Capstone Turbine Corporation: Fiscal 2008 Operating Results – Order for Approximately $3.5 Million

Capstone Turbine Corporation Announces Fiscal 2008 Operating Results
Thursday June 12, 4:15 pm ET
Fiscal 2008 Revenue Improved 49% from Prior Year and Fourth Quarter Revenue Improved 60% from Same Period Last Year. Backlog up 458% from Prior Year.

CHATSWORTH, Calif.----Capstone Turbine Corporation (www.microturbine.com) reported operating results for its fourth quarter and fiscal year ended March 31, 2008 in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 12, 2008.


Financial Summary

Capstone’s backlog for the fiscal year ended March 31, 2008 was $27.9 million, an increase of 458% from the prior fiscal year and 113% from the prior quarter.

Revenue for the fiscal year ended March 31, 2008 was $31.3 million, an increase of 49% from the prior fiscal year. Capstone shipped 434 units in Fiscal 2008, compared to 277 units in the prior fiscal year.

The reported gross loss for the fiscal year ended March 31, 2008 was $3.8 million, or 12% of revenue, an improvement of 12 points over the prior fiscal year. The year over year improvement in the gross loss percentage reflects increased sales volume of both C30 and C65 products and reduced warranty charges, offset by increased manufacturing costs and lower absorption of overhead costs into ending inventory as a result of decreased finished goods inventory.

Research and development costs were $8.9 million for the fiscal year ended March 31, 2008, a decrease of $0.5 million, or 5%, from the prior fiscal year. The net decrease is the result of an increase in benefits from cost-sharing programs, primarily from United Technologies Corporation, and lower facilities costs, offset by increased labor and consulting spending, development hardware and supplies, and travel and administrative costs.

Selling, general and administrative costs were $25.6 million for the fiscal year ended March 31, 2008, an increase of $1.0 million, or 4%, from the prior fiscal year. The increase was primarily attributable to higher travel costs due to increased customer site visits and trade show activity, and higher facility costs, offset primarily by lower administrative costs.

Capstone's net loss was $36.1 million, or $0.25 per share, for the fiscal year ended March 31, 2008, an improvement of $0.6 million from the $36.7 million loss, or $0.07 per diluted common share, reported for the prior fiscal year.

Cash and cash equivalents for the fiscal year ended March 31, 2008 were $42.6 million. Cash balances decreased $17.7 million during the fiscal year ended March 31, 2008.

Revenue for the fourth quarter ended March 31, 2008 was $9.3 million, an improvement of 60% from the prior year comparable quarter. Capstone shipped 140 units in the fourth quarter of Fiscal 2008, compared to 67 units for the prior year comparable quarter.

The reported gross loss for the fourth quarter was $0.5 million, or 6% of revenue, compared to $1.0 million, or 17% of revenue, for the fourth quarter of Fiscal 2007, an improvement of 11 points.

The quarter over quarter improvement in the gross loss percentage reflects increased sales volume of both C30 and C65 products and reduced warranty charges, offset by increased manufacturing and overhead costs.

Research and development costs remained constant at $2.0 million for both the fourth quarter and the prior year comparable quarter. Expenses were higher in the fourth quarter of Fiscal 2008 but were offset by increased funding received from United Technologies Corporation.

Selling, general and administrative costs were $7.4 million for the fourth quarter, an increase of $1.1 million, or 17%, from the prior year comparable quarter. The increase was primarily attributable to increased labor, consulting, facilities, travel and accounting fees, offset by decreased bad debt costs.

Capstone’s net loss was $9.5 million for the fourth quarter, or $0.07 per share, an increase of $1.0 million from the $8.5 million loss, or $0.06 per share, reported for the prior year comparable quarter.

Cash used in operations was $2.5 million for the fourth quarter compared to $3.3 million for the prior quarter and $7.5 million for the same period last year.

Conference Call

The Company will host a conference call today, Thursday, June 12, at 1:45 p.m. Pacific Time. Access to the live broadcast and a replay of the webcast will be available for 90 days through the Investor Relations page on the Company's website: www.microturbine.com.

