Capstone Turbine Corporation (Nasdaq:CPST), the
world's leading clean technology manufacturer of microturbine
energy systems, today announced its financial results for the third
quarter of fiscal year 2014 ended December 31, 2013.
Third Quarter 2014 Highlights
- Record revenue of $37.0 million, up 11% year-over-year
- Record product revenue of $29.9 million, up 14%
year-over-year
- Record gross margin of $7.3 million, up 59% year-over-year
- Gross margin as a percentage of revenue of 20%, compared to 14%
in third quarter Fiscal 2013
- New product orders of $40.5 million resulting in book-to-bill
ratio of 1.4:1
- Cash balance of $31.6 million at December 31, 2013
Management Commentary
"During the third Fiscal quarter of 2014 we reached new company
highs for quarterly revenue, gross margin and backlog, with strong
shipments and solid new order momentum," saidDarren Jamison,
Capstone's President and Chief Executive Officer. "These strong
results reflect the success that we are having in penetrating our
key markets such as oil and gas and critical power supply while
simultaneously managing costs. Our book-to-bill ratio and ending
cash balance were excellent, and we are very close to achieving
EBITDA breakeven for the first time in company history. We expect
to meet our year-end goals for cash and EBITDA during the current
quarter, closing out another year of exceptional progress for
Capstone."
Third Quarter 2014 Financial Summary
Revenue for the third quarter of Fiscal 2014 was $37.0 million,
compared to $35.3 million for the second quarter of Fiscal 2014,
and $33.3 million for the third quarter of Fiscal 2013.
Capstone's backlog as of December 31, 2013 was $160.4 million,
compared to $149.8 million at September 30, 2013, and $136.5
million at December 31, 2012.
Gross margin for the third quarter of Fiscal 2014 was $7.3
million, or 20% of revenue, compared to $4.9 million, or 14% of
revenue, for the second quarter of Fiscal 2014, and $4.6 million,
or 14% of revenue, for the third quarter of Fiscal 2013.
Research and development expenses were $2.3 million for the
third quarter of Fiscal 2014,compared to $2.0 million for the
second quarter of Fiscal 2014, and $2.2 million for the third
quarter of Fiscal 2013.
Selling, general and administrative expenses were $7.0 million
for the third quarter of Fiscal 2014, compared to $6.6 million for
the second quarter of Fiscal 2014 and $6.8 million for the third
quarter of Fiscal 2013.
Capstone's net loss was $2.2 million, or $0.01 loss per share,
for the third quarter of Fiscal 2014, compared to a net loss of
$3.9 million, or $0.01 loss per share, for the second quarter of
Fiscal 2014, and a net loss of $4.5 million, or $0.01 per share,
for the third quarter of Fiscal 2013. Capstone's loss from
operations for the third quarter of Fiscal 2014 was $1.9 million,
compared to $3.7 million for the second quarter of Fiscal 2014, and
$4.4 million for the third quarter of Fiscal 2013.
Liquidity and Capital Resources
At December 31, 2013, cash and cash equivalents totaled $31.6
million, compared to $28.3 million at September 30, 2013, and $41.9
million at December 31, 2012.
During the quarter ended December 31, 2013, cash used in
operating activities was $3.8 million and capital expenditures
totaled $0.2 million. This compares to cash used in operating
activities of $3.9 million and $0.2 million in capital expenditures
during the quarter ended December 31, 2012.
Conference Call and Webcast
The Company will host a conference call today, February 10,
2014, at 1:45 p.m. Pacific Time (4:45 p.m. Eastern). Access to
the live broadcast and a replay of the webcast will be available
for 30 days through the Investor Relations page on the Company's
website: www.capstoneturbine.com.
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 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, United Kingdom, Mexico City, 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.
The Capstone Turbine Corporation logo is available here.
Forward-Looking Statements
This press release contains "forward-looking statements," as
that term is used in the federal securities laws, about meeting our
cash and EBITDA goals. Forward-looking statements may be identified
by words such as "expects," "objective," "intend," "targeted,"
"plan" and similar phrases. These forward-looking statements are
subject to numerous assumptions, risks and uncertainties described
in Capstone's Form 10-K, Form 10-Q and other recent filings with
the Securities and Exchange Commission that may cause Capstone's
actual results to be materially different from any future results
expressed or implied in such statements. Capstone cautions
investors not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Capstone undertakes no obligation, and specifically disclaims any
obligation, to release any revisions to any forward-looking
statements to reflect events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated
events.
