Capstone Turbine reports preliminary Q4 revenue $11.3M, consensus $17.47M » 16:2004/0304/03/20
The decrease in product…
The decrease in product and aftermarket revenue is expected to negatively impact the net loss and Adjusted EBITDA results for the fourth quarter of fiscal 2020, the company said.
Capstone execs volunteered salary cuts, developed 'aggressive' furlough program » 16:2004/0304/03/20
Capstone responded to the…
Capstone responded to the COVID-19 pandemic with a Business Continuity Plan focused on its employees, customers, supply chain partners and shareholders. Circumstances surrounding COVID-19 continue to evolve at a rapid pace. The Capstone BCP is designed to keep employees safe, align with government guidelines, continue to support critical Aftermarket Factory Protection Plan long-term service contracts and spare parts deliveries to Essential Critical Infrastructure Customers, such as Energy, Health Care, Wastewater Treatment, Food Manufacturing, etc., as well as to sustain two key business goals: cash flow and liquidity and reaching Adjusted EBITDA positive in the upcoming June quarter. One key business goal of the Company is cash flow and liquidity. The internal goal for the most recent quarter was to finish the quarter with a minimum of $14.5 million in cash. In addition, it was critical that Capstone dramatically slow incoming raw materials to position the Company to potentially achieve positive working capital in the June quarter. "I am pleased to report that our cash balance as of March 31, 2020, was $15.1 million and our inventory receipts during the quarter decreased by $4.6 million, or 36%, to $8.1 million compared to $12.7 million in the third quarter which should put us in position to potentially drive positive working capital next quarter," said Darren Jamison, President and Chief Executive Officer of Capstone. Capstone's second key goal is to remain committed to its stated objective of reaching Adjusted EBITDA positive in the upcoming June quarter. In support of that goal, Company executives volunteered salary cuts and developed an aggressive furlough and cost control program, which will reduce operating expenses an estimated 25% in the short-term to support an Adjusted EBITDA positive quarter with strengthening aftermarket margins and the assumption of rebounding product shipments in June.
Solebury Trout to hold a virtual conference » 08:4404/0204/02/20
AFMD, EVFM, LCTX, EPIX
Virtual Global Healthcare…
Virtual Global Healthcare Conference will be held on April 2 at 9:30 am. Webcast Link
|Over a week ago|
Capstone Turbine partners with NYPA, Brenmiller Energy for SUNY Purchase project » 08:1403/2703/27/20
Capstone Turbine announced that it has partnered with the New York Power Authority, or NYPA, and Brenmiller Energy on a groundbreaking thermal energy storage project for Purchase College, State University of New York, or SUNY. The project received a one million dollar grant from the Israel-United States Binational Industrial Research and Development, or BIRD, Foundation to investigate low emission thermal energy storage as a means to increase the efficiency of standard combined heat and power, or CHP, systems. The installation will serve as a demonstration project for innovative thermal energy storage technology in New York. The collaboration is one of many projects deployed as part of New York State's Energy Storage Roadmap that includes energy storage targets of 1,500 megawatts by 2025-the equivalent electricity demand of one-fifth of all New York homes.
Capstone Turbine receives order for 800 kilowatt microturbine from Roseville » 08:1303/2603/26/20
Capstone Turbine announced that it received an order for an 800 kilowatt Signature Series microturbine to upgrade the City of Roseville, California, wastewater treatment plant. The C800S microturbine system will allow the City of Roseville to yield benefits for customers and the environment in the near and long-term. The regional wastewater plant will help officials meet efficiency and sustainability goals by reducing carbon emission, equal to what can be stored in 2,100 acres of forest, and produce clean and green power equal to powering 740 homes.
SPI Energy receives Nasdaq notice on non-compliance » 06:0203/2603/26/20
SPI Energy announced that…
SPI Energy announced that it received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market on March 23 indicating that the company is not in compliance with NASDAQ Listing Rule 5450(b)(3)(C) for continued listing because the market value of its publicly held shares was less than $15M. The rules also provided that the company has a compliance period of 180 calendar days, or until September 21, to regain compliance.
