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Meldungen 10.05.2016

Fuel Systems Solutions: Q1 Results

Fuel Systems Solutions hat Zahlen für das erste Quartal vorgelegt. Wir veröffentlichen die Mitteilung des US-amerikanischen Anbieters von alternativer Antriebstechnologie dazu im Wortlaut.

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet.

Fuel Systems Solutions, Inc. (FSYS) reported results for its first quarter ended March 31, 2016.

Highlights

    Revenue of $56.1 million compared to $63.3 million for Q1 2015; revenue down 5.9% or $3.8 million, excluding foreign exchange impact
    Gross profit margin of 26.1% compared to 22.9% in Q1 2015
    Adjusted EBITDA of $1.1 million compared to Adjusted EBITDA of $1.9 million for Q1 2015

Mariano Costamagna, Fuel Systems Solutions, Inc. (“Fuel Systems” or “FSS”) CEO, said, “Our first quarter results reflect continued pressures in the Automotive segment, the success of new Industrial segment product introductions, and improvements to gross margin from higher Industrial revenues and the benefits of the cost and restructuring program we initiated last year. We continue to focus on execution as we move toward our special meeting of stockholders.”

As announced on May 2, 2016, Fuel Sytems will reconvene its special meeting of stockholders previously scheduled for March 22, 2016 on May 31, 2016, at 12:00 p.m., Eastern Time. Subject to the approval of Fuel Systems shareholders, the merger is expected to close within a few days of this meeting.

First Quarter 2016 Financial Results
Total revenue for the first quarter of 2016 was $56.1 million compared to $63.3 million for the first quarter of 2015. This variance includes the impact of foreign exchange (primarily the Argentina Peso) on first quarter 2016 revenue, which was negative $3.4 million.

In constant currency, FSS Automotive revenue was negatively impacted by lower OEM, DOEM, and Compressor sales volumes as a result of the impact of lower oil prices on customer demand in our major markets, specifically in North America and Europe. In constant currency, FSS Industrial revenue increased compared to the prior-year period primarily reflecting higher demand for components offset by lower demand for stationary equipment.

Gross profit for the first quarter of 2016 was $14.6 million, or 26.1% of revenue, compared to $14.5 million, or 22.9% of revenue, for the first quarter of 2015. The slightly higher gross profit and gross margin percentage increase primarily reflects the benefits of cost reduction initiatives and the stronger Industrial segment offset by decreased volumes mentioned above and the impact of foreign exchange. The impact of the revenue decreases has been partially mitigated by the cost reduction activities that have been initiated on both product costs and operating expenses. Corporate expenses increased $2.8 million compared to the prior year as a result of increases in outside services for consultants in connection with strategic and merger related activities.

Operating loss for the first quarter of 2016 totaled $5.1 million, or 9.1% of revenue, compared to operating loss for the first quarter of 2015 of $4.5 million, or 7.0% of revenue. The increased loss primarily reflects the revenue decreases and additional corporate expenses described above.

Income tax expense for the first quarter of 2016 was $0.8 million compared to an income tax expense of $8.4 million in the first quarter of 2015. In the first quarter of 2015, the Company recorded a valuation allowance of $7.8 million for deferred taxes that may not be realized in the foreseeable future. The Company’s income tax rate is primarily a result of the fluctuation of earnings in various foreign jurisdictions and losses incurred for which no tax benefits have been recorded.

Net loss for the first quarter of 2016 was $6.5 million, or $0.36 per diluted share, compared to net loss of $11.9 million, or $0.62 per diluted share, for the first quarter of 2015.

Adjusted EBITDA for the first quarter of 2016 was $1.1 million, compared to Adjusted EBITDA of $1.9 million for the first quarter of 2015. Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” below for a discussion of this metric.

FSS Automotive Operations
FSS Automotive first quarter of 2016 revenue was $32.3 million compared to $40.5 million for the same quarter a year ago. The impact of foreign exchange on FSS Automotive was negative $3.3 million; in constant currency, first quarter of 2016 FSS Automotive revenue decreased 12.2% compared to the prior year period, reflecting the lower volumes mentioned above. FSS Automotive first quarter 2016 Adjusted EBITDA loss was $0.8 million compared to Adjusted EBITDA of $1.4 million for the same period a year ago.

FSS Industrial Operations
FSS Industrial first quarter of 2016 revenue was $23.8 million compared to $22.8 million for the same quarter a year ago. The impact of foreign exchange on FSS Industrial was negative $0.1 million; in constant currency, first quarter of 2016 FSS Industrial revenue increased 5.2% compared to the prior year period. FSS Industrial first quarter 2016 Adjusted EBITDA was $4.0 million compared to Adjusted EBITDA of $2.2 million for the same period a year ago.

2016 Outlook and Conference Call
The Company will not provide a 2016 outlook nor conduct a first quarter 2016 conference call in light of the expected merger with Westport Innovations.

Non-GAAP Measures
To provide investors and others with additional information regarding Fuel Systems’ results, in addition to the results presented in accordance with generally accepted accounting principles, or GAAP, in this press release, Fuel Systems presents Adjusted EBITDA, which is a non-GAAP measure. A reconciliation of this non-GAAP measure to the closest GAAP financial measure is presented in the financial tables below under the heading “NON-GAAP FINANCIAL MEASURE RECONCILIATION.” Adjusted EBITDA is determined by adding the following items to Net Income/(Loss), the closest GAAP financial measure:  Depreciation & Amortization; Interest income/expense, net; and Benefit (Provision) for Income Taxes, Impairments, Restructuring charges, Stock based compensation Consulting fees related to restructuring and strategy and other non-operating expenses. Fuel Systems’ management believes this non-GAAP financial measure offers additional insight into the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of trends in the business, as it excludes certain non-cash items. This non-GAAP financial measure also can provide useful information to investors and others in understanding and evaluating Fuel Systems’ operating results and future prospects when comparing financial results across accounting periods and to those of peer companies. Fuel Systems may not define this non-GAAP financial measure in a manner similar to other companies.

About Fuel Systems Solutions
Fuel Systems Solutions, Inc. (FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems’ components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company’s advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine.  In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com

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