Capstone Turbine Provides Fourth Quarter Update.Business Editors CHATSWORTH Chatsworth, estate, Derbyshire, central England, near Chesterfield. It is the seat of the dukes of Devonshire. Begun in 1552, the present Classical-style Chatsworth House was rebuilt in 1686. , Calif.--(BUSINESS WIRE)--Dec. 20, 2001 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 ) announced today that it has shipped 170 units to date in the fourth quarter of 2001. Sixty-three of these units were shipped to the South Coast Air Quality Management District The South Coast Air Quality Management District (SCAQMD), formed in 1976, is the air pollution agency responsible mainly for regulating stationary sources of air pollution for most of Los Angeles, San Bernardino, Riverside County, and all of Orange county. pursuant to the order announced on November 19, 2001. Dr. Ake Almgren, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Capstone Turbine Corporation, commented on the fourth quarter: "Coming off a disappointing third quarter, we are pleased to have already exceeded our anticipated shipments during Q4, more than doubling our unit shipments on a sequential quarter basis. Equally notable, more than half of these shipments are 60-kilowatt models, which is consistent with our strategy to increase the percentage of these higher margin units in our product mix. "We have made good progress in implementing the changes we put in place throughout the organization over the past few months, including adding a number of key individuals. With a strong balance sheet and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , we continue to be in excellent financial condition and have ample resources to continue working to extend our position as the market leader in microturbine power solutions. As we expressed in our third quarter earnings announcement, we fully understand the need to consistently deliver positive, reliable results to regain the market's confidence and this is a significant step in that direction," said Dr. Almgren. Capstone also announced that effective December 31, 2001, Benjamin M. Rosen is resigning as a member of the Board of Directors. Rosen, a founding director of the company in 1993, is devoting his full time to not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. activities, including his recently assumed chairmanship of the California Institute of Technology California Institute of Technology, at Pasadena, Calif.; originally for men, became coeducational in 1970; founded 1891 as Throop Polytechnic Institute; called Throop College of Technology, 1913–20. . In the last 18 months, Rosen has resigned from all his other publicly-owned company boards, including Compaq Computer and Ask Jeeves Noun 1. Ask Jeeves - a widely used search engine accepting plain English questions or phrases or terms trademark - a formally registered symbol identifying the manufacturer or distributor of a product . About Capstone Turbine Capstone Turbine Corporation (www.microturbine.com; Nasdaq: CPST) is the world's leading producer of low-emission microturbine systems. 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 shipped more than 1,800 commercial production Capstone MicroTurbine systems to customers worldwide. These award-winning systems have logged more than one million hours of operation serving, among others, the following applications: -- Hybrid electric vehicles (HEVs): onboard generation -- Resource recovery: converting oilfield, landfill and sewage waste gases into electricity -- Micro-cogeneration: combined heat/power/chilling/drying solutions -- The 9s market: power security, quality and reliability This press release 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. ," as that term is used in the federal securities laws, about Capstone's business, with regard to extending the company's position as the market leader and with regard to the consistent delivery of positive, reliable results. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Such factors include, but are not limited to: 1) market acceptance of Capstone's technology and products; 2) the size, timing and shipment of individual orders; 3) the ability of Capstone to successfully execute its production and marketing plans; 4) the Company's ability to develop additional microturbine product releases; and other factors detailed in the Company's filings with the Securities and Exchange Commission. Capstone cautions readers not to place undue reliance on these 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release or to reflect the occurrence of unanticipated events. |
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