CCS as an option
in the new 2001 Lexus LS 430 luxury sedan and as a standard feature in the all-new
2002 Lincoln Blackwood luxury utility vehicle.
Sales of CCS for the third quarter
of this year almost doubled from this year’s second quarter, approaching total
CCS sales for the entire first half of this year.
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The ongoing strong consumer demand for CCS as an option in the Lincoln Navigator
sports utility vehicle since it was first introduced late last year and the first
shipments of CCS for the Lexus LS 430 have propelled total CCS shipments to-date
to almost 60,000 systems.
Third quarter 2000 revenue
increased significantly to $1.8 million, compared to revenue in the prior year’s
third quarter of $102,000, with the substantial increase in third quarter revenues
from both the year-earlier period and this year’s second quarter attributable
wholly to revenues generated by CCS. The net loss for this year’s third quarter
was $2.4 million, or a $0.54 net loss per share, compared to a net loss of $2.0
million, or a $1.04 net loss per share, in the prior year’s third quarter. The
weighted average common shares outstanding used to calculate the net loss per
share were 4,428,000 in this year’s third quarter and 1,910,000 in last year’s
third quarter.
"We are very encouraged
by the acceptance of CCS by consumers and the automotive industry as can be
seen by the introduction of CCS in the Lexus LS 430 and the Lincoln Blackwood
during the third quarter and the continuing growth in CCS shipments," Weisbart
said. "The Lexus LS 430 arrived in dealer showrooms in mid-October and
the Blackwood will begin deliveries in the spring of 2001, and we are continuing
to make important progress working with more than 20 automotive platform teams
worldwide to incorporate CCS in future vehicles. To meet current and anticipated
future levels of demand for CCS, we are now in the process of ramping up our
manufacturing."
For the first nine months
of this year, revenues were $3.8 million, with a net loss of $8.4 million, or
a $2.88 net loss per share, compared to revenues for the year-earlier nine-month
period of $415,000, with a net loss of $13.5 million, or a $7.07 net loss per
share. This year’s first nine-month results include the effects of net non-cash
charges of $1.8 million related to the bridge financing done before the completion
of the private placement in the second quarter of this year. These non-cash
charges included a one-time extraordinary gain of $707,000, or $0.24 per share,
related to the extinguishment of debt in the first half of this year. Results
for the first nine months of last year include the effect of the previously
disclosed $8.3 million deemed non-cash dividend to preferred shareholders. Without
the dividend, the net loss per share for last year’s first nine months would
have been a loss per share of $2.75. The weighted average common shares outstanding
used to calculate the net loss per share for this year’s first nine months were
2,913,000 and 1,910,000 for the year-earlier period.
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By GlobalDataThis year’s third quarter
and nine-month SG&A expense increased substantially over the same periods
last year due primarily to the launch of CCS in the Lincoln Navigator and the
Lexus LS 430, and stepped up marketing costs associated with pursuing future
CCS programs. As expected, gross profit margins for this year’s third quarter
and first nine months continue to reflect the early stages of the production
ramp up of CCS. Gross margins are expected to improve in the future as volume
increases through the introduction of CCS in additional automotive platforms.
Weisbart commented, "While
CCS results to date have been excellent, we are committed to the goals of expanding
the penetration of CCS into additional vehicle platforms and effectively enhancing
and extending our marketing reach."
Following the close of the
third quarter, the Company deposited $1.0 million in escrow in connection with
its discussions to acquire a manufacturer of related automotive products. The
$1 million could either be forfeited or returned under certain circumstances.
Successful completion of a transaction will be dependent upon the satisfactory
completion of due diligence, entering into a definitive acquisition agreement,
final approval by the Amerigon Board of Directors, as well as financing and
other customary closing conditions. There is no guarantee that a transaction
will be completed.
"To enhance our presence
in Europe, we announced yesterday the hiring of Dr. Jurgen Brachetti as Vice
President, European Operations," Weisbart added. "Jurgen is a veteran
marketing and sales executive and engineer with an outstanding record of accomplishment
in the European automotive industry. He will give us a strong presence on the
ground in Europe and should be instrumental in helping to establish relationships
with a number of key European automotive manufacturers."
Amerigon, a technology-driven
supplier to the global automotive industry, develops and supplies proprietary
products for automotive OEMs. In addition to the Climate Control Seat(TM) (CCS(TM))
technology, the Company’s products include the AmeriGuard(TM) radar sensing
system, designed to improve driver’s field of view in vehicle applications such
as enhanced parking aids, back-up warning and side object detection for collision
avoidance.
