Amerigon has reported first quarter income of US$2.7m, with revenue up from $35.8m to $129.5m year on year.
On 16 May last year, Amerigon closed the previously-announced acquisition of a majority interest in WET Automotive Systems, a German thermal control and electronic components company. The 2011 first quarter did not include WET operating results.
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The increase in revenues mainly reflects additional WET revenue of $100m, including the positive effects of the first Amerigon vehicle programme to be produced in a WET facility, which totalled $7m.
The first quarter revenues were around 4% higher than the combined results of both Amerigon and WET.
Adjusted EBITDA for the first quarter of 2012 was $15.8m compared with $5.2m the prior year and was $1m higher than adjusted EBITDA during the fourth quarter in 2011 of $14.8m.
“Revenues in the first quarter came in as we had projected,” said Amerigon president and CEO, Daniel Coker. “We are pleased with the progress made during the quarter and how things are looking for the future, particularly the resources and critical mass gained from the acquisition of WET.
“In addition, the continuing success of our climate control seat system and the growing acceptance of our [non-auto] related products… are all positive signs that bode well for our future.”
