Climate controlled seatmaker Amerigon has booked record quarterly revenues of over $21m, higher gross margins and a profit for the full year.
Product revenues for the 2009 fourth quarter increased 68% to $21.6m compared with $12.8m for the fourth quarter of 2008. The increase was due to higher sales from new introductions of vehicles offering the company’s climate control seat systems and the addition of a rear seat option on some existing vehicles. The increase was partially offset by lower volumes on existing vehicles.
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Gross margin as a percentage of revenue for the 2009 fourth quarter was 29% compared with 22% in the 2008 fourth quarter. Net income for the fourth quarter of 2009 was $1.4m compared with $291,000 a year previously.
For 2009, product revenues were $60.9m compared with $63.6 million in 2008. Gross margin as a percentage of revenue for 2009 was 26% compared with 29% in 2008. Net income was $723,000 compared with $3.6m for 2008.
Unit shipments of CCS systems for the 2009 fourth quarter and year were 309,000 and 874,000, respectively, compared with 188,000 and 931,000 units for the respective year-earlier periods.
Amerigon expects product revenues in the 2010 first quarter to be up slightly compared with the 2009 fourth quarter, representing a more than 100% increase from the 2009 first quarter product revenue of $10.2m.
“Although the automotive market appears to be beginning to stabilise, there continues to be significant market risk which makes it difficult for Amerigon to provide meaningful full-year 2010 guidance,” it said.
