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CHATSWORTH, Calif., Aug. 8, 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 first quarter of fiscal year 2014 ended June 30, 2013.
First Quarter 2014 Highlights
Revenue of $24.4 million, product revenue of $20.2 million
Gross margin of $3.3 million, or 14%, compared to $2.2 million, or 8%, in first quarter Fiscal 2013
Third consecutive quarter of double-digit gross margin
Record product backlog of $155.8 million at June 30, 2013
New product orders of $27.1 million
"While the first quarter was disappointing from a revenue perspective, this was not a result of systemic business issues, but rather a timing issue with regard to collections and shipments," said Darren Jamison, Capstone's President and Chief Executive Officer. "The fundamentals of the business remain robust, driving gross margin of 14% and a new company record for backlog, and reflecting the inherent strengths of our operations based on the improvements we've made across the organization over the past several years. The management team remains confident and looks forward to a strong rebound in Q2 and reaching our total year goal of continued revenue growth and EBITDA breakeven for the first time in company history."
First Quarter 2014 Financial Summary
Revenue for the first quarter of Fiscal 2014 was $24.4 million, compared to $35.4 million for the fourth quarter of Fiscal 2013, and $28.8 million for the first quarter of Fiscal 2013.
Capstone's backlog as of June 30, 2013 was $155.8 million, an increase of 5% from $148.9 million at March 31, 2013, and an increase of 12% from $139.5 million at June 30, 2012.