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Capstone Turbine Announces First Quarter Fiscal Year 2013 Operating Results

Stocks in this article: CPST

Revenue of $28.8 Million and Gross Margin Improves to 8%

Record Backlog of $139.5 Million at June 30, 2012

CHATSWORTH, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, today announced its financial results for the first quarter of fiscal year 2013 ended June 30, 2012.

First Quarter 2013 Highlights

  • Total revenue of $28.8 million, up 19% year-over-year
  • Product revenue of $23.6 million, up 13% year-over-year
  • Shipments of 25.1 megawatts, compared to 21.9 megawatts in Q1 Fiscal 2012
  • Gross margin of $2.2 million, or 8%, compared to 2% in Q1 Fiscal 2012
  • Positive gross margin in seven of last eight quarters
  • New orders of $24.1 million; greater than 1 to 1 book to bill ratio
  • Record product backlog of $139.5 million at June 30, 2012, up 21% year-over-year
  • Cash balance of $45.1 million at June 30, 2012

Management Commentary

"We continued to execute well during the first quarter generating $28.8 million in revenue and maintaining a record level of backlog," said Darren Jamison, Capstone's President and Chief Executive Officer. "Gross margin increased nearly 600 basis points year-over-year as we realized strong C200 and C1000 sales volume and 45% higher average revenue per unit while continuing to focus on lowering direct material costs. 

"Our ongoing penetration of key verticals was impressive during the quarter, with approximately 20 megawatts of orders from the oil and gas markets in the U.S., Russia and Colombia along with further inroads into the Asian-Pacific market. Our new product and marketing development initiatives are enabling us to gain market share across many of our key markets.  Additionally, we continue to manage our operating expenses through improved manufacturing efficiencies and lower direct material costs as we work toward achieving profitability."

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