Capstone Closes Equity Offering and Announces Preliminary Fiscal Year 2014 Operating Results
May 07 2014 - 8:30AM
Capstone Turbine Corporation (www.capstoneturbine.com)
(Nasdaq:CPST), the world's leading clean technology manufacturer of
microturbine energy systems, today announced the closing of its
public offering of 18,825,000 shares of its common stock. The
closing occurred on May 6, 2014. The stock was priced at $1.70 per
share and allocated to a single institutional investor. Net
proceeds from the sale of the shares, after underwriting discounts
and commissions, were approximately $30.2 million.
The company also announced preliminary operating results for the
fiscal year ended March 31, 2014. Management currently expects the
Company's revenue for the fiscal year ended March 31, 2014 to
be approximately $133.1 million, which reflects an increase of
approximately $5.5 million, or 4%, over revenue of
$127.6 million for the fiscal year ended March 31, 2013.
Management currently expects cash and cash equivalents to be
approximately $27.9 million as of March 31, 2014, as
compared to $38.8 million as of March 31, 2013. The
net decrease in cash and cash equivalents primarily reflects the
usage of cash for operating activities and the timing of cash
receipts on the increased revenue. Management currently
expects backlog to increase by approximately $22.7 million, or
15%, to a record $171.6 million as of March 31, 2014,
compared to $148.9 million as of March 31, 2013.
"Our expected annual revenue growth of 4% in fiscal 2014 was
slower than in recent years but still reflects an impressive
compounded annual growth rate of 30% since fiscal 2007," said
Darren Jamison Capstone President and Chief Executive Officer.
"Fourth quarter 2014 revenue was the second highest in company
history and 3% higher than the year-ago quarter. Healthy new order
flow pushed our backlog to an expected record of $171.6 million as
of March 31, 2014. Ending backlog is a leading indicator of
future revenue growth, and coupled with expanding markets and
market opportunities, exciting developments in our product suite,
and advancements in our aftermarket services business, these trends
bode well for our revenue and margin expansion opportunity in
fiscal 2015 and beyond. Likewise, as customers continue to
migrate toward larger units and larger projects, Capstone's
crossover to positive EBITDA and cash flow is forthcoming.
"When considering our potential net cash position and potential
future working capital swings as we continue to grow the business,
we felt it was prudent to strengthen our balance sheet with the
necessary working capital to execute our record level of product
backlog," Jamison continued. "While initially we were not in
compliance with our Wells Fargo credit facility based on our fourth
quarter preliminary results, we have already received a waiver from
our lender and now have ample cash to service our future
obligations."
Capstone management looks forward to discussing the fourth
quarter and fiscal year 2014 results during its upcoming earnings
conference call in June.
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.
The Capstone Turbine Corporation logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=6212
This press release contains "forward-looking statements," as
that term is used in the federal securities laws, about future
revenue growth, expanding markets and market opportunities, product
development and advancements in our aftermarket services business.
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
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 readers not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
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 release or to reflect the occurrence of
unanticipated events. The financial information set forth
herein is estimated and is subject to change. We are currently
finalizing our financial statements for the fiscal year ended March
31, 2014. Complete results for the fiscal year ended March 31, 2014
will be announced in June 2014. The preliminary unaudited financial
data for the fiscal year ended March 31, 2014 included herein have
been prepared by, and are the responsibility of, our management and
have not been reviewed or audited or subject to any other
procedures by our independent registered public accounting
firm.
"Capstone" and "Capstone MicroTurbine" are registered trademarks
of Capstone Turbine Corporation. All other trademarks
mentioned are the property of their respective owners.
CONTACT: Capstone Turbine Corporation
Investor and investment media inquiries:
818-407-3628
ir@capstoneturbine.com
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Aug 2024 to Sep 2024
Capstone Turbine (NASDAQ:CPST)
Historical Stock Chart
From Sep 2023 to Sep 2024