Capstone Turbine Corporation Announces Fiscal 2008 Operating Results.Fiscal 2008 Revenue Improved 49% from Prior Year and Fourth Quarter Revenue Improved 60% from Same Period Last Year. Backlog up 458% from Prior Year. CHATSWORTH, Calif. -- Capstone Turbine Capstone Turbine Corporation NASDAQ: CPST, incorporated in 1988, is a California based gas turbine manufacturer that specializes in microturbine power and heat cogeneration systems. Capstone has sold and shipped more than 3,000 of these one-moving-part systems worldwide. Corporation (www.microturbine.com) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CPST CPST Cable Programming Services Tier CPST Commission on Professionals in Science and Technology CPST Community Psychiatric Supportive Treatment (Ohio) CPST Child Passenger Safety Technician CPST Classical Perturbation Scattering Theory ) reported operating results for its fourth quarter and fiscal year ended March 31, 2008 in its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on June 12, 2008. Financial Summary Capstone's backlog for the fiscal year ended March 31, 2008 was $27.9 million, an increase of 458% from the prior fiscal year and 113% from the prior quarter. Revenue for the fiscal year ended March 31, 2008 was $31.3 million, an increase of 49% from the prior fiscal year. Capstone shipped 434 units in Fiscal 2008, compared to 277 units in the prior fiscal year. The reported gross loss for the fiscal year ended March 31, 2008 was $3.8 million, or 12% of revenue, an improvement of 12 points over the prior fiscal year. The year over year improvement in the gross loss percentage reflects increased sales volume of both C30 and C65 products and reduced warranty charges, offset by increased manufacturing costs and lower absorption of overhead costs overhead costs see fixed costs. into ending inventory as a result of decreased finished goods inventory. Research and development costs were $8.9 million for the fiscal year ended March 31, 2008, a decrease of $0.5 million, or 5%, from the prior fiscal year. The net decrease is the result of an increase in benefits from cost-sharing programs, primarily from United Technologies Corporation, and lower facilities costs, offset by increased labor and consulting spending, development hardware and supplies, and travel and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . Selling, general and administrative costs were $25.6 million for the fiscal year ended March 31, 2008, an increase of $1.0 million, or 4%, from the prior fiscal year. The increase was primarily attributable to higher travel costs due to increased customer site visits and trade show activity, and higher facility costs, offset primarily by lower administrative costs. Capstone's net loss was $36.1 million, or $0.25 per share, for the fiscal year ended March 31, 2008, an improvement of $0.6 million from the $36.7 million loss, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share, reported for the prior fiscal year. Cash and cash equivalents for the fiscal year ended March 31, 2008 were $42.6 million. Cash balances decreased $17.7 million during the fiscal year ended March 31, 2008. Revenue for the fourth quarter ended March 31, 2008 was $9.3 million, an improvement of 60% from the prior year comparable quarter. Capstone shipped 140 units in the fourth quarter of Fiscal 2008, compared to 67 units for the prior year comparable quarter. The reported gross loss for the fourth quarter was $0.5 million, or 6% of revenue, compared to $1.0 million, or 17% of revenue, for the fourth quarter of Fiscal 2007, an improvement of 11 points. The quarter over quarter improvement in the gross loss percentage reflects increased sales volume of both C30 and C65 products and reduced warranty charges, offset by increased manufacturing and overhead costs. Research and development costs remained constant at $2.0 million for both the fourth quarter and the prior year comparable quarter. Expenses were higher in the fourth quarter of Fiscal 2008 but were offset by increased funding received from United Technologies Corporation. Selling, general and administrative costs were $7.4 million for the fourth quarter, an increase of $1.1 million, or 17%, from the prior year comparable quarter. The increase was primarily attributable to increased labor, consulting, facilities, travel and accounting fees, offset by decreased bad debt costs. Capstone's net loss was $9.5 million for the fourth quarter, or $0.07 per share, an increase of $1.0 million from the $8.5 million loss, or $0.06 per share, reported for the prior year comparable quarter. Cash used in operations was $2.5 million for the fourth quarter compared to $3.3 million for the prior quarter and $7.5 million for the same period last year. Conference Call The Company will host a conference call today, Thursday, June 12, at 1:45 p.m. Pacific Time. Access to the live broadcast and a replay of the webcast will be available for 90 days through the Investor Relations Investor relations The process by which the corporation communicates with its investors. page on the Company's website: www.microturbine.com. About Capstone Turbine Capstone Turbine Corporation (www.microturbine.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 over 4,000 Capstone MicroTurbine[R] 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 pollutants see environmental pollution. and greenhouse gases greenhouse gas n. Any of the atmospheric gases that contribute to the greenhouse effect. greenhouse gas . A UL-Certified ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 and ISO 14001:2004 certified company; Capstone Turbine is headquartered in the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. area with sales and/or service centers in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi , Milan, Bath, Shanghai and Tokyo. "Capstone Turbine Corporation" and "Capstone MicroTurbine" are registered trademarks of Capstone Turbine Corporation. All other trademarks mentioned are the property of their respective owners. [TABLE OMITTED] [TABLE OMITTED] |
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