Capstone Turbine Corporation Announces Third Quarter Fiscal 2009 Operating Results.Third quarter revenue of $11.5 million up 25% from the same period last year. Backlog increased to a record $57.0 million, up 13% from prior quarter and 335% from the same period last 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 ) today reported operating results for its third quarter ended December 31, 2008 in its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. Financial Summary Capstone's backlog at the end of the third quarter was $57.0 million, an increase of approximately $6.6 million, or 13%, from the prior quarter and an increase of approximately $43.9 million, or 335%, from the same period last year. "This quarter we continued our increased production rates and achieved $11.5 million in revenue and over $2.8 million in finished goods in inventory. In addition we had another strong bookings quarter with over $14 million in new orders, despite the overall global market conditions," stated Darren Jamison, Capstone's President and Chief Executive Officer. "I am also proud of our achievements in the successful launch of the C1000 product line as this new key product represents 29 megawatts, or 44% of our backlog in megawatts," added Jamison. Capstone's revenue for the third quarter ended December 31, 2008 was $11.5 million, an increase of approximately 25% from the same period last year. Capstone shipped 116 units in the third quarter of Fiscal 2009, compared to 121 units for the same period last year. The gross loss for the third quarter was $0.6 million, or 5% of revenue, compared to $40,000, or less than 1% of revenue, for the same period last year. The increase in the gross loss and gross loss percentage reflects lower margin product mix, primarily because of the product launch of the C200 and C1000 systems along with an increase in manufacturing expenses, offset by a decrease in warranty expense and higher absorption of overhead costs overhead costs see fixed costs. into ending inventory. Research and development costs were $2.1 million for the third quarter, an increase of $0.3 million, or 17%, from the same period last year. R&D expenses are reported net of benefits from cost-sharing programs. There were approximately $2.0 million of such benefits this quarter and $0.9 million of such benefits for the same period last year. The overall net increase in R&D expenses resulted from increased spending for supplies, labor, consulting and facility costs offset by additional funding from UTC Power UTC Power provides On-Site Power Products, Transportation Products, and Space and Defense Solutions . UTC Power is a wholly owned subsidiary of United Technologies Corporation. History UTC Power began as a division of Pratt & Whitney in the 1960s. Corporation for the cost-sharing program for the C200 commercialization. Selling, general 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. were $7.4 million for the third quarter, an increase of $1.0 million, or 16%, from the same period last year. The net increase in SG&A expenses was comprised of an increase in labor, travel, marketing, and professional service expense. The increase in labor and travel costs reflected our continued effort in developing worldwide distributors and launching the C200 and C1000 Series products. Capstone's net loss was $10.0 million, or $0.06 per share, for the third quarter, an increase of $2.3 million from the $7.7 million loss, or $0.05 per share, reported for the same period last year. Cash balances decreased by $21.6 million during the third quarter of Fiscal 2009. As of December 31, 2008, cash and cash equivalents were $24.4 million. Conference Call The Company will host a conference call today, Monday, February 9, 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. 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 Jersey, 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, Nottingham, 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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