Capstone Turbine Corporation Announces Preliminary Third-Quarter Results; Stock Repurchase Program; CEO's Plan to Retire; and Protsch as Chairman of the Board.Business/Energy Editors CHATSWORTH, Calif.--(BUSINESS WIRE)--Oct. 28, 2002 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 (Nasdaq: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 ), a leading producer of low-emission microturbine systems, today announced preliminary financial results for the third quarter ended September 30, 2002. In the period, the company shipped 3.2 megawatts of its products. The company expects to report revenue of $3.9 million and post a loss per share of between $0.14 and $0.16. The company's cash utilization rate is approximately $11 million for the quarter. Capstone also announced that its Board of Directors has approved a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program under which the company may purchase up to $10 million of Capstone common stock. The company could purchase shares from time to time through open market and privately negotiated transactions at prices deemed appropriate by management. The program has no termination date termination date, n See expiration date. . Capstone has approximately 77.5 million shares of common stock outstanding and approximately $144 million of cash and cash equivalents. Ake Almgren, the Company's President and Chief Executive Officer, also announced his intention to retire. Dr. Almgren stated, "Capstone is by far the leading microturbine company. Today we have achieved one of my principal goals for the Company, that of establishing a strategic partnership with a major participant in distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or , United Technologies. I have had the opportunity of leading the company from being a small private company, through the launch of the first commercial microturbine, the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. process, and then positioning the public company for future growth. While the company has initiated an executive search for my successor, and the transition timeline is not yet established, I have agreed to support a smooth transition and continue the efforts of developing additional strategic alliances. As part of the transition process I have resigned as the Chairman of the Board. I am delighted to announce that Eliot Protsch, President of Interstate Power and Light Co. for Alliant Energy Alliant Energy Corporation (NYSE: LNT) is a public utility holding company that incorporated in Madison, Wisconsin in 1981. It is comprised of several subsidiaries: [1] Corporation, has accepted the board's nomination to that role." About Capstone Turbine Capstone Turbine Corporation is the world's leading producer of very-low-emission microturbine systems used for onsite power production. In 1998, Capstone was the first to offer commercial power products utilizing microturbine technology, the result of more than ten years of focused research. Capstone Turbine has sold and shipped nearly 2,400 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have documented more than 2 million hours of operation serving, among others, the following applications: -- Hybrid electric vehicles (HEVs): onboard generation -- Resource recovery: converting oilfield, landfill and sewage gases into electricity -- Micro-cogeneration: combined heat/power/chilling/drying solutions -- The 9s market: power security, quality and reliability "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This announcement contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc third quarter shipments and financial results, and a planned stock repurchase program, which are subject to assumptions, risks and uncertainties that could cause actual results to differ materially from express or implied projections. Capstone's shipments, revenues, loss per share and cash use during the quarter may change as a result of reviews by management or Capstone's auditors. Capstone's operating and financial results generally are subject to factors detailed in Capstone's filings with the SEC. Capstone may not purchase any shares of common stock, may not purchase the maximum amounts authorized under the program or may not acquire shares at prices that later appear advantageous. The forward-looking statements speak only as of the date of this release and Capstone has no obligation to update any statement as a result of new information or future events. "Capstone Turbine Corp" is a registered trademark of Capstone Turbine Corporation. |
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