstone has entered Fiscal 2014 with brisk order momentum and expanding market drivers, and we are determined to deliver another banner year for growth and margin expansion."
Fourth Quarter 2013 Financial Summary
Revenue for the fourth quarter of Fiscal 2013 was $35.4 million, an increase of 6% from $33.3 million for the third quarter of Fiscal 2013, and an increase of 18% from $30.1 million for the fourth quarter of Fiscal 2012.
Capstone's backlog as of March 31, 2013 was $148.9 million, an increase of 9% from $136.5 million at December 31, 2012, and an increase of 7% from $139.0 million at March 31, 2012.
Gross margin for the fourth quarter of Fiscal 2013 was $5.0 million, or 14% of revenue,compared to $4.6 million, or 14% of revenue, for the third quarter of Fiscal 2013, and $0.9 million, or 3% of revenue, for the fourth quarter of Fiscal 2012.
Research and development expenses were $2.2 million for the fourth quarter of Fiscal 2013, compared to $2.2 million for the third quarter of Fiscal 2013 and $2.0 million for the fourth quarter of Fiscal 2012.
Selling, general and administrative expenses were $6.7 million for the fourth quarter of Fiscal 2013, compared to $6.8 million for the third quarter of Fiscal 2013 and $7.4 million for the fourth quarter of Fiscal 2012.
Capstone's net loss was $4.1 million, or $0.01 loss per share, for the fourth quarter of Fiscal 2013,compared to a net loss of $4.5 million, or $0.01 loss per share, for the third quarter of Fiscal 2013, and a net loss of $8.3 million, or $0.03 per share, for the fourth quarter of Fiscal 2012. Capstone's loss from operations for the fourth quarter of Fiscal 2013 decreased to $3.9 million, compared to $4.4 million for the third quarter of Fiscal 2013 and $8.5 million for the fourth quarter of Fiscal 2012.
Fiscal Year 2013 Financial Summary
Revenue for the fiscal year ended March 31, 2013 was $127.6 million, an increase of 17% from $109.4 million for the prior fiscal year.
Fiscal 2013 gross margin was $14.4 million, or 11% of revenue, compared to Fiscal 2012 gross margin of $5.4 million, or 5% of revenue. The year-over-year increase in gross margin of $9.0 million was primarily related to a higher volume of C200 and C1000 Series product shipments, microturbine parts and service revenue, and lower direct material costs during Fiscal 2013, partially offset by increased warranty and royalty expenses.
Research and development expenses were $9.0 million for Fiscal 2013, compared to $8.2 million for Fiscal 2012. The increase in R&D expenses of $0.8 million resulted from increased supplies, salaries and consulting expense, offset by increased cost-sharing benefits.
Selling, general and administrative expenses were $27.4 million for Fiscal 2013, compared to $28.9 million for Fiscal 2012. The net decrease in SG&A expenses was comprised primarily of a decrease in bad debt expense and professional services, partially offset by increased salaries and related expenses, business travel expense and marketing expense.
Capstone's net loss was $22.6 million, or $0.07 loss per share, for Fiscal 2013, compared to a net loss of $18.8 million, or $0.07 loss per share, for Fiscal 2012. Capstone's loss from operations for Fiscal 2013 was $22.0 million, a 31% reduction from the Fiscal 2012 loss from operations of $31.7 million.
The adoption of Accounting Standards Codification 815 "Derivatives and Hedging" affects the Company's accounting for warrants with certain anti-dilution provisions. The Company recorded a non-cash benefit of $0.7 million to change in fair value of warrant liability for Fiscal 2013. Capstone's net loss for Fiscal 2013 before considering the non-cash warrant liability benefit would have been $23.3 million (calculated by subtracting the $0.7 million warrant liability benefit from the $22.6 million reported net loss), or $0.08 loss per share (calculated by subtracting a $0.01 gain per share attributable to the warrant liability benefit from the $0.07 loss per share reported). The Company recorded a non-cash benefit of $14.0 million to change in fair value of warrant liability for Fiscal 2012. Capstone's net loss for Fiscal 2012 before considering the non-cash warrant liability benefit would have been $32.8 million (calculated by subtracting the $14.0 million warrant liability benefit from the $18.8 million reported net loss), or $0.12 loss per share (calculated by subtracting a $0.05 gain per share attributable to the warrant liability benefit from $0.07 loss per share reported).
