10.8.2005: Meldung: Impco Technologies, Inc.: 2005 Second Quarter Net Income
Tuesday August 9, 4:05 pm ET
Second Quarter Revenues Increase 50% Due to the Addition of BRC
CERRITOS, Calif., Aug. 9 -- IMPCO Technologies, Inc. (Nasdaq: IMCO - News) today reported results for its second quarter ended June 30, 2005.
IMPCO completed the acquisition of BRC S.r.l. ("BRC") on March 31, 2005 resulting in the full consolidation of BRC results beginning in the second quarter. Revenues during the second quarter of 2005 increased $16.1 million or 49.7% to $48.6 million from $32.5 million during the second quarter of 2004. Revenues for the six months ended June 30, 2005 increased $12.5 million or 20.5% to $73.6 million from $61.1 million during the same period in the prior year. The increase in revenues during the three and six months periods ended June 30, 2005, was primarily due to the inclusion of BRC revenues on a fully consolidated basis beginning with the second quarter of 2005.
Consolidated gross profit increased $4.5 million compared to the second quarter in 2004 primarily due to increased revenue, while consolidated operating income decreased $0.4 million or 12.1% during the second quarter of 2005 to $2.6 million from $3.0 million during the same period in the prior year, primarily due to:
* a $3.1 million increase in operating expenses associated with BRC;
* a $1.0 million increase in R&D costs related to the Seattle facility
closure scheduled for the third quarter of 2005; and
* a $0.8 million increase in operating expenses primarily due to higher
professional fees and other costs.
During the six months ended June 30, 2005, consolidated operating income decreased $5.0 million or 92.1% to $0.4 million from $5.4 million during the same period in the prior year. This decrease was primarily due to increased severance-related costs, higher professional fees and higher R&D costs related to the closure of the Seattle facility.
Other income of $1.1 million and $1.0 million for the three and six month periods ended June 30, 2005, respectively, consisted primarily of net foreign exchange gains.
Second quarter 2005 net income was $1.2 million or $0.04 per share compared to $1.0 million or $0.05 per share in 2004. For the six months ended June 30, 2005, IMPCO reported a net loss of $(1.0) million or $(0.04) per share compared to net income of $1.5 million or $0.08 per share for the six months ended June 30, 2004.
Mariano Costamagna, President and CEO, said, "We are pleased that we achieved our consolidated revenue and gross margin goals for the second quarter. Our BRC revenues are up 55% in the second quarter of 2005 compared to the second quarter of 2004. With the completion of the BRC acquisition behind us, we continue to integrate and consolidate the two companies with a focus on creating operating efficiencies that will allow us to take advantage of commercial growth opportunities while, at the same time, improving our profitability. Our decision to close the Seattle facility to consolidate our R&D operations is a step towards achieving this goal."
About IMPCO Technologies:
IMPCO designs, manufactures, markets and supplies advanced product and systems to enable internal combustion engines to run on clean burning gaseous fuels such as natural gas, propane and biogas. IMPCO is leader in the heavy duty, industrial, power generation and stationary engines sectors. Headquartered in Cerritos, California, IMPCO has offices throughout Asia, Europe, Australia and North America. More information can be found at IMPCO"s web site, http://www.impco.ws
About BRC Gas Equipment:
BRC produces a complete range of systems for converting vehicles to gaseous fuel to meet market requirements. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major car-makers for OEM projects. Headquartered in Cherasco, Italy, BRC has offices throughout Asia, Europe and South America. More information can be found at BRC"s web site, http://www.brc.it
For further information, please contact Dale Rasmussen, Vice President, Investor Relations.