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Capstone Turbine Announces Fourth Quarter And Fiscal Year 2013 Operating Results

Stocks in this article: CPST

Best Annual Performance in Company's History

Record Revenue of $127.6 Million for Fiscal 2013

Record Annual Gross Margin of 11% for Fiscal 2013

Record Backlog of $148.9 Million at End of Fiscal 2013

CHATSWORTH, Calif., June 13, 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 fourth quarter and fiscal year ended March 31, 2013.

Fourth Quarter 2013 Highlights

  • Record quarterly revenue of $35.4 million, up 18% year-over-year
  • Product revenue of $29.1 million, up 17% year-over-year
  • Gross margin of $5.0 million, or 14%, compared to $0.9 million, or 3%, in fourth quarter Fiscal 2012
  • Second consecutive quarter of double-digit gross margin
  • New product orders of $41.5 million resulting in book-to-bill ratio of 1.4:1
  • Record product backlog of $148.9 million at March 31, 2013

Fiscal Year 2013 Highlights

  • Record annual revenue of $127.6 million, up 17% from Fiscal 2012
  • Product revenue of $102.7 million, up 14% from Fiscal 2012
  • Gross margin of $14.4 million, or 11% of revenue, compared to $5.4 million, or 5% of revenue, for Fiscal 2012
  • Operating loss decreased 31% year-over-year
  • New product orders of $112.6 million resulting in book-to-bill ratio of 1.1:1
  • Strong cash balance of $38.8 million at March 31, 2013
  • Inventory turns were 5.4x at the end of Fiscal 2013 compared to 5.1x for Fiscal 2012

Management Commentary

"Our outstanding results for Fiscal 2013 showcase the progress we've made in transforming Capstone for long-term profitability," said Darren Jamison, Capstone's President and Chief Executive Officer. "This was the best year in Capstone's history – an extraordinary achievement for a team that has worked diligently to align all of our resources in operations, R&D, customer service, and sales and marketing, and position the company for long-term success. I'm also pleased to report that the fourth quarter of this year was the best year-end period in company history, with record revenue, an excellent book-to-bill ratio, substantially reduced operating loss, and a healthy cash balance.

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