Capstone Turbine Corp (CPST) saw its loss narrow to $23.92 million, or $0.75 a share for the year ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.19 million, or $1.39 a share. Revenue during the year dropped 9.44 percent to $77.17 million from $85.21 million in the previous year. Gross margin for the year contracted 1266 basis points over the previous year to 2.32 percent. Operating margin for the year stood at negative 31.42 percent as compared to a negative 28.74 percent for the previous year.
Operating loss for the year was $24.25 million, compared with an operating loss of $24.49 million in the previous year.
However, the adjusted EBITDA for the year stood at negative $22.33 million compared to negative $20.22 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 28.94 percent for the year compared to negative 23.72 percent in the last year.
"Capstone delivered top-line revenue growth as sales from our product and aftermarket business continued to expand. The renewed growth was driven by improving our vertical market diversification and geographic expansion which specifically has benefitted our FPP service contract business with higher attachment rates compared to our historical oil and gas customers," said Darren Jamison, president and chief executive officer of Capstone.
Working capital declines
Capstone Turbine Corp has witnessed a decline in the working capital over the last year. It stood at $14.21 million as at Mar. 31, 2017, down 21.69 percent or $3.94 million from $18.15 million on Mar. 31, 2016. Current ratio was at 1.35 as on Mar. 31, 2017, down from 1.59 on Mar. 31, 2016. Days sales outstanding went up to 40 days for the year compared with 29 days for the same period last year.
Days inventory outstanding has decreased to 35 days for the year compared with 41 days for the previous year period.
Debt moves up
Capstone Turbine Corp has witnessed an increase in total debt over the last one year. It stood at $11.86 million as on Mar. 31, 2017, up 19.88 percent or $1.97 million from $9.89 million on Mar. 31, 2016. Total debt was 20.35 percent of total assets as on Mar. 31, 2017, compared with 17.70 percent on Mar. 31, 2016. Debt to equity ratio was at 0.66 as on Mar. 31, 2017, up from 0.40 as on Mar. 31, 2016.
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