Capstone Turbine Corporation (NASDAQ:CPST) on Thursday released preliminary results for its fiscal second quarter of 2020.
In a statement, the maker of clean energy microturbines said that total preliminary revenue for the quarter ended September, was $20.7 million, an increase of $1.5 million, or 8% from $19.2 million in the fiscal first quarter.
Total preliminary revenue was down 7% on a year-over-year basis as the company allocated 1.6 megawatts of production slots to grow its factory long-term microturbine rental fleet with no production slots allocated to rental units in the year-ago quarter, Capstone said.
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Book-to-bill ratio was 1.0:1 for the second quarter, up from 0.7:1 in the year-ago quarter.
And total cash and cash equivalents as of September 30 are estimated to be $20.9 million, compared to $24.6 million as of June 30, 2019.
"We are executing well against our multiple strategic initiatives which should lead to a future of reduced quarterly cash burn, improved gross margins, lower direct material costs, and lower operating expenses," said CEO Darren Jamison. "We have demonstrated excellent progress on improving our business model in the near-term, which should be evident in our second quarter adjusted EBITDA results."
Capstone also said it will host a live webcast on November 7 at 1:45 pm Pacific Time to provide the results of the second quarter, as well as an update on its business activities. At the end of the conference call, Capstone will host a question-and-answer session to provide an opportunity for financial analysts to ask questions.
Investors and interested individuals are invited to listen to the webcast by logging on to Capstone's investor relation's webpage at www.capstoneturbine.com. A replay of the webcast will be available on the website for 30 days.
Capstone, based in Van Nuys, California, offers a product line-up of microturbines that can produce anywhere from 30 kilowatts to 10 MWs of power, operating on a variety of gaseous or liquid fuels. To date, the company has shipped over 9,000 units to 73 countries.
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