USA: IMPCO Reports Record Year and Fourth Quarter Revenues for 2000; Heavy Investment in Fuel Cell Research and Development
IMPCO Technologies, Inc. ("IMCO"), (Nasdaq: IMC), today reported record revenues for its fiscal year and fourth quarter ended April 30, 2000. (Photo: www.newscom.com/cgi-bin/prnh/19990921/IMPCOLOGO ) For the fiscal year 2000 ended April 30, 2000, IMPCO reported net income of $3.1 million or 33 cents per diluted share on revenues of $112.8 million, a 30% revenue increase from the prior year's results. This compared to net income of $4.2 million or 51 cents per diluted share for fiscal 1999 on revenues of $86.8 million before a one-time gain of $1.6 million or 20 cents per diluted share on sale of minority interest in a subsidiary. During the year IMPCO invested a record $15.6 million (13.8% of revenue) in research and development, a 34% increase from fiscal 1999 levels. Substantial portions of the $4.0 million increase in research and development were associated with IMPCO's ongoing commitment to become a major fuel metering and storage system supplier to major OEMs commercializing fuel cell vehicles.
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