Capstone Turbine enacts business continuity plan, furloughing 70% of workforce » 08:1303/2403/24/20
Capstone Turbine announced that in response to the global COVID-19 pandemic it has enacted a new Business Continuity Plan designed to keep employees safe as well as support the company's stated goal of reaching Adjusted EBITDA positive in the upcoming June quarter. A critical part of the Business Continuity Plan is the Capstone Leadership Team volunteering to take a 25% temporary salary cut as well as the fiscal 2020 Executive Bonus in equity in lieu of cash if earned. In addition, approximately 25 other top company managers volunteered to take a similar 15% reduction in salary. "With over 1000 confirmed cases in California and a "Shelter-in-Place" order for all of California, we enacted an emergency Business Continuity Plan designed to keep employees safe, continue to support our critical Aftermarket Factory Protection Plan, or FPP, long-term service contracts and spare parts deliveries to our Essential Critical Infrastructure Customers, such as Energy, Health Care, Wastewater Treatment, etc. as well as to sustain our key long-term business initiatives," said Darren Jamison, President and CEO of Capstone. "In these unprecedented and uncertain times, the health and safety of our Capstone and distributor employees, their families, and our communities are of the highest importance as well as doing everything possible to still deliver on our stated goal of positive EBITDA by reducing operating expenses and leveraging our high margin recurring revenue streams," added Mr. Jamison. As part of the comprehensive Business Continuity Plan, Capstone is taking the following steps: Beginning March 30th, Capstone is furloughing approximately 70% of its direct workforce, leaving behind only staff deemed essential for day-to-day administrative operations for a minimum period of 45 days. This will ensure those who remain can more easily practice safe and proper social distancing. During this period, Capstone will have a limited production capability of new microturbine products, but has recently pre-built approximately 5MW of microturbine finished goods for shipment during this period of suspended production. Capstone will maintain a crew of essential operations employees to manufacture service engines, remanufacture spare parts and provide service spares in support of FPPs and global distributor spare parts orders and is pre-building and shipping immediately to sustain our critical customer sites during this time of uncertainty.
CRA International appoints Daniel Mahoney as CFO » 08:4203/1903/19/20
Charles River Associates…
Charles River Associates (CRAI) announced the appointment of Daniel Mahoney as CFO effective March 30. Mahoney most recently served as Senior Vice President, Head of Finance at BrightSphere Investment Group (BSIG). Mr. Mahoney assumes the role from Chad Holmes, who will be CRA's Executive Vice President and Chief Corporate Development Officer, as part of a transition previously announced on February 27.
Capstone Turbine announces follow-on order » 08:1303/1703/17/20
Capstone Turbine announced that it landed an important follow-on order for one of the largest and most diversified midstream energy companies in the United States. As a company, it is part of Capstone Turbine's mission to help improve the oil and gas industry by offering cleaner and greener power solutions that reduce methane emissions while utilizing associated gas that would otherwise be flared into the atmosphere adding to global climate change. During fiscal year 2019, Capstone reported that it saved end-use customers an estimated $253 million in annual energy costs and 350,000 tons of carbon. The follow-on order for a Signature Series 800 kilowatt (kW) microturbine was secured by Horizon Power Systems, Capstone's distributor for the Western Mountain States of the United States and Western Canada. The C800 Signature Series stand-alone microturbine will run all-electric power equipment at a remote operation while running on locally available high-pressure natural gas. The microturbine was selected as the unit meets stringent air quality regulations for emissions, low maintenance intervals, and high reliability. The U.S. Energy Information Administration (EIA) recently announced that the price of natural gas in the U.S. has fallen to its lowest level in 20 years. The data shows that natural gas prices recently fell to $1.77 per million British Thermal Units (BTUs), and the EAI reports that U.S. natural gas production has hit an all-time high this year as the shale oil and gas revolution keeps rolling on.
SPI Energy announces sale of Sun Roof I solar project in Italy » 06:2003/1603/16/20
SPI Energy announced the…
SPI Energy announced the closing of the sale of its Sun Roof I assets, a 479 kWp rooftop solar project located in Aprilia, Italy, that has been in operation since 2012. Proceeds from the sale were approximately EUR 1.1M before transaction fees, strengthening the company's balance sheet and providing additional capital for the development of solar assets in the U.S.