Capstone Reports Fourth-Quarter, Year-End Results
Capstone Turbine Corp. (Chatsworth, CA) reported revenue of $10.1 million for the quarter ended December 31, 2001, compared with revenue of $7.1 million for the fourth quarter of 2000. For the fourth quarter of 2001, Capstone's net loss was $14.6 million, or $0.19 per share, compared to a net loss of $6.4 million, or $0.08 per share, in the fourth quarter of 2000.
For the full year 2001, Capstone reported revenue of $36.0 million, compared with revenue of $23.2 million in 2000. Capstone's net loss decreased to $46.9 million, or $0.61 per share, for the year ended December 31, 2001, compared with a net loss of $591.3 million, or $12.82 per share, for the prior year. The company's net loss in 2000 was impacted by non-cash charges, triggered by the company's initial public offering, totaling $559.9 million associated with recording the preferred stock deemed dividend and fair market value accretion.
“During 2001, Capstone shipped 38MW of power, which was an increase of more than 50 percent over 2000,” said Ake Almgren, president and CEO of Capstone Turbine. “Although some of the factors that created near-term demand in the first half of 2001 -- such as the energy shortage in California -- have abated, the fundamental drivers of demand for economically and environmentally beneficial distributed generation solutions continue to exist. Domestically, we still see growing levels of power consumption, high utility rates in significant regions, grid transmission constraints, increasing demand for more reliable and higher quality power, and both security and financial risks delaying or eliminating a number of large centralized power plant projects.”