– Financial Tables Follow
–
|
|
|
CAPSTONE TURBINE
CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except
share amounts) |
(Unaudited) |
|
|
|
|
December 31, |
March 31, |
|
2013 |
2013 |
ASSETS |
|
|
Current Assets: |
|
|
Cash and cash
equivalents |
$ 31,571 |
$ 38,817 |
Accounts receivable, net of
allowance for doubtful accounts of $2,126 at December 31, 2013
and $2,142 at March 31, 2013 |
22,046 |
17,941 |
Inventories |
22,086 |
18,513 |
Prepaid expenses and other
current assets |
2,588 |
2,588 |
Total current
assets |
78,291 |
77,859 |
Property, plant and equipment, net |
3,095 |
3,543 |
Non-current portion of inventories |
2,995 |
3,252 |
Intangible assets, net |
1,912 |
2,313 |
Other assets |
308 |
371 |
Total |
$ 86,601 |
$ 87,338 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Current Liabilities: |
|
|
Accounts payable and accrued
expenses |
$ 29,975 |
$ 24,121 |
Accrued salaries and
wages |
1,533 |
1,721 |
Accrued warranty
reserve |
2,765 |
2,299 |
Deferred revenue |
2,645 |
3,089 |
Revolving credit
facility |
13,204 |
13,476 |
Current portion of notes
payable and capital lease obligations |
612 |
361 |
Warrant liability |
— |
10 |
Total current
liabilities |
49,734 |
45,077 |
Long-term portion of notes payable and
capital lease obligations |
238 |
233 |
Other long-term liabilities |
91 |
142 |
Commitments and contingencies |
|
|
Stockholders' Equity: |
|
|
Preferred stock, $.001 par
value; 10,000,000 shares authorized; none issued |
— |
— |
Common stock, $.001 par
value; 515,000,000 shares authorized, 311,136,986 shares
issued and 309,993,712 shares outstanding at December 31,
2013; 305,661,276 shares issued and 304,622,573 shares
outstanding at March 31, 2013 |
311 |
306 |
Additional paid-in capital |
804,407 |
796,767 |
Accumulated deficit |
(766,850) |
(753,975) |
Treasury stock, at cost; 1,143,274 shares at
December 31, 2013 and 1,038,703 shares at March 31,
2013 |
(1,330) |
(1,212) |
Total stockholders'
equity |
36,538 |
41,886 |
Total |
$ 86,601 |
$ 87,338 |
|
|
|
|
|
|
|
|
CAPSTONE TURBINE
CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
Three
Months Ended |
Nine
Months Ended |
|
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2012 |
Revenue |
$37,003 |
$33,257 |
$96,667 |
$92,187 |
Cost of goods sold |
29,668 |
28,639 |
81,117 |
82,794 |
Gross margin |
7,335 |
4,618 |
15,550 |
9,393 |
Operating expenses: |
|
|
|
|
Research and
development |
2,267 |
2,188 |
6,558 |
6,805 |
Selling, general and
administrative |
6,991 |
6,816 |
21,200 |
20,692 |
Total operating
expenses |
9,258 |
9,004 |
27,758 |
27,497 |
Loss from operations |
(1,923) |
(4,386) |
(12,208) |
(18,104) |
Other (expense) income |
(2) |
— |
(22) |
26 |
Interest expense |
(176) |
(205) |
(538) |
(524) |
Change in fair value of warrant
liability |
— |
304 |
10 |
755 |
Loss before income taxes |
(2,101) |
(4,287) |
(12,758) |
(17,847) |
Provision for income taxes |
88 |
190 |
117 |
586 |
Net loss |
$(2,189) |
$(4,477) |
$(12,875) |
$(18,433) |
|
|
|
|
|
Net loss per common share—basic and
diluted |
$(0.01) |
$(0.01) |
$(0.04) |
$(0.06) |
|
|
|
|
|
Weighted average shares used to
calculate net loss per common share |
308,407 |
304,418 |
306,044 |
301,376 |
|
|
|
|
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CONTACT: Investor and Investment Media Inquiries:
818-407-3628
ir@capstoneturbine.com
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