10.08.10

Capstone Turbine: Q1 Fiscal 2011 Results

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Capstone Turbine Corporation, reported operating results for its first quarter ended June 30, 2010 in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2010.

Financial Summary

Revenue for the first quarter of Fiscal 2011 was $16.1 million, an increase of 18% from the first quarter of Fiscal 2010. Capstone shipped 98 units in the first quarter of Fiscal 2011, compared to 80 units in the same period last year. Average revenue per unit increased for the first quarter of Fiscal 2011 to approximately $130,000 compared to approximately $128,000 per unit for the first quarter of Fiscal 2010 and approximately $85,000 per unit for the fourth quarter of Fiscal 2010.

Capstone's backlog as of June 30, 2010 was $84.6 million, an increase of 43% from June 30, 2009.

The gross loss for the first quarter of Fiscal 2011 was $0.5 million, or 3% of revenue, compared to $2.8 million, or 21% of revenue, during the first quarter of Fiscal 2010. The improved gross loss was the result of $2.2 million related to higher sales of C200 and C1000 Series systems during the first quarter of Fiscal 2011. The C200 and C1000 series systems have a higher margin compared to the same period last year, when these products had low introductory pricing and higher than planned product cost. In addition, the $2.3 million improvement included reduced inventory charges, offset by higher warranty expense versus the same period last year.

Research and development expenses were $1.5 million for the first quarter of Fiscal 2011, an increase of $0.7 million from the first quarter of Fiscal 2010. R&D expenses are reported net of benefits from cost-sharing programs. There were approximately $0.2 million of such benefits this quarter and $1.3 million of such benefits for the same period last year. The overall increase in R&D expenses was the result of reduced benefits from cost-sharing programs of $1.1 million, offset by decreased spending for consulting fees and labor costs.

Selling, general and administrative expenses were $6.4 million for the first quarter of Fiscal 2011, an increase of $0.2 million, or 3%, from the first quarter of Fiscal 2010. The net increase in SG&A expenses was comprised primarily of higher travel, marketing and facilities expenses.

Capstone's net income was $0.4 million, or $0.00 per share, for the first quarter of Fiscal 2011, compared to a net loss of $15.3 million, or $0.08 per share, reported for the first quarter of Fiscal 2010. The improvement in net loss was primarily the result of the adoption of Accounting Standards Codification 815 "Derivatives and Hedging" which affects the Company's accounting for warrants with certain anti-dilution provisions. The Company recorded a non-cash benefit of $9.2 million to change in fair value of warrant liability during the first quarter of Fiscal 2011. Capstone's net loss for the first quarter of Fiscal 2011 before considering the non-cash warrant liability benefit would have been $8.8 million (calculated by adding back the $9.2 million warrant liability benefit from the $0.4 million reported net income), or $0.04 loss per share (calculated by adding a $0.04 loss per share attributable to the warrant liability benefit from $0.00 per share reported). The Company recorded a non-cash charge of $5.2 million to change in fair value of warrant liability during the first quarter of Fiscal 2010. Capstone's net loss for the first quarter of Fiscal 2010 before considering the non-cash warrant liability charge would have been $10.1 million (calculated by adding back the $5.2 million warrant liability charge from the $15.3 million reported net loss), or $0.05 loss per share (calculated by adding a $0.03 loss per share attributable to the warrant liability charge from $0.08 loss per share reported). Capstone's loss from operations for the first quarter of Fiscal 2011 was $8.5 million, or 13% lower than the $9.8 million loss from operations for the first quarter of Fiscal 2010.

Cash and cash equivalents, including restricted cash, for the first quarter of Fiscal 2011 were $31.8 million, a decrease of $15.5 million from March 31, 2010. Cash of $5.0 million was classified as restricted cash during the quarter as a condition of the amended Agreements with Wells Fargo for additional security for the Credit Facility.

Conference Call

The Company will host a conference call today, Monday, August 9, 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.capstoneturbine.com .

About Capstone Turbine

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 over 5,000 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.

