USA: Climate seat specialist Amerigon moves into profit in Q4 2003
Climate controlled vehicle seat specialist Amerigon Incorporated has reported a net loss for 2003 of $US1.4 million, $0.12 per share, down considerably from the 2002 net loss of $6.3 million or $0.64 per share.
On a brighter noted the company said revenues for its year ended December 31, 2003 rose 90% to a record $29.0 million, up from $15.3 million in 2002, as shipments of its proprietary Climate Control Seat (CCS) system increased to 446,000 units, almost double the number shipped in 2002.
The company also made a profit in the 2003 fourth quarter of $265,000, or $0.02 per share, compared with a net loss of $1.1 million, ($0.11). Q4 revenues increased 39% year-over-year to $8.9 million compared to Q4 2002's $6.4 million.
Net income for the 2003 fourth quarter included a non-cash accounting charge of $206,000 related to the issuance of additional warrants to Ford for achieving the 2003 volume purchase targets set forth in a value participation agreement between Ford and Amerigon.
Chief executive officer Daniel Coker said: "Fiscal 2003 was a watershed year for the company as we solidified our operations, expanded the number of vehicle lines offering CCS, substantially increased revenue and reported a profitable fourth quarter.
"We entered 2004 with a solid and growing base of revenue, and we expect to see revenue increase this year by 25 to 35% from 2003 full-year levels. We strongly believe we now have sufficient critical mass to steadily grow our business and achieve our first full year of profitability in 2004."
Coker added. "Additionally, the excellent progress made in the advanced development of thermoelectrics by our BSST subsidiary also holds considerable promise for the future. There are potential uses of our thermoelectric technology that might move us into additional high volume automotive applications, and might also open up a number of new non-automotive market opportunities."