Year-over-Year Quarterly Product Revenue Growth of
Approximately 11% and New Gross Product Orders Estimated at $18.0
Million
Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:
CPST), the world’s leading clean technology manufacturer of
microturbine energy systems is announcing select preliminary
financial results for its fiscal fourth quarter ended March 31,
2019 as part of its ongoing effort of continuing transparency.
Select Preliminary Financial Highlights
of Fiscal 2019 Fourth Quarter:
- Quarterly product revenue increased by approximately 11%
year-over-year
- New gross product orders were approximately $18.0 million
during the fourth quarter, a 17% year-over-year increase
- Book-to-bill ratio estimated at 1.4:1 for the fourth
quarter
- Total revenue for the quarter increased approximately 4%
year-over-year
- Total cash and cash equivalents as of March 31, 2019, are
estimated to be $29.7 million, compared to $16.7 million as of
December 31, 2018
Darren Jamison, President and Chief Executive Officer of
Capstone, stated, “We are pleased to report an approximately 11%
product revenue increase in the fourth quarter versus the same
period last year and another quarter of total revenue growth. We
continue to see product revenue increase as we execute on our
strategic objectives to diversify the company into new market
verticals and new geographies. Adding back the units that were
allocated to our new long-term rental program this year, our
product revenue growth in fiscal 2019 would have been 9% when
compared to fiscal 2018,” added Mr. Jamison.
Capstone’s preliminary results show total revenue for the fourth
quarter of fiscal 2019 increased by approximately 4%, to $22.0
million, from $21.1 million in the same period last year.
Capstone’s product revenue increased approximately 11% during the
fourth quarter of fiscal 2019 to approximately $12.8 million
compared to $11.5 million in the same period last year.
Capstone booked new gross product orders of approximately $18.0
million during the fourth quarter of fiscal 2019, for a 1.4:1
book-to-bill ratio, compared with $13.2 million of new gross
product orders booked during the prior quarter, which was a 1.3:1
book-to-bill ratio and with $15.4 million of new gross product
orders booked during the year-ago fourth quarter, which was a 1.4:1
book-to-bill ratio.
Total cash and cash equivalents as of March 31, 2019, were
approximately $29.7 million, compared to cash, cash equivalents and
restricted cash of $16.7 million as of December 31, 2018. On
February 4, 2019, Capstone entered into a $30.0 million three-year
term note with Goldman Sachs to replace the existing $15.0 million
revolving credit facility with Bridge Bank.
“The conversion to a three-year term note was a key event in
that it strengthens our balance sheet and provides us with
additional flexibility to operate and grow our business. This is an
important addition to help us expand our new long-term rental
business with key customers and also improve quarterly working
capital and cash flow as the timing of cash receipts can be
uncertain. For example, the payment from Turbine International that
was expected at the end of March has been delayed and is now
expected to be received in the first quarter of fiscal 2020,” said
Jayme Brooks, Executive Vice President and Chief Financial Officer
of Capstone.
“Fiscal 2019 was an important inflection point for Capstone in
that we are returning to growth following our ongoing initiatives
to lower our overhead and operating costs. We are accomplishing
this while keeping our focus on our key long-term strategic
initiatives as you can see in our results. There is still much to
be accomplished before we reach our long-term growth and
profitability goals, but I am pleased with the progress we have
made in fiscal 2019 and excited about the prospects in fiscal 2020
and beyond,” concluded Mr. Jamison.
The select financial results presented in this press release are
preliminary and may change. This preliminary financial information
includes calculations or figures that have been prepared internally
by management and have not been reviewed or audited by our
independent registered public accounting firm. There can be no
assurance that the company’s actual results for the period
presented herein will not differ from the preliminary financial
data presented herein and such changes could be material. This
preliminary financial data should not be viewed as a substitute for
full financial statements prepared in accordance with GAAP and is
not necessarily indicative of the results to be achieved for any
future periods.
Conference Call and Webcast
Capstone will host a live webcast June 11, 2019, at 1:45 PM
Pacific Time (4:45 PM Eastern Time) to provide the results of the
fourth quarter fiscal 2019 ended March 31, 2019. Capstone will
discuss its financial results and will provide an update on its
business activities. At the end of the conference call, Capstone
will host a question-and-answer session to provide an opportunity
for financial analysts to ask questions. Investors and interested
individuals are invited to listen to the webcast by logging on to
Capstone’s investor relation’s webpage at www.capstoneturbine.com.
A replay of the webcast will be available on the website for 30
days.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:
CPST) is the world’s leading producer of highly efficient,
low-emission, resilient microturbine energy systems. Capstone
microturbines serve multiple vertical markets worldwide, including
natural resources, energy efficiency, renewable energy, critical
power supply, transportation and microgrids. Capstone offers a
comprehensive product lineup, providing scalable systems focusing
on 30 kWs to 10 MWs that operate on a variety of gaseous or liquid
fuels and are the ideal solution for today's distributed power
generation needs. To date, Capstone has shipped over 9,000 of these
systems into 73 countries logging millions of operating hours.
Capstone is committed to improving the efficiency of energy
needs around the world, while simultaneously reducing global
emissions of pollutants and greenhouse gases. Capstone’s systems
help end users improve their impact on the environment, while still
meeting power and reliability needs. During fiscal year 2019,
Capstone saved end-use customers an estimated $194 million in
annual energy costs and 314,000 tons of carbon.
Not only does Capstone enable customers to reduce CO2 and
emissions, Capstone applies the same principals to its own
environmental footprint and focuses internally on its environmental
risks, energy consumption, waste disposal and carbon footprint.
Capstone also strives to foster a corporate culture emphasizing its
relationship with employees, customers and suppliers in order to
ensure that Capstone’s corporate values are aligned with those of
its employees, customers and suppliers.
For more information about the company, please visit
www.capstoneturbine.com. Follow Capstone Turbine on Twitter,
LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements,” as
that term is used in the federal securities laws. Forward-looking
statements may be identified by words such as “expects,”
“believes,” “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.
“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 CorporationInvestor and investment media
inquiries:818-407-3628ir@capstoneturbine.com
Integra Investor RelationsShawn M.
Severson415-226-7747cpst@integra-ir.com
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