Hier die für Europa relevanten Passagen aus dem Capstone Q1 2013 Results - Earnings Call: Aussagen von Darren R. Jamison (Chief Executive Officer, President and Director):
-[...]We did see modest decreases in revenue in the European and South American markets year-over-year, and we do expect the revenue from Europe will continue to be soft as a result of the economic conditions there.[...]
-[...]As I mentioned, the North American, Australian, Asian, South American markets are all looking very good. Europe is our only market that we're concerned about and we'll continue to watch.[...]
Frage von Sanjay Shrestha - Lazard Capital Markets LLC, Research Division:
Got it. The second question was on the international markets. Could you sort of touch a little bit on the momentum you're seeing in the international markets? And especially, I mean your recent orders have come from all the way from Colombia to Thailand, and maybe touch a bit on the near to medium term opportunity you're seeing in some of the key markets there?
Antwort von Darren R. Jamison:
Yes. Definitely, we're seeing continued momentum in the Russian market. That's always been a strong market for us, continues to be a leader. Australia and Asia are picking up nicely. We've seen nice orders, C1000s going into Thailand, into Singapore which is a great opportunity for us. We're seeing Australia start to pick back up Again. We're expecting another follow-on order from Origin Energy, which is something that we've been waiting for, for quite a while. We seem to be very close to getting that done. But Australia, in general,appears to be a good market for us. South America, Venezuela, Peru, Colombia, all very nice recent orders picking up, and Mexico is actually been a very good market for us. So I think internationally, with the exception of Europe, we're seeing very strong trends in all those markets.
Frage von Ajay Kejriwal - FBR Capital Markets & Co., Research Division:
So just maybe on revenues. It's a little bit like at least versus our models, is that just lumpiness and shipments, or is it Europe, or is there anything else going on there?
Antwort von Darren R. Jamison:
Yes, I would say it's 2 things, Ajay. I mean, it's -- we had 2 orders ended up in finished goods at the end of the quarter. You'll see our inventory numbers up about $1.2 million quarter-over-quarter. $1 million of that is products and finished goods. So there was a timing difference. One customer was an oil and gas customer that asked for witness test at the 11th hour, and we couldn't accommodate before quarter end, and the other one was just timing of a payment to release that system. Both those occurred very early in July. So if you look at it that way, the revenue would have been right close to $30 million or $29.8 million, fairly flat quarter-to-quarter. That being said, we probably are $1 million to $2 million light out of Europe this quarter from previous quarters. So I think we are experiencing a little bit of the European slowdown that we're all reading about in the papers.
Frage von Ajay Kejriwal - FBR Capital Markets & Co., Research Division:
Got it. And based on the backlog, you'd expect things to pick up. I mean, what kind of the visibility, and what was the expectation in terms of the ramp for the rest of the year?
Antwort von Darren R. Jamison:
Yes. We -- obviously, the $1 million that we didn't ship last quarter is going this quarter. We expect a very strong Q2, then obviously, the $139 million leads us to feel pretty strong about the overall year. I think from a growth perspective, then a lot of folks are modeling, 30% to 35% growth for the year, depending on what happens in Europe that maybe a little bit aggressive. It depends if Europe comes back in the back half of the year. If it doesn't, then the number should probably be on a 25% to 28% growth. Regardless very strong and I think you feel very good about the backlog and hopefully some of these other markets like South America and Asia will make up for Europe or even more than make up for Europe.
Frage von Walter Nasdeo - Ardour Capital Investments, LLC, Research Division:
Got you, okay. Now with what's going on in Europe, how has the distributor network kind of grown over there? Is there still an interest on the distributor side of things to be involved with Capstone, or is that kind of slowed down simply because of the economic conditions over there?
Antwort Darren R. Jamison:
No. There's no lack of interest. I think our biggest challenge for our distributors is customer project, timing slowing down, customers hesitant to make decisions, third-party financing tightening up, so we've seen no lack of interest from our distributors. That's just the inability or the difficulty of them to execute. So we're watching that very tightly, and as I said, it's definitely having an impact on our business. I think, overall, Europe was 16% of our total revenue last year. So we still see a very good growth year, very strong backlog. The Europe will continue to be a worry item for us, and we'll watch it closely. Quelle: seekingalpha.com/article/800051-capstone-turbine-management-discusses-q1-2013-results-earnings-call-transcript |
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