11.11.13

Capstone Turbine Corporation: Q2 results

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CHATSWORTH, California - Capstone Turbine Corporation (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced its financial results for the second quarter of fiscal year 2014 ended September 30, 2013.

Second Quarter 2014 Highlights

    Total revenue of $35.3 million, up 17% year-over-year
    Product revenue of $28.7 million, up 22% year-over-year
    Gross margin of $4.9 million, up 88% year-over-year
    Gross margin as a percentage of revenue 14%, compared to 9% in second quarter Fiscal 2013
    Fourth consecutive quarter of double-digit gross margin
    Cash from operating activities of $8.0 million

Management Commentary

"During the second quarter, we delivered a healthy gross margin increase year-over-year while successfully focusing on cash conversion," said Darren Jamison, Capstone's President and Chief Executive Officer. "Our shipments and collections are back on track and we are expecting a return to sequential margin growth in the second half of Fiscal 2014 as revenue accelerate in our typically strongest quarters and traction for our C1000 series continues to build. After generating cash from operations of $8 million for the second quarter, we hope to achieve a targeted cash balance of $30 million by the end of the fiscal year."

Second Quarter 2014 Financial Summary

Revenue for the second quarter of Fiscal 2014 was $35.3million, compared to $24.4 million for the first quarter of Fiscal 2014, and $30.1 million for the second quarter of Fiscal 2013.

Capstone's backlog as of September 30, 2013 was $149.8 million, compared to $155.8 million at June 30, 2013, and $141.1 million at September 30, 2012.

Gross margin for the second quarter of Fiscal 2014 was $4.9 million, or 14% of revenue, compared to $3.3 million, or 14% of revenue, for the first quarter of Fiscal 2014, and $2.6 million, or 9% of revenue, for the second quarter of Fiscal 2013.

Research and development expenses were $2.0 million for the second quarter of Fiscal 2014, compared to $2.3 million for the first quarter of Fiscal 2014 and $2.4 million for the second quarter of Fiscal 2013.

Selling, general and administrative expenses were $6.6 million for the second quarter of Fiscal 2014, compared to $7.6 million for the first quarter of Fiscal 2014 and $6.4 million for the second quarter of Fiscal 2013.

Capstone's net loss was $3.9 million, or $0.01 loss per share, for the second quarter of Fiscal 2014,compared to a net loss of $6.8 million, or $0.02 loss per share, for the first quarter of Fiscal 2014, and a net loss of $6.2 million, or $0.02 per share, for the second quarter of Fiscal 2013.  Capstone's loss from operations for the second quarter of Fiscal 2014 was $3.7 million, compared to $6.6 million for the first quarter of Fiscal 2014 and $6.2 million for the second quarter of Fiscal 2013.

Liquidity and Capital Resources

At September 30, 2013, cash and cash equivalents totaled $28.3 million, compared to $21.6 million at June 30, 2013 and $45.2 million at September 30, 2012.

During the quarter ended September 30, 2013, cash from operating activities was $8.0 million and capital expenditures totaled $0.3 million.This compares to cash used in operating activities of $2.6 million and $0.4 million in capital expenditures during the quarter ended September 30, 2012.


About Capstone Turbine Corporation

Capstone Turbine Corporation (www.capstoneturbine.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 approximately 7,000 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.

CONTACT: Investor and Investment Media Inquiries:
         818-407-3628
         ir@capstoneturbine.com
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