Capstone Reports Second-Quarter 2003 Results
Capstone Turbine Corp. (Chatsworth, CA) reported its results for the quarter ended June 30, 2003. Revenue for the quarter was $4.1 million as compared with $7.4 million for the second quarter of 2002. Capstone shipped 108 units, comprised of 48 of its 60kW systems and 60 of its 30kW systems, in the second quarter of 2003.
For the second quarter of 2003, Capstone's net loss was $9.4 million, or $0.12 per share, compared to a net loss of $30.8 million, or $0.40 per share, during the second quarter of 2002. The loss during the second quarter of 2002 included $16 million from the impairment of marketing rights and $1.8 million related to excess inventory charges.
Interim CEO Emily Liggett noted, "The soft economic environment remains challenging for distributed generation manufacturers, but we saw encouraging results in this most recent quarter. Capstone shipped 4.7MW of power products during the second quarter of 2003. This is the highest quarterly shipment total since the 7.4MW shipped during the second quarter of 2002. We began the second quarter with 7MW of backlog and we begin the third quarter with a 5.1MW backlog."