Mikroturbinen-Hersteller Capstone steigert Umsatz im dritten Quartal deutlich
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Capstone Turbine Reports Select Preliminary Q3 Fiscal 2018 Financial Results
Quarterly Revenue Was Approximately 91% of Target Adjusted EBITDA Breakeven Revenue Goal
Year-over-Year Quarterly Revenue Increases Approximately 12%
Cash Usage Declines 33% Year-over-Year on Improved Operating Efficiencies
Q3 Fiscal 2018 Financial Results Webcast to be Held February 5, 2018, at 1:45 PM PT, 4:45 PM ET
VAN NUYS, Calif. -- Capstone Turbine Corporation (www.capstoneturbine.com) (CPST), the world’s leading clean technology manufacturer of microturbine energy systems, continues to provide increased transparency by announcing select preliminary financial results for its fiscal third quarter ended December 31, 2017.
Capstone’s preliminary third quarter results reflect management’s continued execution of the initiatives to diversify and increase revenue, increase service gross margin and further reduce operating expenses to achieve Adjusted EBITDA breakeven as quickly as possible. Capstone’s preliminary third quarter revenue was approximately 91% of its $25 million Adjusted EBITDA breakeven quarterly revenue target compared to 79% in the second quarter of fiscal 2018.
Total revenue for the third quarter of fiscal 2018 increased 15% to approximately $22.7 million from $19.8 million in the second quarter of fiscal 2018 and increased 12% from $20.2 million in the same period last year. Total revenue for the nine months of fiscal 2018 increased 14% to approximately $61.8 million from $54.2 million in the same period last year, indicating a meaningful rebound in revenue.
Cash usage during the first nine months of fiscal 2018, excluding net proceeds from equity transactions, was $5.6 million lower compared to the same period last year, representing a 33% reduction. This reflects management’s tight cost control initiatives. Total cash, cash equivalents and restricted cash as of December 31, 2017, were approximately $16.5 million, compared to $15.2 million as of September 30, 2017, and $19.4 million as of December 31, 2016.
“Our select preliminary third quarter and nine-month year-to-date results are in line with our internal plans and represent a substantial improvement over last year. These results signify that we are making noteworthy progress towards our Adjusted EBITDA breakeven milestone for the first time in our company’s history,” said Darren Jamison, President and Chief Executive Officer of Capstone.
“When our actual third quarter results are announced, we anticipate that they will show significant progress towards our stated profitability goals as a result of higher service margins; increased bad debt collections; the recent reduction in force and the successful completion of our field reliability retrofit program during the quarter. We believe these strategic initiatives, when combined with our double-digit revenue growth for the quarter, will yield significantly improved results over the same period last year,” added Mr. Jamison.
Capstone also announced that borrowings on the line of credit facility were at $11.0 million as of December 31, 2017, compared to $9.6 million at the end of the prior quarter and that it received approximately $4.4 million from financing activities during the third quarter of fiscal 2018.
Capstone’s preliminary results show new product orders of approximately $10.2 million during the fiscal third quarter, for a 0.7:1 book-to-bill ratio, compared to $11.5 million of new product orders received and booked during the year-ago third quarter, which was a 0.9:1 book-to-bill ratio. Total book-to-bill ratio on nine months fiscal 2018 year-to-date basis was 0.8:1 compared to 0.9:1 for the same period last year.