IMPCO Technologies, Inc. (“IMCO”), (Nasdaq: IMC), today reported record revenues for its fiscal year and fourth quarter ended April 30, 2000.
(Photo: www.newscom.com/cgi-bin/prnh/19990921/IMPCOLOGO )
For the fiscal year 2000 ended April 30, 2000, IMPCO reported net income of $3.1 million or 33 cents per diluted share on revenues of $112.8 million, a 30% revenue increase from the prior year’s results. This compared to net income of $4.2 million or 51 cents per diluted share for fiscal 1999 on revenues of $86.8 million before a one-time gain of $1.6 million or 20 cents per diluted share on sale of minority interest in a subsidiary. During the year IMPCO invested a record $15.6 million (13.8% of revenue) in research and development, a 34% increase from fiscal 1999 levels. Substantial portions of the $4.0 million increase in research and development were associated with IMPCO’s ongoing commitment to become a major fuel metering and storage system supplier to major OEMs commercializing fuel cell vehicles.
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For the fiscal fourth quarter of 2000, IMPCO reported a loss of $783,000 or 9 cents per diluted share on record revenues of $29.1 million. This compared to net income of $348,000 or 5 cents per diluted share in the fourth quarter of fiscal 1999. Research and development in the fourth quarter increased by approximately $2 million, compared to the same period in fiscal year 1999. IMPCO anticipates future increases in research and development as it further prepares to pursue its objective of strengthening its technology and market leadership position in fuel storage, metering and electronic control systems in the rapidly emerging Fuel Cell Industry.
Fiscal year 2000’s net income and EPS results were impacted by approximately $0.7 million or 6 cents per share, in costs associated with the evaluation of the unsolicited tender offer issued to IMPCO by Beru, AG and legal and advisory costs associated with implementing a Shareholder Rights plan.
Robert Stemmler, IMPCO’s Chairman and CEO, stated that “The expanding Alternative Fuel Industry continues to grow in all global markets and end uses. Increase in demand has particularly occurred in the transportation end use due to increasing liquid fuel prices and the public demand for cleaner burning fuels.” He cited that Mexico, Poland, India, and Turkey are among the high growth areas for IMPCO’s products due to gasoline prices being substantially more than natural gas and propane. Mr. Stemmler also said, “IMPCO’s entry into the rapidly emerging Fuel Cell Industry in fiscal year 2000 has positioned us as a major participant in the industry with the automotive OEMs.” He stated that “IMPCO will continue its significant investment in the development of fuel storage, fuel metering and electronic control products for fuel cell propulsion systems. The projected growth of the Fuel Cell Industry to over $10 billion in sales by 2010 presents a very favorable business opportunity for IMPCO in addition to the Alternative Fuels Industry.”
Other fiscal year 2000 highlights include:
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By GlobalData- — International Operations revenues increased 41.6% in fiscal year 2000 to $30.0 million, or 26.5% of total revenue, while accelerating in the fourth fiscal quarter to $8.1 million, or a 53% increase from the prior year’s results. A specific highlight was that the Mexican subsidiary more than doubled revenues from the prior year’s results, indicating strong demand for alternative fuel products in economies with high oil and gas prices, as well as air pollution problems.
— The Gaseous Fuel Products Division revenues, before eliminations, increased by 46% to $76.8 million in fiscal 2000.
— Motor vehicle revenues increased 48.5% to $48.6 million, material handling revenues increased 19.3% to $37.9 million and large and small industrial engines revenues increased 49.7% to $16.8 million in fiscal year 2000.
— The Automotive OEM Division introduced four advanced patented and/or patent pending products for use in fuel metering and fuel storage applications in the Fuel Cell and Alternative Fuel Industries.
IMPCO is a leading designer, manufacturer and supplier of fuel storage, fuel delivery and electronic control systems that allow internal combustion engines and fuel cells to operate using clean fuels such as hydrogen, propane, natural gas and methanol. IMPCO’s advanced fuel system technologies are designed to optimize efficiency and performance by electronically sensing and regulating the proper proportion of fuel and air used by internal combustion engines and fuel cell systems. IMPCO supplies its products and fuel system integration to original equipment manufacturers of motor vehicles, truck, buses, forklifts, material handling equipment and small portable to large stationary engines. IMPCO also supplies these products and services to the global aftermarket as well.
Headquartered in Cerritos, California, IMPCO has more than 400 distributors and dealers and 17 offices and facilities worldwide including: United States, Australia, Japan and Mexico. IMPCO operates in the Netherlands, France, Germany and the United Kingdom as IMPCO-BERU Technologies, B.V. IMPCO’s website is: www.impcotechnologies.com
Certain matters discussed in this press release contain forward-looking information that involves risks and uncertainties that could cause actual results to differ materially from current trends. These include the company’s ability to design and market advanced fuel metering, fuel storage or electronic control products, the company’s ability to meet OEM specifications, and other such risks as cited in the company’s 1999 annual report on Form 10-K and other documents filed with Securities and Exchange Commission.
IMPCO Technologies, Inc.
Consolidated Financial Summary
(In thousands, except for per share amounts)
Three Months Ended Twelve Months Ended
April 30, April 30,
2000 1999 2000 1999
Net revenue $29,103 $26,763 $112,816 $86,826
Operating income (loss) (750) 371 6,097 6,903
Gain on sale of minority
interest in subsidiary --- --- --- 2,169
Net income (loss)
applicable to
common stock (783) 348 3,065 5,800
Net income (loss)
per share:
Basic (0.09) 0.05 0.36 0.80
Diluted (0.09) 0.05 0.33 0.71
Number of shares used
in per share
computation:
Basic 8,490,583 7,638,769 8,489,229 7,293,160
Diluted 8,490,583 8,863,022 9,232,299 8,975,629
SOURCE: IMPCO Technologies, Inc.
