Capstone Turbine Announces Company News
Capstone Turbine Corp. (Chatsworth, CA) announced preliminary financial results for the third quarter ended September 30, 2002. In the period, the company shipped 3.2MW of its products. The company expects to report revenue of $3.9 million and post a loss per share of between $0.14 and $0.16. The company's cash utilization rate is approximately $11.0 million for the quarter.
Capstone also announced that its board of directors has approved a stock repurchase program under which the company may purchase up to $10.0 million of Capstone common stock. The company could purchase shares from time to time through open market and privately negotiated transactions at prices deemed appropriate by management. The program has no termination date. Capstone has approximately 77.5 million shares of common stock outstanding and approximately $144.0 million of cash and cash equivalents.
Capstone President and CEO Ake Almgren also announced his intention to retire. Almgren stated, "I have had the opportunity of leading the company from being a small private company, through the launch of the first commercial microturbine, the IPO process, and then positioning the public company for future growth. While the company has initiated an executive search for my successor, and the transition timeline is not yet established, I have agreed to support a smooth transition and continue the efforts of developing additional strategic alliances. As part of the transition process I have resigned as the Chairman of the Board. I am delighted to announce that Eliot Protsch, president of Interstate Power and Light Co. for Alliant Energy Corp., has accepted the board's nomination to that role."