Capstone Turbine Corporation: Deutlicher Umsatzanstieg und weniger Verlust

Die Capstone Turbine Corporation hat Ende September ihr Geschäftsjahr 2018 abgeschlossen. Das US-Unternehmen konnte den Umsatz gegenüber dem Vorjahr deutlich erhöhen und seine Verluste verringern. Lesen Sie dazu die Original-Meldung des kalifornischen Anbieters von emissionsarmen Mikroturbinen in englischer Sprache.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Capstone Turbine Reports Second Quarter Fiscal 2018 Financial Results

Year-over-Year Quarterly Revenue Increases 32%

Quarterly Gross Margin Expands from 5% to 15% of Revenue Year-over-Year

Adjusted EBITDA Loss Improves 55% to $2.3 Million from $5.1 Million Last Year

CHATSWORTH, Calif. -- Capstone Turbine Corporation ( (NASDAQ:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, reported financial results for its second quarter of fiscal 2018 ended September 30, 2017.

The company reported total revenue of $19.8 million for the second quarter of fiscal 2018 and a net loss of $3.7 million, or $0.09 per share. This compares with total revenue of $15.0 million and a net loss of $5.9 million, or $0.19 per share, reported for the second quarter of fiscal 2017. Weighted average shares outstanding for the quarter ended September 30, 2017 were 42.9 million compared with 30.5 million in the year-ago quarter.

Operating expenses for the quarter decreased 8% to $5.9 million from $6.4 million in the year-ago quarter. Operating expenses were the lowest reported since the fourth quarter of fiscal 1999. The Adjusted EBITDA loss improved 55% to $2.3 million for the second quarter of fiscal 2018 from $5.1 million in the year-ago quarter.

“Our second quarter and six-month year-to-date results are in-line with our internal expectations and represent a significant improvement over last year. In fact, our second quarter operating expenses were the lowest in 18 years,” said Darren Jamison, President and Chief Executive Officer of Capstone.

“Significant progress has been made on our multi-point strategic profitability plan. We recently announced that we are expecting to see an expansion of our accessories, parts and service business over the next two quarters with increased revenue and improved margins, lowering our operating expense target to $5 million a quarter once our Chatsworth facility is subleased and expecting to see $2.5 million in bad debt recovery in the next two quarters,” said Mr. Jamison. “This represents significant successful execution against our strategic plan, and when combined with the recently confirmed shipment of the 5.2 MWs for a large pipeline project, the Capstone team believes we have an opportunity to accelerate our goal of reaching Adjusted EBITDA breakeven in the upcoming December and/or March quarters,” said Mr. Jamison. “This is not our final business destination as we are just getting rolling, but it would mark a very significant milestone for all Capstone employees and stakeholders,” added Mr. Jamison.

Business developments and milestones recently achieved

- Capstone received a letter from The NASDAQ Stock Market stating that the company had regained compliance with The NASDAQ Stock Market’s minimum bid price listing requirement, Listing Rule 5550(a) (2). The letter was the result of Capstone’s share price being at or above $1.00 per share for ten consecutive business days from October 12 to 25, 2017.

- Capstone signed a 2-megawatt (MW) Factory Protection Plan (FPP) multi-year contract with its Hawaiian Distributor Critchfield Pacific for a global resort hotel chain on the island of Maui. Total FPP long-term contract coverage for Capstone units operating in Hawaii is now 74% as a result of the latest FPP contract.

- Aerospace Industrial Development Corporation (AIDC), Capstone’s exclusive distributor for Taiwan, secured its first C1000 Signature Series order for a biogas project in Taiwan. The biogas-fueled microturbine will be installed at a large piggery.

- Capstone executed a new agreement that appoints a new exclusive oil and gas distributor in Russia. Under the terms of the agreement, the company will grant Turbine International and its affiliate, MTE Service, the sole distribution rights for Capstone’s products and services in the Russian oil and gas sector in exchange for $6.3 million in cash. Under the agreement, Turbine International will pay Capstone $2.5 million in three payments by February 1, 2018 and the payments will be recorded as bad debt recovery. The remaining payments totaling $3.8 million are scheduled to be paid over a three-year period beginning in August 2018.

- The Energy Innovation Center (EIC) in Pittsburgh, Pennsylvania selected Capstone clean and green microturbines to retrofit its building. The EIC worked with E-Finity Distributed Generation, Capstone’s exclusive distributor for the Mid-Atlantic and Southeastern United States, for the installation of two natural gas-fueled C65 integrated cooling, heat and power (ICHP) microturbines with Capstone’s integrated heat recovery modules (HRMs).

