Capstone Turbine Announces Fiscal-Year 2005 Results
Capstone Turbine Corp. (Chatsworth, CA), a microturbine power systems manufacturer, reported results for its fiscal year 2005 in its Form 10-K filed with the Securities and Exchange Commission on June 29, 2005. Financial highlights for fiscal 2005 included sales of $17.0 million, up $4.4 million from $12.6 million reported for fiscal 2004. The majority of the increase in sales reflected higher demand for the company's C60 model microturbines. Backlog at the end of fiscal 2005 was 10.8 MW, reflecting backlog at the beginning of the year of 6.5 MW, orders during the period of 20.8 MW, and shipments of 16.5 MW.
The reported gross loss was $6.9 million for fiscal 2005, an improvement of $9.9 million from the $16.8 million loss reported in fiscal 2004. Lower warranty costs accounted for the change between periods. Operating expenses were $34.2 million for the year, up $2.1 million from the prior year. Capstone's net loss was $39.4 million, an improvement of $8.3 million from the $47.7 million loss reported in fiscal 2004. Fiscal 2005's reported net loss was $0.47 per share as compared with $0.58 a year earlier. Cash usage in the fiscal year was $38.8 million, an increase of $8.6 million from fiscal year's cash usage of $30.2 million. Cash and cash equivalents at the end of the year were $63.6 million.