Heated and cooled seat specialist Amerigon Incorporated has reported record revenues and a substantial increase in net income for the third quarter and nine months ended 30 September. This year’s third quarter marks the company’s fifth consecutive quarter of record revenues.
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Product revenues for this year’s third quarter increased to $30.5m, up 65% from $18.4m in last year’s third quarter, and up 6% sequentially from $28.8m in the 2010 second quarter.
“The increase in revenues primarily resulted from a much improved automotive marketplace which resulted in higher vehicle production levels on existing vehicles offering the company’s climate control seat systems,” Amerigon said in a statement. “New model introductions, especially in the Asian markets, also contributed to higher revenues.”
President and CEO Daniel Coker said: “It appears that the industry has begun to recover after the disruption the global automotive market experienced in 2008 and early 2009, although it is currently well below previous levels. The record results we have produced have been achieved by successfully penetrating existing vehicle lines and growing our business through new vehicle introductions and new applications outside of the automotive industry. We expect this growth in revenue and profitability to continue.”
Automotive production was significantly higher during this year’s third quarter. Production of light vehicles in North America increased by 26% to 3.0m during this year’s third quarter from 2.3m a year ago.
Gross margin as a percentage of revenue for the 2010 third quarter was 29% compared with 25% in the third quarter of 2009.
Net income was $2.7m, or $0.12 per share, compared with $1.1m and $0.05 a year ago.
For the first nine months of 2010, product revenues increased to $83.5m, up 112% from $39.3m in the prior year period. Gross margin was 29% versus 24%. Net income was $6.6m, or $0.31 per share, compared with a net loss of $0.7m, or $0.03 per share the previous year.
Unit shipments of CCS systems for the 2010 third quarter and first nine months were 429,000 and 1.2m, respectively, compared with 268,000 and 565,000 units for the year-earlier periods.
The company expects product revenues in the 2010 fourth quarter to be flat to marginally down compared with the 2010 third quarter due to the holiday schedule, representing a significant increase from the 2009 fourth quarter product revenue of $21.6m. Revenues for 2010 should be more than $100m, up from $60.9m in 2009. Net income for the 2010 fourth quarter and full year is expected to increase substantially over the prior year periods.
