CHATSWORTH, Calif., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation ( www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received new orders in January from its German distributor E-Quad Power Systems GmbH. The orders include two C1000 packages, one C200, 14 C65s and four C30s, totaling approximately $2.9 million in product expected to ship in the next six months.
In November Bloomberg's Business Week declared it official that Europe was in a double-dip recession. Bloomberg reported that the 17-country euro zone has fallen into its second recession since 2008, as figures released on November 15th showed gross domestic product declining 0.1 percent during the third quarter. That followed a 0.2 percent contraction during the previous three months, according to the European Union's statistics office.
Bloomberg also reported there were some unexpected bright spots. Germany and France posted 0.2 percent quarter-on-quarter growth, ahead of expectations. Even some of the region's most troubled economies suffered relatively modest contractions, including 0.3 percent in Spain and 0.2 percent in Italy."The January orders from our German distributor E-Quad are almost equal to the total amount E-Quad purchased from Capstone in the previous nine months and are consistent with reports that the German market is starting to rebound," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing. "Despite the slowdown in the European market, Capstone has posted higher year-over-year quarterly revenues for 23 consecutive quarters. A rebound in Germany and France would definitely ease some of the overall headwinds we have experienced in Europe," said Darren Jamison, Capstone's President and Chief Executive Officer. "Continental Europe has always been an important part of our business and represented 18% of total revenue last year. We look forward to seeing all of our European partners rebound," added Jamison.