19.5.2005: Meldung: Impco Technologies Inc.: First Quarter 2005 Results
Wednesday May 18, 11:36 pm ET
CERRITOS, Calif., May 18 / -- IMPCO Technologies, Inc. (Nasdaq: IMCO - News), today reported results for its first quarter ended March 31, 2005.
IMPCO"s first quarter fiscal 2005 results were $25.0 million in revenue and $2.2 million in operating loss, as compared to $28.6 million in revenues and $2.4 million in operating income for the same period in 2004. First quarter fiscal year 2005 revenue decreased $3.6 million, or 13%, while operating income decreased $4.6 million, or 190%, compared to the same period in 2004. Net loss for the first quarter of 2005 was $2.2 million or $0.10 net loss per share, compared to a net income of $0.5 million or $0.03 net income per share in the same period in 2004. Since the acquisition of the remaining 50% of BRC was completed on March 31, 2005, the consolidated statement of operations includes only our 50% share in BRC"s earnings for the first quarter although the BRC balance sheet is fully consolidated with IMPCO"s at March 31, 2005.
The operating loss in the first quarter of 2005 of $2.2 million as compared to income of $2.4 million for the same period of 2004 is attributed primarily to:
* A reduction in gross profit of $0.7 million due to reduced revenues of
$3.6 million partially offset by a 1% higher gross margin.
* Compensation expenses of $2.2 million including the remeasurement of
stock options related to the departure of two former executive
* Higher costs of $0.9 million related to the filing of our 10-K for
2004 and expenses related to Sarbanes-Oxley compliance.
* Higher research and development expenses of $0.4 million related to
the development and testing of new product programs and releases
* Recognition of $0.1 million for acquired in-process research and
development related to the first quarter of 2005 acquisition of BRC.
Mariano Costamagna, President and CEO, said, "Our first quarter revenue was down compared to the same period last year primarily due to the fact we are no longer consolidating the revenue of our operations in Mexico and India. Additionally, sales were down for the period in the industrial and power generation market due to fewer natural disasters and reduced demand for engine systems compared to last year when the product line was first introduced."
Mr. Costamagna mentioned that, "With the closing of the BRC acquisition complete, we are now focused on the integration and consolidation of the two companies with a focus on creating operating efficiencies that will allow us to take advantage of industrial and commercial growth opportunities while at the same time improving profitability. We are very pleased with the current market demand being shown for our BRC transportation products with unconsolidated BRC revenues up 77% in the first quarter of 2005 compared to the same period last year."
First Quarter 2005 Conference Call
IMPCO will host a conference call to discuss financial results on Thursday, May 19, 2005 at 2:00 p.m. EDT, 11:00 a.m. PDT. All shareholders and other interested parties are invited to dial into the call, which may be accessed by calling (706) 679-3125. In order to ensure participation, please dial in 15 minutes prior to the scheduled time. A recording of the call will be available for 24 hours and can be accessed by calling (800) 642-1687 or (706) 645-9291, reference code #6233187.
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