Liquidity and Capital Resources
At March 31, 2013, cash and cash equivalents totaled $38.8 million, compared to $41.9 million at December 31, 2012 and $50.0 million at March 31, 2012.
During the quarter ended March 31, 2013, Capstone used $3.6 million of cash in operating activities and spent $0.3 million in capital expenditures. This compares to cash generated from operating activities of $4.5 million and $0.6 million in capital expenditures during the quarter ended March 31, 2012.
During the year ended March 31, 2013, Capstone used $17.1 million of cash in operating activities and spent $1.2 million in capital expenditures. This compares to cash used in operating activities of $21.4 million and $1.4 million in capital expenditures during the year ended March 31, 2012.
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 Turbine has shipped over 6,500 Capstone MicroTurbine(R) 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, Mexico City, Nottingham, Shanghai and Singapore.
"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Contact:
818-407-3628
[email protected]
CHATSWORTH, California - Capstone Turbine Corporation (CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2013.
Fourth Quarter 2013 Highlights
Record quarterly revenue of $35.4 million, up 18% year-over-year
Product revenue of $29.1 million, up 17% year-over-year
Gross margin of $5.0 million, or 14%, compared to $0.9 million, or 3%, in fourth quarter Fiscal 2012
Second consecutive quarter of double-digit gross margin
New product orders of $41.5 million resulting in book-to-bill ratio of 1.4:1
Record product backlog of $148.9 million at March 31, 2013
Fiscal Year 2013 Highlights
Record annual revenue of $127.6 million, up 17% from Fiscal 2012
Product revenue of $102.7 million, up 14% from Fiscal 2012
Gross margin of $14.4 million, or 11% of revenue, compared to $5.4 million, or 5% of revenue, for Fiscal 2012
Operating loss decreased 31% year-over-year
New product orders of $112.6 million resulting in book-to-bill ratio of 1.1:1
Strong cash balance of $38.8 million at March 31, 2013
Inventory turns were 5.4x at the end of Fiscal 2013 compared to 5.1x for Fiscal 2012
Management Commentary
"Our outstanding results for Fiscal 2013 showcase the progress we've made in transforming Capstone for long-term profitability," said Darren Jamison, Capstone's President and Chief Executive Officer. "This was the best year in Capstone's history -- an extraordinary achievement for a team that has worked diligently to align all of our resources in operations, R&D, customer service, and sales and marketing, and position the company for long-term success. I'm also pleased to report that the fourth quarter of this year was the best year-end period in company history, with record revenue, an excellent book-to-bill ratio, substantially reduced operating loss, and a healthy cash balance.
"Over the past several years we have injected much greater predictability into our operations which has resulted in improved cost controls, increasing margin, reduced cash burn and heightened visibility," Jamison continued. "We have implemented lean manufacturing principles, bolstered our product development efficiency and enhanced our customer service resources. Additionally, our compounded annual revenue growth of 35% over the past 6 years reflects our targeted penetration of key markets that offer maximum potential. By focusing our resources in all the right areas, our foundation for continued success is in place. Capstone has entered Fiscal 2014 with brisk order momentum and expanding market drivers, and we are determined to deliver another banner year for growth and margin expansion."
Fourth Quarter 2013 Financial Summary
Revenue for the fourth quarter of Fiscal 2013 was $35.4 million, an increase of 6% from $33.3 million for the third quarter of Fiscal 2013, and an increase of 18% from $30.1 million for the fourth quarter of Fiscal 2012.
Capstone's backlog as of March 31, 2013 was $148.9 million, an increase of 9% from $136.5 million at December 31, 2012, and an increase of 7% from $139.0 million at March 31, 2012.
Gross margin for the fourth quarter of Fiscal 2013 was $5.0 million, or 14% of revenue,compared to $4.6 million, or 14% of revenue, for the third quarter of Fiscal 2013, and $0.9 million, or 3% of revenue, for the fourth quarter of Fiscal 2012.
Research and development expenses were $2.2 million for the fourth quarter of Fiscal 2013, compared to $2.2 million for the third quarter of Fiscal 2013 and $2.0 million for the fourth quarter of Fiscal 2012.
