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Wednesday, Jun 7, 2023

Capstone Posts Lower Net Loss

Capstone Turbine Corp. reported a net income loss of $9.3 million for its fiscal year first quarter ended June 30. The loss is a 14 percent decrease from the same reporting period in 2005 when the microturbine system producer had a loss of $10.8 million, or $0.13 per diluted share, on revenues of $3.8 million. The first quarter loss includes an aggregate of $0.8 million of stock-based compensation expense due primarily to the company’s adoption of statement of financial accounting standards No. 123R. First quarter revenues were $6.5 million, a decrease of 13 percent from the fourth quarter fiscal 2006 revenue of $7.6 million. It was a 70 percent increase from the first quarter of the previous fiscal year. The year-over-year growth in revenue indicates that demand for microturbines is growing, said company interim President and CEO Mark Gilbreth, in a statement. “The foundation for operational success is in place,” Gilbreth said. “The task ahead of us now is to further develop and expand our sales in our key markets.”

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