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Thursday, Mar 28, 2024

Valley-Area Companies Get Places on Russell Indexes

Two Valley-area companies have been added to the Russell Indexes in the firm’s annual update of its lists measuring U.S. market segments. New to the Russell Indexes are Capstone Turbine Corp., the Chatsworth-based manufacturer of micro-turbines, and Internet marketing firm ReachLocal Inc. in Woodland Hills. The Russell Global Index and its sub-indexes started in 1984 to measure U.S. markets and track the performance of investment managers. Addition to the indices is based on market capitalization. Attempts to reach representatives from Capstone and ReachLocal were not successful. Being included on the indices gives more exposure to the companies to investment managers, said Russell spokesman Steve Claiborne. Sixty three percent of all institutional products are based on Russell benchmarks. “Institutional investors use our benchmarks more than any other combined,” Claiborne said. “It is a good thing for these companies.” ReachLocal recently issued an initial public offering to raise money. Shares started trading at $13 on May 20. The company was founded in 2004 and employs more than 800 people in offices in North America, Australia and the United Kingdom. Capstone’s micro-turbines are used around the world in a variety of industries, including oil and gas, hotels, government agencies, educational institutions, manufacturing and healthcare. The company also provided one of its micro-turbines for use in an electric race car to power up the battery after it gets depleted. For the fourth quarter ending March 31, the company reported a net loss of $12.9 million, or $0.05 per diluted share, on revenue of $16.3 million. For the same period in 2009, the company had a net loss of $12 million, or $0.06 per diluted share. For its 2010 fiscal year, Capstone reported a net loss of $67.2 million, or $0.34 per diluted share, on revenues of $61.6 million. For the prior fiscal year, the company had a net loss of $41.7 million, or $0.25 per diluted share, on revenues of $44 million.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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