Capstone Turbine Announces Results for 2002
Capstone Turbine Corp. (Chatsworth, CA) reported its results for the year ended December 31, 2002. Revenue for the quarter ended December 31, 2002, was $3.6 million as compared with $10.1 million for the fourth quarter of 2001. Capstone shipped 3.4MW of power during the fourth quarter of 2002, compared with 3.2MW in the third quarter of 2002 and 11.1MW during the fourth quarter of 2001.
For the fourth quarter of 2002, Capstone's net loss was $20.7 million, or $0.26 per share. Included in this were two significant adjustments, a $5 million impairment charge, or $0.06 per share, related to the recuperator core manufacturing facility and a $3.6 million charge, or $0.05 per share, to adjust the warranty reserve balance for anticipated obligations. Excluding these charges, the loss for the quarter was $12.1 million, or $0.15 per share, compared to a net loss of $14.6 million, or $0.19 per share, in the fourth quarter of 2001.
For the full year 2002, Capstone reported revenue of $19.5 million, compared with revenue of $36 million in 2001. Capstone's net loss increased to $74.4 million, or $0.95 per share, for the year ended December 31, 2002. The 2002 loss included $0.20 per share for an impairment charge recorded in the second quarter, and $0.11 per share for the impairment and warranty adjustments recorded in the fourth quarter. Excluding these charges, results for the year would have shown a loss of $49.8 million, or $0.64 per share, compared with a net loss of $46.9 million, or $0.61 per share, for the prior year.