Capstone Receives Orders for $2.9 Million From German Distributor E-Quad Power Systems
CHATSWORTH, Calif., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST), the world's leading clean technology manufacturer of microturbine energy systems, announced today that it received new orders in January from its German distributor E-Quad Power Systems GmbH. The orders include two C1000 packages, one C200, 14 C65s and four C30s, totaling approximately $2.9 million in product expected to ship in the next six months.
In November Bloomberg's Business Week declared it official that Europe was in a double-dip recession. Bloomberg reported that the 17-country euro zone has fallen into its second recession since 2008, as figures released on November 15th showed gross domestic product declining 0.1 percent during the third quarter. That followed a 0.2 percent contraction during the previous three months, according to the European Union's statistics office.
Bloomberg also reported there were some unexpected bright spots. Germany and France posted 0.2 percent quarter-on-quarter growth, ahead of expectations. Even some of the region's most troubled economies suffered relatively modest contractions, including 0.3 percent in Spain and 0.2 percent in Italy.
"The January orders from our German distributor E-Quad are almost equal to the total amount E-Quad purchased from Capstone in the previous nine months and are consistent with reports that the German market is starting to rebound," said Jim Crouse, Capstone's Executive Vice President of Sales and Marketing.
"Despite the slowdown in the European market, Capstone has posted higher year-over-year quarterly revenues for 23 consecutive quarters. A rebound in Germany and France would definitely ease some of the overall headwinds we have experienced in Europe," said Darren Jamison, Capstone's President and Chief Executive Officer. "Continental Europe has always been an important part of our business and represented 18% of total revenue last year. We look forward to seeing all of our European partners rebound," added Jamison.
Capstone's German distributor, E-Quad Power Systems GmbH, provides project planning, installation supervision, start-up and maintenance of Capstone products. E-Quad is focused on oil & gas resource recovery, turbo electric and combined heat and power applications. E-Quad is headquartered in Herzogenrath, Germany.
About Capstone Turbine Corporation
Capstone Turbine Corporation (www.capstoneturbine.com) (Nasdaq:CPST) is the world's leading producer of low-emission microturbine systems, and was the first to market commercially viable microturbine energy products. Capstone Turbine has shipped over 6,500 Capstone Microturbine systems to customers worldwide. These award-winning systems have logged millions of documented runtime operating hours. Capstone Turbine is a member of the U.S. Environmental Protection Agency's Combined Heat and Power Partnership, which is committed to improving the efficiency of the nation's energy infrastructure and reducing emissions of pollutants and greenhouse gases. A UL-Certified ISO 9001:2008 and ISO 14001:2004 certified company, Capstone is headquartered in the Los Angeles area with sales and/or service centers in the New York Metro Area, Mexico City, Nottingham, Shanghai and Singapore.
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This press release contains "forward-looking statements," as that term is used in the federal securities laws, about increased sales for our German distributor and improved conditions in Europe. Forward-looking statements may be identified by words such as "expects," "objective," "intend," "targeted," "plan" and similar phrases. These forward-looking statements are subject to numerous assumptions, risks and uncertainties described in Capstone's filings with the Securities and Exchange Commission that may cause Capstone's actual results to be materially different from any future results expressed or implied in such statements. Capstone cautions readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Capstone undertakes no obligation, and specifically disclaims any obligation, to release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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Released January 28, 2013