12.02.13

Capstone Turbine Corporation: Q3 Fiscal Year 2013 Results

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CHATSWORTH, California - Capstone Turbine Corporation (CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced its financial results for the third quarter fiscal year 2013 ended December 31, 2012.

Third Quarter 2013 Highlights

    Record quarter revenue of $33.3 million, up 21% year-over-year
    Product revenue of $26.3 million, up 20% year-over-year
    Shipments of 26.1 megawatts, compared to 23.5 megawatts year-over-year
    Gross margin doubled year-over-year, from $2.3 million to $4.6 million, or 14% of revenue
    Healthy product backlog of $136.5 million at December 31, 2012, up 19% year-over-year
    Strong cash balance of $41.9 million at December 31, 2012

Management Commentary

"The third quarter of fiscal 2013 marked our best quarter as a whole in company history. We set another record for quarterly revenue, achieved a strong double digit gross margin percentage for the first time, and reduced our net loss significantly. We are continuing to make outstanding progress on our path to profitability," said Darren Jamison, Capstone's President and Chief Executive Officer.

Jamison added, "In January, we received some sizeable follow-on orders in the oil and gas sector, where we have significant opportunity to continue to capture market share, and we have seen some improvement in European order flow.

"We also entered the Chilean market for the first time with the sale of four C65s with our new distributor in the region and received an order for our first C1000 series product in China."

Third Quarter 2013 Financial Summary

Revenue for the third quarter of Fiscal 2013 was $33.3 million, an increase of 11% from $30.1 million for the second quarter of Fiscal 2013, and an increase of 21% from $27.5 million for the third quarter of Fiscal 2012. Capstone shipped 26.1 megawatts in the third quarter of Fiscal 2013, compared to 24.0 megawatts in the second quarter of Fiscal 2013 and 23.5 megawatts in the third quarter of Fiscal 2012.

Capstone's backlog as of December 31, 2012 was $136.5 million, compared to $141.1 million at September 30, 2012, and an increase of 19% from $115.1 million at December 31, 2011.

Gross margin for the third quarter of Fiscal 2013 was $4.6 million, or 14% of revenue, compared to $2.6 million, or 9% of revenue, for the second quarter of Fiscal 2013, and $2.3 million, or 8% of revenue, for the third quarter of Fiscal 2012.

Research and development expenses were $2.2 million for the third quarter of Fiscal 2013, compared to $2.4 million for the second quarter of Fiscal 2013 and $1.8 million for the third quarter of Fiscal 2012.

Selling, general and administrative expenses were $6.8 million for the third quarter of Fiscal 2013, compared to $6.4 million for the second quarter of Fiscal 2013 and $8.3 million for the third quarter of Fiscal 2012.

Capstone's net loss was $4.5 million, or $0.01 loss per share, for the third quarter of Fiscal 2013,compared to a net loss of $6.2 million, or $0.02 loss per share, for the second quarter of Fiscal 2013, and a net loss of $8.8 million, or $0.03 per share, for the third quarter of Fiscal 2012.Capstone's loss from operations for the third quarter of Fiscal 2013 was $4.4 million, compared to $6.2 million for the second quarter of Fiscal 2013 and $7.8 million for the third quarter of Fiscal 2012.

Liquidity and Capital Resources

At December 31, 2012, cash and cash equivalents totaled $41.9 million, compared to $45.2 million at September 30, 2012 and $22.9 million at December 31, 2011. During the quarter ended December 31, 2012,Capstone used $3.9 million of cash in operating activities and spent $0.2 million in capital expenditures. This compares to cash used in operating activities of $6.2 million and $0.2 million in capital expenditures during the quarter ended December 31, 2011.

 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:

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