About Capstone Turbine

Capstone Turbine Corporation (www.microturbine.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 4,000 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 9001:2000 and ISO 14001:2004 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Bath, Shanghai and Tokyo.

"Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.





Capstone Executes National Account Agreement with OfficePower and Announces Initial Order for Approximately $3.5 Million for New York Office Buildings
Thursday June 12, 4:30 pm ET

CHATSWORTH, Calif.-- Capstone Turbine Corporation (www.microturbine.com), the world’s leading clean technology manufacturer of microturbine energy systems, announced today that it has entered into a three-year National Account Agreement with OfficePower, Inc. In addition, OfficePower placed its initial order under the agreement for approximately $3.5M including the first order for C1000 MicroTurbine® systems to be deployed in the U.S. market. The C1000s will be installed in the following Class A office buildings in Manhattan:

    * 200 Park Avenue is a 58 story multi-tenant office building located in midtown Manhattan on 42nd street, abutting Grand Central station. 200 Park Avenue is the MetLife building, one of the most iconic buildings in Manhattan.
    * 220 East 42nd Street, also known as “The News Building,” is a 37 story multi-tenant office building in the heart of midtown Manhattan. Its landmarked lobby featuring a rotating globe was made famous in the Superman television series in the 1950’s and it continues to attract visitors from around the world.
    * 230 Park Avenue is a 34-story multi-tenant building located between 45th and 46th streets known as the Helmsley Building.

Located in Norwalk, Connecticut, OfficePower is a national power solution company providing proprietary, breakthrough solutions to the electric distribution problems facing commercial real estate. OfficePower’s systems increase a building’s power reliability and overall asset value by reducing the facility’s consumption of grid power during high cost peak periods and providing the back-up power necessary to ensure the continued operation of critical tenant or building loads during service outages and other grid related disruptions.

“We are pleased to have entered into a National Account Agreement with OfficePower and, in particular, receiving the first order for our C1000 systems in the U.S. market,” said Jim Crouse, Capstone’s Executive Vice President, Sales & Marketing.

“OfficePower has a proven track record of successfully designing, installing and operating high efficiency distributed generated solutions in Class A office buildings,” said Darren Jamison, President & CEO of Capstone Turbine Corporation. “OfficePower developed and implemented an integrated approach to combined heat and power installations that make distributed generation viable for the company and its customers. OfficePower’s innovative and cost effective green solution is proving to be successful as demonstrated both by the 1350 Avenue of the America’s installation and the other buildings that have become OfficePower’s customers,” added Jamison.

“We install, own and operate state-of-the-art Combined Heat and Power generating facilities in office buildings and are glad to be the first to introduce the new Capstone C1000 into Class A office buildings in New York,” said Joel R. Wilson, CEO of OfficePower, Inc. “Mayor Bloomberg’s leadership in energy and environmental policy supports the deployment of distributed generation technologies and we are proud to play a role in its implementation,” added Wilson. “We are extremely pleased with our initial C60 Capstone turbine installation at 1350 Avenue of the Americas. This 720kW installation has experienced 99.4% availability over the last eighteen months and was a key factor in OfficePower moving forward with Capstone on this National Account Agreement. The C200 and C1000 demonstrate Capstone’s ability to provide innovative, customer oriented, cost-effective solutions to our marketplace. We look forward to continue to make Capstone products, including the new C200 and C1000, available to our customers.”

Every installed C1000 Capstone microturbine solution is equivalent to removing up to 700 average U.S. passenger vehicles from the road, based on EPA emissions and efficiency data for the average passenger vehicle, or the equivalent of planting 730 acres of pine and fir forest, based on CO2 reductions.

About Capstone Turbine

Capstone Turbine Corporation (www.microturbine.com) (NASDAQ:CPST - News) 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 4,000 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 9001:2000 and ISO 14001:2004 certified company; Capstone Turbine is headquartered in the Los Angeles area with sales and/or service centers in New York, Mexico City, Milan, Bath, Shanghai and Tokyo.

“Capstone Turbine Corporation” and “Capstone MicroTurbine” are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners.

Contact:

Capstone Turbine Corporation
Alice Barsoomian, 818-407-3628

Source: Capstone Turbine Corporation

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