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Capstone Turbine Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: February 11, 2013 04:11PM

Capstone Turbine Corp. (CPST) filed Quarterly Report for the period ended 2012-12-31. Capstone Turbine Corporation has a market cap of $268.5 million; its shares were traded at around $0.88 with and P/S ratio of 2.2.



Highlight of Business Operations:

Sales to Horizon Power Systems (“Horizon”), one of the Company’s domestic distributors, and BPC Engineering (“BPC”), one of the Company’s Russian distributors, accounted for 20% and 11%, respectively, of revenue for the three months ended December 31, 2012. Sales to BPC and Horizon accounted for 27% and 23%, respectively, of revenue for the three months ended December 31, 2011. Horizon and BPC accounted for 28% and 13% of revenue, respectively, for the nine months ended December 31, 2012. For the nine months ended December 31, 2011, BPC and Horizon accounted for 25% and 18% of revenue, respectively.

During the three months ended December 31, 2012, we booked total orders of $21.7 million for 137 units, or 22.4 megawatts, compared to $23.3 million for 102 units, or 26.5 megawatts, during the three months ended December 31, 2011. We shipped 166 units with an aggregate of 26.1 megawatts, generating revenue of $26.3 million compared to 136 units with an aggregate of 23.5 megawatts, generating revenue of $21.9 million during the three months ended December 31, 2011. Total backlog as of December 31, 2012 increased $21.4 million, or 19%, to $136.5 million from $115.1 million as of December 31, 2011. As of December 31, 2012, we had 646 units, or 152.0 megawatts, in total backlog compared to 641 units, or 129.8 megawatts, as of December 31, 2011. As of December 31, 2012, 632 units, or 149.8 megawatts, valued at $134.4 million, were current and expected to be shipped within the next twelve months. As of December 31, 2011, all of the backlog was current and expected to be shipped within the next twelve months. The increase in long-term backlog of $2.1 million was the result of changes in customer delivery schedules and general economic conditions, principally in Europe. In addition, $2.0 million of the current backlog includes orders

Revenue - Revenue for the three months ended December 31, 2012 increased $5.8 million, or 21%, to $33.3 million from $27.5 million for the three months ended December 31, 2011. The change in revenue for the three months ended December 31, 2012 compared to the three months ended December 31, 2011 included increases in revenue of $8.1 million from the North American market, $2.0 million from the Australian market and $1.7 million from the Asian market. The increase in the North American market was primarily related to increased sales into the U.S. shale plays market. The increases in the Australian and Asian markets were primarily because of microturbine product sales for specific projects that did not occur during the same period last year. This overall increase in revenue was offset primarily by decreases in revenue of $4.9 million from the European market and $1.0 million from the African market. We expect revenues from the European market will continue to be soft as a result of general economic conditions. The decrease in the African market was primarily the result of non-recurring microturbine product sales for specific projects that had occurred in the same period last year.

Revenue - Revenue for the nine months ended December 31, 2012 increased $13.0 million, or 16%, to $92.2 million from $79.2 million for the nine months ended December 31, 2011. The change in revenue for the nine months ended December 31, 2012 compared to the nine months ended December 31, 2011 included increases in revenue of $23.1 million from the North American market, $4.0 million from the Asian market, $1.6 million from the Australian market and $0.1 million from the South American market. The increase in the North American market was primarily related to increased sales in the U.S. shale plays market. The increases in the Australian, Asian and South American markets were primarily because of microturbine product sales for specific projects that did not occur during the same period last year. This overall increase in revenue was

Gross Margin - The gross margin was $9.4 million, or 10% of revenue, for the nine months ended December 31, 2012 compared to a gross margin of $4.5 million, or 6% of revenue, for the nine months ended December 31, 2011. The increase in gross margin was primarily related to a $6.9 million improvement resulting from a higher volume of C1000 Series product shipments, microturbine parts and service revenue, and lower direct material costs during the nine months ended December 31, 2012. The $6.9 million improvement was offset by an increase in warranty expense of $1.3 million and royalty expenses of $0.7 million. Management continues to implement initiatives to address warranty expense and to further reduce direct material costs as we work to achieve profitability.

Read the The complete Report



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