Capstone Turbine Corp. said Wednesday it has "substantially" cut its external audit and investor relations expenses as part of its plan to become profitable. The microturbine systems producer said it expects to save $600,000 in fiscal 2018 by changing its audit firm and by insourcing its investor relations function. The company aims to cut its breakeven revenue level to $100 million from $160 million and reduce expenses by 35%. The stock, which was still inactive in premarket trade, has tumbled 32% year to date, while the S&P 500 has gained 8.2%.
Copyright © 2016 MarketWatch, Inc.