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net deferred tax asset of $231.0 million at March 31, 2011 because the realization of the benefits of these favorable tax attributes in future income tax returns is not deemed more likely than not. Similarly, at March 31, 2010, the net deferred tax asset was fully reserved. Year Ended March 31, 2010 Compared to Year Ended March 31, 2009 Revenue. Revenue for Fiscal 2010 increased $17.7 million, or 40%, to $61.6 million from $43.9 million for Fiscal 2009. The overall revenue increase for Fiscal 2010 compared to Fiscal 2009 included a $9.3 million increase in revenue from the European market, a $6.8 million increase in revenue from the Australian market, a $3.8 million increase in revenue from the South American market and a $0.7 million increase in revenue from the African market, all primarily the result of our efforts to improve distribution channels. This overall increase in revenue was offset by a $2.9 million decrease in revenue from the North American market because of lower sales volume to one of our customers and because Fiscal 2009 included unusually large sales to two customers. Overall microturbine product shipments were slightly higher during Fiscal 2010 compared to Fiscal 2009 totaling 499 units (52.8 megawatts) and 494 units (34.1 megawatts) respectively. Megawatts shipped and revenue during Fiscal 2010 increased as a result of the introduction of our new TA100, C200 and C1000 Series product lines. The average revenue per unit increased to $98,000 in Fiscal 2010 compared to $66,000 per unit for Fiscal 2009 year because of the benefit of a full twelve months of sales of higher priced C200 and C1000 Series systems, which were introduced during Fiscal 2009. The timing of shipments is subject to change based on several variables (including customer payments and customer delivery schedules), some of which are not within our control and can affect our revenue and backlog. Therefore, we evaluate historical revenue in conjunction with backlog to anticipate the growth trend of our revenue. The following table summarizes our revenue (revenue amounts in millions): Years Ended March 31, Revenue Megawatts Units Revenue Megawatts Units C30 ....................... C65 ....................... TA100 ..................... C200 ...................... C600 ...................... C800 ...................... C1000 Series . . . . . . . . . . . . . . . . . Total from Microturbine Products . . Accessories, Parts and Service . . . . Total....................... $ 6.9 17.4 1.2 4.9 2.8 5.0 10.5 $48.7 12.9 $61.6 2010 5.0 161 17.7 272 1.1 11 5.6 28 3.0 5 6.4 8 14.0 14 52.8 499 — — 52.8 499 $ 4.0 23.8 — 1.4 1.0 1.1 1.1 $32.4 11.5 $43.9 2009 3.1 104 24.4 375 — — 1.8 9 1.2 2 1.6 2 2.0 2 34.1 494 — — 34.1 494 Sales to BPC accounted for 14% and 13% of revenues for the year ended March 31, 2010 and 2009, respectively. Sales to Aquatec accounted for 14% and 5% of our revenue for the years ended March 31, 2010 and 2009, respectively. Sales to UTC accounted for 0.2% and 7% of revenue for year ended March 31, 2010 and 2009, respectively. Gross Loss. The gross loss was $8.4 million, or 14% of revenue, during Fiscal 2010 compared to $5.3 million, or 12% of revenue, during Fiscal 2009. The increase of $3.1 million in gross loss was the result of increased warranty expense of $2.3 million, increased inventory charges of $1.2 million and $0.6 million related to a change in product mix as we sold more C200 and C1000 Series systems in 42PDF Image | 2011 Annual Report Capstone Turbine Corporation
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