Capstone Cuts Costs on Investor Relations

Capstone Turbine Corp. said it will cut expenses by changing its audit firm and bringing in-house the investor relations functions. The Chatsworth turbine manufacturer reported Wednesday it expects to save about $600,000 during the fiscal 2018 year compared to the current fiscal year. On Tuesday, the audit committee of Capstone’s board approved hiring Marcum LLP as the company’s independent accounting firm, replacing KPMG LLP, who had been the auditor since June 2012. The change of audit firm and another decision to insource investor relations is part of a strategy to reduce Capstone’s breakeven point to $100 million from $160 million. “This is the latest step for us as we continue to look at reducing costs in order to achieve our goal of reducing total business expenses by 35 percent,” said Chief Executive Darren Jamison in a statement. Shares closed Thursday down 4 cents, or 4.2 percent, to 91 cents on the Nasdaq.