USA: IMPCO Reports Record Quarter Revenues; Heavy Investment in Fuel Cell Research and Development
IMPCO Technologies, Inc. (Nasdaq: IMCO - news), has reported record revenues for its first quarter ended July 31, 2000. For the first quarter of Fiscal 2001, ended July 31, 2000, IMPCO reported a net loss of $608,000 or 0.07 cents per share on revenues of $29.3 million, a 3% revenue increase from the prior year's first quarter results. This compared to net income of $1.6 million or 18 cents per diluted share for the first quarter in fiscal 2000 on revenues of $28.4 million. During the current year quarter IMPCO invested a record $6.0 million (20% of revenue) in research and development, nearly a 100% increase from fiscal 2000 first quarter levels. Substantial portions of the increase were associated with IMPCO's expansion of engineering facilities and staff to support current and anticipated fuel cell and alternative fuel OEM programs. IMPCO anticipates future increases in research and development as it strengthens its technology and market leadership position in fuel storage, metering and electronic control systems in the rapidly emerging Fuel Cell Industry.
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