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Financial Analysis Capstone reported wider loss during fiscal first quarter even though sales rose 83%. Loss widened due to a non-cash charge of $5.2 million to operations for the change in the fair value of the warrant liability during the first quarter of Fiscal 2010. Revenue for the first quarter of Fiscal 2010 was $13.7 million, an increase of 83% from the first quarter of Fiscal 2009, due largely to higher prices for its products, while total operating expenses fell significantly due to reductions in research and development and general overhead. Capstone's net loss was $15.3 million, or $0.08 per share, for the first quarter of Fiscal 2010, an increase of $5.5 million from the $9.8 million loss, or $0.07 per share, reported for the first quarter of Fiscal 2009. Capstone's loss from operations for the first quarter of Fiscal 2010 improved $0.2 million, or 2%, over the first quarter of Fiscal 2009 as a result of the Company's continued efforts to reduce expenses. The reported gross loss for the first quarter of Fiscal 2010 was $2.8 million, or 21% of revenue, compared to $1.3 million, or 17% of revenue, from the first quarter of Fiscal 2009. The increase in gross loss reflects increased manufacturing costs because of the product launch of the C200 and C1000 Series systems along with decreased sales of C60 Series systems, resulting in a lower margin product mix offset by reduced warranty expense. Cash and cash equivalents for the first quarter ended June 30, 2009 were $25.4 million, an increase of $5.9 million from March 31, 2009. The Company completed a registered offering of its common stock during the first quarter of Fiscal 2010, resulting in net proceeds of approximately $11.2 million. Annual Cash Flow StatementPDF Image | Sector: Industrial Goods
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