- Capstone successfully winded down its $5.2 million field retrofit program to upgrade non-Signature Series C1000 and C200 microturbines. The retrofit program was completed on schedule and within budget. This program has provided a significant improvement in demonstrated performance and reliability of the non-Signature Series C1000 and C200 microturbines, which now approaches the world-class performance and reliability of the Signature Series C1000, C200 and the C65 and C30 microturbines.

- Capstone announced a new plan to further lower total operating expense by an additional $500 thousand per quarter. As a result, the new management quarterly total operating expense target is set at $5 million. This includes the successful completion of its consolidation plan for its two manufacturing facilities into a single manufacturing facility allowing for an immediate increase in operational efficiency and reduced facility expense when the exited facility is subleased.

- Capstone’s energy financing joint venture, Capstone Energy Finance, executed a five-year agreement with a large greenhouse operation in Colorado. Multiple propane-fired C65 microturbines will be installed in stand-alone mode at a remote location to provide electricity for the Colorado greenhouse.

Financial Highlights of Fiscal 2018 Second Quarter:

- Total revenue increased 32% to $19.8 million over the prior year’s second quarter. Product revenue increased 49% to $12.2 million and accessories, parts and FPP revenue increased 12% to $7.6 million over last year’s second quarter.

- Gross margin increased to $3.0 million, or 15% of revenue from $0.7 million, or 5% of revenue, in the year-ago second quarter.

- Operating expenses decreased 8% for the quarter to $5.9 million compared with $6.4 million in the year-ago second quarter.

- Net loss improved 37% to $3.7 million compared with a net loss of $5.9 million in last year’s second quarter.

- Loss per share of $0.09 compared to last year’s second quarter loss of $0.19. Weighted average shares outstanding at the end of the second quarter of fiscal 2018 were 42.9 million compared with 30.5 million in the year-ago quarter.

- Adjusted EBITDA loss was $2.3 million, an improvement of 55%, compared to $5.1 million a year ago second quarter. Adjusted EBITDA loss per share of $0.05 compared to last year’s second quarter Adjusted EBITDA loss of $0.17.

- Cash, cash equivalents and restricted cash were $15.2 million as of September 30, 2017, compared to cash, cash equivalents and restricted cash of $19.7 million as of March 31, 2017 and $16.1 million as of September 30, 2016.

- Subsequent to the end of the quarter, the company entered into a warrant exercise agreement for net proceeds of approximately $1.7 million from the exercise of existing warrants which was not dilutive to existing stockholders of the company calculated on a fully diluted basis.

- Cash usage, excluding net proceeds from equity transactions, during the first six-months of fiscal 2018 was $5.2 million lower, representing a 38% reduction compared to the same period last year.

- Inventories as of September 30, 2017 were $17.3 million compared with $15.5 million as of March 31, 2017 and $19.2 million at the end of the year-ago second quarter.

- As of September 30, 2017, borrowings on the revolving credit facility were $9.6 million, compared to $11.5 million as of March 31, 2017 and $6.2 million as of September 30, 2016.

- The company booked product net orders of approximately $5.8 million during the second quarter, for a 0.5:1 book-to-bill ratio, compared with $16.9 million of product net orders received and booked during the prior quarter, which was a 1.3:1 book-to-bill ratio and with $8.9 million of product net orders received and booked during the year-ago second quarter, which was a 1.1:1 book-to-bill ratio.

“Although our book-to-bill ratio temporarily slowed compared to the previous two quarters as our product mix shifted to smaller 65-kilowatt units during the quarter, recent hurricane activity is driving additional near-term opportunities in Texas, Florida and Puerto Rico,” added Mr. Jamison. “We had previously quoted projects in these regions, however, as a result of the recent hurricanes the project operators are looking to potentially accelerate their project timelines,” added Mr. Jamison.

“We continue to manage the balance sheet and working capital while focusing on our war on costs and making progress towards our near-term goal of obtaining Adjusted EBITDA breakeven,” said Ms. Brooks. “Last week we added an additional $1.7 million in cash to our balance sheet with the exercise of warrants, which contributed to our objectives of maintaining a strong balance sheet and working to clean up our cap table,” added Ms. Brooks.

Adjusted EBITDA is defined as net income before interest, provision for income taxes, depreciation and amortization expense, stock-based compensation expense, the change in warrant valuation and restructuring charges. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity.
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