Climate controlled seat maker Amerigon Incorporated has reported a 13% year-over-year increase in quarterly revenue and its eighth consecutive profitable quarter as net income and gross margins for the third quarter and nine months ended September 30 increased over previous year periods.
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Revenues for this year’s third quarter and first nine months were $8.3 million and $25.8 million, respectively, compared with revenues of $7.3 million and $24.9 million for the prior year periods.
The year-over-year increase in revenues resulted from higher sales of CCS to Asian automotive manufacturers, including the addition of the Infiniti M35 and M45, which were launched with CCS as an option in the 2004 fourth quarter, and the addition this year of the Buick Lucerne, Lincoln Zephyr and newly redesigned Cadillac DTS in North America. These additions offset lower sales of certain existing vehicle lines offering CCS in North America.
During the third quarter, North American car manufacturers continued to significantly reduce their production schedules for new vehicles, including some vehicles equipped with the CCS system, in an effort to reduce high levels of inventory.
Net income for the third quarter and first nine months of 2005 improved 326% to $878,000, and 124% to $1.8 million, respectively, compared with $206,000 and $802,000 for the 2004 comparable periods.
Gross margins as a percentage of revenue for the 2005 third quarter and first nine months improved to 32.0% and 29.4%, respectively, from 26.5% and 25.2% for the 2004 comparable periods.
