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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
"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."