Selling, general and administrative expenses were $6.7 million for the fourth quarter of Fiscal 2013, compared to $6.8 million for the third quarter of Fiscal 2013 and $7.4 million for the fourth quarter of Fiscal 2012.
Capstone's net loss was $4.1 million, or $0.01 loss per share, for the fourth quarter of Fiscal 2013,compared to a net loss of $4.5 million, or $0.01 loss per share, for the third quarter of Fiscal 2013, and a net loss of $8.3 million, or $0.03 per share, for the fourth quarter of Fiscal 2012. Capstone's loss from operations for the fourth quarter of Fiscal 2013 decreased to $3.9 million, compared to $4.4 million for the third quarter of Fiscal 2013 and $8.5 million for the fourth quarter of Fiscal 2012.
Fiscal Year 2013 Financial Summary
Revenue for the fiscal year ended March 31, 2013 was $127.6 million, an increase of 17% from $109.4 million for the prior fiscal year.
Fiscal 2013 gross margin was $14.4 million, or 11% of revenue, compared to Fiscal 2012 gross margin of $5.4 million, or 5% of revenue. The year-over-year increase in gross margin of $9.0 million was primarily related to a higher volume of C200 and C1000 Series product shipments, microturbine parts and service revenue, and lower direct material costs during Fiscal 2013, partially offset by increased warranty and royalty expenses.
Research and development expenses were $9.0 million for Fiscal 2013, compared to $8.2 million for Fiscal 2012. The increase in R&D expenses of $0.8 million resulted from increased supplies, salaries and consulting expense, offset by increased cost-sharing benefits.
Selling, general and administrative expenses were $27.4 million for Fiscal 2013, compared to $28.9 million for Fiscal 2012. The net decrease in SG&A expenses was comprised primarily of a decrease in bad debt expense and professional services, partially offset by increased salaries and related expenses, business travel expense and marketing expense.
Capstone's net loss was $22.6 million, or $0.07 loss per share, for Fiscal 2013, compared to a net loss of $18.8 million, or $0.07 loss per share, for Fiscal 2012. Capstone's loss from operations for Fiscal 2013 was $22.0 million, a 31% reduction from the Fiscal 2012 loss from operations of $31.7 million.
The adoption of Accounting Standards Codification 815 "Derivatives and Hedging" affects the Company's accounting for warrants with certain anti-dilution provisions. The Company recorded a non-cash benefit of $0.7 million to change in fair value of warrant liability for Fiscal 2013. Capstone's net loss for Fiscal 2013 before considering the non-cash warrant liability benefit would have been $23.3 million (calculated by subtracting the $0.7 million warrant liability benefit from the $22.6 million reported net loss), or $0.08 loss per share (calculated by subtracting a $0.01 gain per share attributable to the warrant liability benefit from the $0.07 loss per share reported). The Company recorded a non-cash benefit of $14.0 million to change in fair value of warrant liability for Fiscal 2012. Capstone's net loss for Fiscal 2012 before considering the non-cash warrant liability benefit would have been $32.8 million (calculated by subtracting the $14.0 million warrant liability benefit from the $18.8 million reported net loss), or $0.12 loss per share (calculated by subtracting a $0.05 gain per share attributable to the warrant liability benefit from $0.07 loss per share reported).
Liquidity and Capital Resources
At March 31, 2013, cash and cash equivalents totaled $38.8 million, compared to $41.9 million at December 31, 2012 and $50.0 million at March 31, 2012.
During the quarter ended March 31, 2013, Capstone used $3.6 million of cash in operating activities and spent $0.3 million in capital expenditures. This compares to cash generated from operating activities of $4.5 million and $0.6 million in capital expenditures during the quarter ended March 31, 2012.
During the year ended March 31, 2013, Capstone used $17.1 million of cash in operating activities and spent $1.2 million in capital expenditures. This compares to cash used in operating activities of $21.4 million and $1.4 million in capital expenditures during the year ended March 31, 2012.
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 Turbine has shipped over 6,500 Capstone MicroTurbine(R) 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, Mexico City, Nottingham, Shanghai and Singapore.
"Capstone" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.
Contact:
818-407-3628
[email protected]