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Capstone Turbine Announces Third Quarter Fiscal Year 2013 Operating Results

Stocks in this article: CPST

CHATSWORTH, Calif., Feb. 11, 2013 (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 third quarter fiscal year 2013 ended December 31, 2012.

Third Quarter 2013 Highlights

  • Record quarter revenue of $33.3 million, up 21% year-over-year
  • Product revenue of $26.3 million, up 20% year-over-year
  • Shipments of 26.1 megawatts, compared to 23.5 megawatts year-over-year
  • Gross margin doubled year-over-year, from $2.3 million to $4.6 million, or 14% of revenue
  • Healthy product backlog of $136.5 million at December 31, 2012, up 19% year-over-year
  • Strong cash balance of $41.9 million at December 31, 2012

Management Commentary

"The third quarter of fiscal 2013 marked our best quarter as a whole in company history. We set another record for quarterly revenue, achieved a strong double digit gross margin percentage for the first time, and reduced our net loss significantly. We are continuing to make outstanding progress on our path to profitability," said Darren Jamison, Capstone's President and Chief Executive Officer.

Jamison added, "In January, we received some sizeable follow-on orders in the oil and gas sector, where we have significant opportunity to continue to capture market share, and we have seen some improvement in European order flow.

"We also entered the Chilean market for the first time with the sale of four C65s with our new distributor in the region and received an order for our first C1000 series product in China."

Third Quarter 2013 Financial Summary

Revenue for the third quarter of Fiscal 2013 was $33.3 million, an increase of 11% from $30.1 million for the second quarter of Fiscal 2013, and an increase of 21% from $27.5 million for the third quarter of Fiscal 2012. Capstone shipped 26.1 megawatts in the third quarter of Fiscal 2013, compared to 24.0 megawatts in the second quarter of Fiscal 2013 and 23.5 megawatts in the third quarter of Fiscal 2012.

Capstone's backlog as of December 31, 2012 was $136.5 million, compared to $141.1 million at September 30, 2012, and an increase of 19% from $115.1 million at December 31, 2011.

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