TUCKER NAMED CEO AT TROUBLED CAPSTONE CORP.Byline: Evan Pondel Staff Writer CHATSWORTH - 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. Corp. named John Tucker For other persons named John Tucker, see John Tucker (disambiguation). John G. Tucker (born September 29, 1964) is a former Canadian professional ice hockey centre who played twelve seasons in the National Hockey League in the 1980s and 90s. chief executive officer Monday, a move that analysts say offers brighter prospects for the second half of an otherwise bleak year for the company. The maker of environmentally sound power systems has been struggling with dismal demand ever since a weak economy zapped interest in the company's product line. With revenues declining and net losses mounting, the company has been in search of a new chief executive since October 2002. ``That's a long time considering what they are going through,'' said David Kurzman, analyst with H.C. Wainwright Wainwright, town (1991 pop. 4,732), E Alta., Canada, SE of Edmonton and near the Sask. border. It is a trade center and railroad division point for an oil and natural gas area. It has oil refineries, grain elevators, and flour mills. Nearby is a military base. & Co. 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 . ``But here's a company with a lot of cash, and maybe it's time It's Time was a successful political campaign run by the Australian Labor Party (ALP) under Gough Whitlam at the 1972 election in Australia. Campaigning on the perceived need for change after 23 years of conservative (Liberal Party of Australia) government, Labor put forward a they focus on what they have.'' As of the six months ending June 2003, the company had cash and cash equivalents of about $126 million. If managed correctly, Kurzman said Capstone could parlay An open programming interface (API) to a service provider's network (the network operator), developed by the Parlay Group (www.parlay.org). By enabling the customer's application to talk directly to the network, it allows the end user to have greater access to network information as well its pocket book into a strategic alliance or even sell the business. But Tucker, 56, isn't interested in selling the company or propelling pro·pel tr.v. pro·pelled, pro·pel·ling, pro·pels To cause to move forward or onward. See Synonyms at push. [Middle English propellen, from Latin a smaller partner. A mechanical engineer by trade, Tucker said applying Capstone's own resources to itself is of the greatest importance. ``Yes, we have cash, and I want to make sure we have the most reliable and dutiful du·ti·ful adj. 1. Careful to fulfill obligations. 2. Expressing or filled with a sense of obligation. du product,'' said Tucker during a phone interview Monday. ``Focus is the name of the game, and for us, I would be uncomfortable with the distraction of helping someone else (a business partner) out right now.'' Tucker succeeds Ake Almgren, who retired in October but still remains a board member. Previously, Tucker served as chief executive officer and chairman of Daimler Benz Aerospace's Motoren & Turbine Union operations in Germany. He also held positions at York International and AlliedSignal Aerospace. Sanjay Shrestha, analyst with First Albany Corp. in New York, said Wall Street was waiting to hear Tucker's strategy. Capstone shares have teetered above and below a dollar for almost a year. The stock added 5 cents to close at $1.23 Monday on the Nasdaq market. ``There are some key markets were they need to pursue some applications. Waste water treatment plants is certainly an area they should look at,'' Shrestha said. ``But the key point is to get the cost of their units down to target the mass market.'' The company's already attempting to improve its standing through its cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. microturbine. Tucker said when he was mulling mulling (mul´ing), n the final step of mixing dental amalgam; a kneading of the triturated mass to complete the amalgamation. the decision to accept his current role, he was particularly interested in Capstone's ability to generate both heat and power utilizing the same product. ``And I see this area as a real opportunity to lead Capstone to a level of commercialization that is focused on key markets,'' he said. ``We are looking at opportunities both in terms of generating revenues and working our way to profitability.'' The company already saw a modest improvement in its most recent quarter. Capstone posted a second-quarter net loss of $9.4 million, or 12 cents share - a $21 million improvement compared with the same period a year ago. ``Capstone has a great little technology going for them,'' Kurzman said. ``But it's the competition from the other companies that makes it difficult for this company. We're now waiting to see what's next for Capstone.'' Evan Pondel, (818) 713-3662 evan.pondel(at)dailynews.com CAPTION(S): photo Photo: TUCKER |
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