Heated and cooled seat maker Amerigon said second quarter revenue rose 168% to $77.1m from $28.8m, mostly reflecting additional revenue for WET of $45.2m, included from the acquisition date of 16 May.
Amerigon recently closed the previously announced acquisition of controlling interest of WET Automotive Systems, a publicly-traded German automotive thermal control and electronic components company.
The acquisition of WET led to a variety of one-time costs and expenses during the quarter that temporarily affected the financial results, as did the ongoing effects of the natural disasters in Japan, which affected revenues and margins. The company estimated the natural disasters in Japan reduced revenues by approximately $2m.
Gross margin was 25% compared with 30% a year ago and due mainly to WET’s lower gross margin on sales compared with Amerigon.
One-time fees and expenses totalled $1.4m and debt retirement costs $967,000 during the second quarter of 2011. In addition, non-cash purchase accounting impacts totaling $4.3m, including impacts to the gross margin, were recorded during this year’s second quarter. Net income consequently was $818,000 compared with $2.1m in Q2, 2010.
For the first six months of 2011, product revenues increased to $112.9m, up 113% from $53.0m. Gross margin was 26% compared with 29%.
Net H1 was $152,000 versus $3.7m.
The company expects product revenues in the 2011 third quarter to be slightly lower compared with the 2011 second quarter due to the uncertainty in the automotive industry driven by recent events in Japan that has resulted in disruptions to certain of the company’s customers’ production of vehicles and to the flow of parts from production facilities in Japan that supply the worldwide automotive industry and some potential weakness in the North American and European markets.