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

The Capstone Turbine Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6212  

         CAPSTONE TURBINE CORPORATION AND SUBSIDIARY
          CONDENSED CONSOLIDATED BALANCE SHEETS
           (In thousands, except share amounts)
                       (Unaudited)

                                   June 30,   March 31,

                                      2010       2010
                                   ---------  ---------
       ASSETS
  Current Assets:
     Cash and cash equivalents       $26,814    $47,270
     Accounts receivable, net of
      allowance for doubtful
      accounts of $121 at June
      30, 2010 and March 31, 2010     24,490     18,464
     Inventories                      20,063     19,645
     Prepaid expenses and other
      current assets                   1,411      1,335
                                   ---------  ---------

      Total current assets            72,778     86,714
                                   ---------  ---------
  Property, plant and equipment,
   net                                 7,867      8,247
  Non-current portion of
   inventories                         3,243      3,588
  Intangible asset, net                4,355      4,643
  Restricted cash                      5,000         --

  Other assets                           232        254
                                   ---------  ---------

      Total                          $93,475   $103,446
                                   =========  =========

LIABILITIES AND

        STOCKHOLDERS' EQUITY

 

  Current Liabilities:

     Accounts payable and accrued

      expenses                       $14,659    $15,338

     Accrued salaries and wages        1,966      1,741

     Accrued warranty reserve          1,092      1,036

     Deferred revenue                  1,125        923

     Revolving credit facility         5,953      7,571

     Current portion of notes

      payable and capital lease

      obligations                        136        161

     Warrant liability                17,559     26,803

 

     Other current liabilities         3,081      3,026

                                   ---------  ---------

 

      Total current liabilities       45,571     56,599

                                   ---------  ---------

  Long-term portion of notes

   payable and capital lease

   obligations                           113        141

  Other long-term liabilities            292        274

  Commitments and contingencies

   (Note 14)                              --         --

  Stockholders' Equity:

     Preferred stock, $.001 par

      value; 10,000,000 shares

      authorized; none issued             --         --

     Common stock, $.001 par

      value; 415,000,000 shares

      authorized; 243,244,432

      shares issued and

      242,348,323 shares

      outstanding at June 30,

      2010; 243,015,511 shares

      issued and 242,119,402

      shares outstanding at March

      31, 2010                           243        243

  Additional paid-in capital         722,083    721,408

  Accumulated deficit              (673,786)  (674,178)

  Treasury stock, at cost;

   896,109 shares at June 30,

   2010 and March 31, 2010           (1,041)    (1,041)

                                   ---------  ---------

 

     Total stockholders' equity       47,499     46,432

                                   ---------  ---------

 

     Total                           $93,475   $103,446

                                   =========  =========

 

 

 

                 CAPSTONE TURBINE CORPORATION AND SUBSIDIARY

               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                   (In thousands, except per share data)

                                 (Unaudited)

 

 

                                          Three Months Ended

                             ---------------------------------------------

 

                                                June 30,

                             ---------------------------------------------

 

                                    2010                    2009

                             -------------------  ------------------------

  Revenue                                $16,052                   $13,725

 

  Cost of goods sold                      16,564                    16,562

                             -------------------  ------------------------

 

  Gross loss                               (512)                   (2,837)

                             -------------------  ------------------------

  Operating expenses:

     Research and

      development                          1,522                       761

     Selling, general and

      administrative                       6,436                     6,223

                             -------------------  ------------------------

      Total operating

       expenses                            7,958                     6,984

                             -------------------  ------------------------

  Loss from operations                   (8,470)                   (9,821)

  Other income                                 4                        --

  Interest income                             --                         8

  Interest expense                         (310)                     (132)

  Change in fair value of

   warrant liability                       9,244                   (5,197)

                             -------------------  ------------------------

  Income (loss) before

   income taxes                              468                  (15,142)

  Provision for income

   taxes                                      76                       117

                             -------------------  ------------------------

 

  Net income (loss)                         $392                 $(15,259)

                             ===================  ========================

 

  Net income (loss) per

   common share

 

     Basic                               $(0.00)                   $(0.08)

                                         =======                   =======

 

     Diluted                             $(0.00)                   $(0.08)

                                         =======                   =======

 

  Weighted average shares

   used to calculate net

   income (loss) per common

   share

 

     Basic                               242,300                   183,790

                             ===================  ========================

 

     Diluted                             242,930                   183,790

                             ===================  ========================

 

This news release was distributed by GlobeNewswire, www.globenewswire.com


CONTACT:  
Capstone Turbine Corp.
Investor and investment media inquiries:
ir@capstoneturbine.com
818-407-3628

SOURCE: Capstone Turbine Corporation
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