Capstone Turbine Reports Fourth Quarter and Full-Year Fiscal 2017 Financial Results
Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.
CHATSWORTH, Calif., -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world’s leading clean technology manufacturer of microturbine energy systems, reported financial results for its fourth quarter and the full fiscal year ended March 31, 2017.
The company reported total revenue of $22.9 million for the fourth quarter of fiscal 2017 and a net loss of $4.6 million, or $0.13 per share. This compares with total revenue of $18.9 million and a net loss of $5.3 million, or $0.25 per share, for the fourth quarter of fiscal 2016.
Operating expenses for the quarter decreased 15% to $6.2 million from $7.3 million in the year-ago quarter. Weighted average shares outstanding for the quarter ended March 31, 2017 were 34.9 million compared with 21.0 million in the year-ago quarter.
“Capstone delivered top-line revenue growth as sales from our product and aftermarket business continued to expand. The renewed growth was driven by improving our vertical market diversification and geographic expansion which specifically has benefitted our FPP service contract business with higher attachment rates compared to our historical oil and gas customers,” said Darren Jamison, President and Chief Executive Officer of Capstone.
The company reported cash, cash equivalents and restricted cash increased $335,000 from the third quarter of fiscal 2017 to $19.7 million as of March 31, 2017. This compared to cash, cash equivalents and restricted cash of $16.7 million as of March 31, 2016. Cash used in operating activities for the fourth quarter of fiscal 2017 was $2.9 million as compared to cash used of $5.6 million in the third quarter of fiscal 2017 and $6.6 million used in the fourth quarter of fiscal 2016.
“Operating expenses are down over 40% compared to when we started our cost reduction initiatives in the first quarter of fiscal 2016. This is the lowest level of operating expenses in the past 14 years. Along with these substantial cost reductions, improved revenue and positive changes in working capital, cash used in operations decreased 47% over the third quarter of fiscal 2017,” said Ms. Jayme Brooks, Capstone’s Chief Financial Officer and Chief Accounting Officer.
Total revenue for fiscal 2017 was $77.2 million and the net loss for fiscal 2017 improved to $23.9 million, or $0.75 per share, on lower revenue compared to fiscal 2016. Total revenue for fiscal 2016 was $85.2 million and the net loss for fiscal 2016 was $25.2 million, or $1.39 per share, in fiscal 2016. The weighted average shares outstanding for the year ended March 31, 2017 were 32.1 million compared with 18.2 million in the year-ago period.
Accessories, parts and service revenue increased 8% to a record high of $28.9 million, or 37% of total revenue, in Fiscal 2017 compared to $26.8 million, or 31% of total revenue, in Fiscal 2016. Operating expenses for fiscal 2017 decreased 30% to $26.1 million from $37.3 million in the year-ago period. Capstone had bad debt recovery of $1.5 million during each of fiscal 2017 and 2016 primarily from BPC Engineering, one of our Russian distributors.
The Adjusted EBITDA for the year ended March 31, 2017 was negative $22.3 million, or a loss of $0.70 per share, compared to an Adjusted EBITDA of $20.2 million, or a loss of $1.11 per share, for the year ended March 31, 2016.
Mr. Jamison continued, “During the year, our three-pronged business profitability plan continued to pay dividends with the substantial reduction of operating expenses, improved diversification, geographic expansion and rebuilding momentum in our top line revenue. In addition, demand for our new Signature Series microturbines continues unabated. Our book-to-bill ratio improved to 1.1:1 for fiscal 2017 as we increased our competitive CHP offering with our new roof mounted integrated heat recovery modules.”
Financial Highlights of Fiscal 2017 Fourth Quarter:
- Top-line revenue increased 21% to $22.9 million over the prior year’s fourth quarter. Product revenue increased 30% to $15.2 million and accessories, parts and FPP service revenue increased 8% to $7.7 million over last year’s fourth quarter
- Operating expenses for the quarter were reduced $1.1 million, or 15%, to $6.2 million from $7.3 million in the year-ago fourth quarter
- Net loss for the quarter improved $0.7 million, or 13%, to $4.6 million, or $0.13 per share, for the quarter from a net loss of $5.3 million, or $0.25 per share, in the year-ago fourth quarter
- Inventories decreased $1.2 million from the third quarter primarily on lower finished goods on hand
- Cash generated in the fourth quarter of fiscal 2017, excluding net proceeds from equity transactions and including changes in the Wells Fargo credit facility, was $33,000 compared to cash used of $7.1 million for the fourth quarter of fiscal 2016
- Bookings for the fourth quarter were $20.2 million compared to $18.3 million in the year-ago fourth quarter
- Book-to-bill for the quarter was 1.3 compared to 1.6 in the year-ago fourth quarter
Financial Highlights of Full Year Fiscal 2017:
- Accessories, parts and service revenue for fiscal 2017 increased 8% to a record high of $28.9 million or 37% of total revenue, compared to $26.8 million, or 31% of total revenue, at 17% lower product revenue levels
- Operating expenses for fiscal 2017 were reduced $11.3 million, or 30%, to $26.0 million from $37.3 million in fiscal 2016
- Net loss for the year improved $1.3 million, or 5%, to $23.9 million, or $0.75 per share, for fiscal 2017 from a net loss of $25.2 million, or $1.39 per share, in fiscal 2016
- Inventories decreased $2.8 million, or 15%, in fiscal 2017 on lower finished goods and raw materials on hand
- Cash used for fiscal 2017, excluding net proceeds from equity transactions and including changes in the Wells Fargo credit facility, was $17.2 million compared to cash used of $28.3 million for fiscal 2016
“The most recent quarter is confirmation of how we continue to strengthen all aspects of our business, as we delivered improving revenues, lower operating expenses, shrinking inventory, stronger bookings and generated over $33,000 in cash in the fourth quarter of fiscal 2017 compared to burning $7 million in the same period last year. We have positioned ourselves well with a lower cost structure and a more diversified business to achieve our goal of Adjusted EBITDA breakeven in fiscal 2018. We have a renewed confidence and optimism that profitably is within our grasp as we execute against our strategic objectives to achieve product sales growth in the CHP market that is in turn driving our higher margin aftermarket service revenue,” added Mr. Jamison.
“With the measurable improvements that have been made in nearly every aspect of the business, steady results are materializing,” continued Mr. Jamison. “Our operating cost structure for fiscal 2017 was reduced $11.3 million, or 30%, which is remarkable when you look back at the operating costs for fiscal 2016 of $37.3 million. Through teamwork, relentless effort, and firm execution, we can exceed our goals as we strive towards Capstone’s profitability and beyond,” Mr. Jamison added.
“We firmly believe that we have cleared several challenging macroeconomic and product reliability hurdles over these past two fiscal years, and are diligently poising the company for renewed growth and long-term sustainability in an ever-changing macroeconomic environment,” said Mr. Jamison. “We look forward to announcing the success of our fiscal 2018 key initiatives over the next fiscal year,” concluded Mr. Jamison.