Capstone Turbine (CPST) Lowers Use of Cash During Q3; Eliminates 22 Additional Jobs
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Capstone Turbine Corporation (NASDAQ: CPST) today announced that, based on preliminary results for Q409, it lowered cash used substantially from Q3. The company also announced the elimination of 22 additional professional positions during March 2009.
Capstone's cash used during the fourth quarter ended March 31, 2009 was $4.9 million down from $21.6 million for the prior quarter. As part of its working capital plan, the company recently secured a $10 million dollar asset-based line of credit from Wells Fargo Bank, National Association to provide additional working capital. The company's cash balance as of March 31, 2009 was approximately $19.5 million with $3.7 million outstanding on the line of credit.
As part of the company's plan to lower future operating expenses, the company further reduced its professional staff by 22 employees on March 23, 2009. This reduction in force was in addition to the previously announced reduction of 19 employees and 16 open positions that took place in February 2009. The company now has 212 employees compared to 216 a year ago prior to the successful launch of the C200 and C1000 products. These two reductions represent approximately $3.7 million in expected annual operating savings.
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