06.08.10

Fuel Systems Solutions: Q2 2010 Results

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- Second Quarter 2010 Revenue $99.8 million, compared to $92.3 million a
                               year ago -



- 2010 Narrows Outlook Range to $425-450 Million in Revenues, Operating
                           Margin of 14-16% -



NEW YORK, Aug. 5, 2010 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) reported results for its second quarter ended June 30, 2010.

Mariano Costamagna, Fuel Systems' CEO, said, "Fuel Systems' second quarter 2010 results exceeded our expectations as DOEM installation volumes in Italy found a new, healthy level in an unsubsidized environment. We achieved revenue of $99.8 million, up 8% from a year ago, and were able to keep gross margin to 26% by drawing on the flexibility inherent in our manufacturing model to align costs with demand. In our transportation business, we expanded our international exposure with our OEM and aftermarket channels. Also, our industrial business revenue increased 176% over last year's second quarter and delivered significantly improved operating income."

Matthew Beale, Fuel Systems' President, CFO and Secretary, said, "During the second quarter we continued to develop sales channels in the transportation business and focused on bi-fuel OEM markets with attractive penetration rates. Our U.S. Automotive division continues to build its EPA certification with Chevy, GM and Ford vehicle platforms for commonly used fleet vehicles."

"In addition, our industrial business is gaining traction heading into the second half of 2010 and returned solidly to operating profitability in the quarter, due to an improved capital spending environment in the mobile and stationary engine markets. We anticipate continued profitability improvements in this business for the remainder of the year," Beale continued.

Second Quarter 2010 Financial Results

Revenue for the second quarter of 2010 increased 8.1% to $99.8 million from $92.3 million in the second quarter of 2009. Second quarter 2010 revenue was negatively impacted by approximately $5 million of foreign exchange. Year-over-year revenue growth primarily reflects an increase in the industrial business segment and the contribution of acquisitions made in 2009, partially offset by a lower level of revenue from DOEM installations after the expiration of the Italian government's 2009 incentive program. Gross profit for the second quarter 2010 was $25.7 million, or 25.8% of revenue, compared to $28.6 million, or 31.0% of revenue a year ago, reflecting the reduction in DOEM volumes versus last year partially offset by improved margins in the industrial business. Operating income for the period totaled $9.3 million, or 9.3% of revenue, compared to $12.5 million, or 13.5% of revenue, in the second quarter of 2009, reflecting lower gross margin and greater R&D expenses than last year's quarter as the Company invested in new technologies, partially offset by greater control over SG&A. Net income for the second quarter 2010 was $6.9 million, or $0.39 per diluted share, compared to $7.4 million, or $0.46 per diluted share in the second quarter 2009.

On segment basis, second quarter 2010 revenues from BRC Operations, primarily representing the Company's transportation business, were $70.3 million, compared to $81.7 million in the same quarter a year ago, and revenues from IMPCO Operations, primarily representing the Company's industrial business, increased a significant $18.8 million to $29.4 million from $10.6 million in the same quarter a year ago. BRC second quarter 2010 operating income was $7.2 million compared to $16.6 million in the same quarter a year ago; IMPCO second quarter 2010 operating income of $3.1 million reversed the operating loss of $1.8 million in the same period a year ago. A table presenting operating segment data can be found in the tables below.

Six Months Ended June 30, 2010 Financial Results

For the six-month period ended June 30, 2010, total revenue was $261.4 million compared to $172.4 million for the first half of 2009. Net income for the first half of 2010 was $34.9 million, or $1.98 per diluted share, compared to $14.5 million, or $0.90 per diluted share, for the first half of 2009.

Company Outlook

"We are now seeing increased levels of predictability in our markets and a stabilized post-incentive environment for DOEM installations in Italy. Given these factors, the marked improvement in the capital spending environment in our Industrial business, and the flexibility in our model to manage demand flows , we are narrowing our full year 2010 revenue expectation and slightly increasing our margin outlook." concluded Beale.

Based on the current market outlook, the Company now expects full year 2010 revenue to be between $425 million and $450 million. The Company is targeting 2010 gross margin of 29% to 31% and 2010 operating margin of 14% to 16%.

Given greater visibility of natural demand levels for bi-fuel vehicles in Italy, the Company expects third and fourth quarter 2010 results to be roughly consistent with revenue, gross margin and operating margin levels experienced during the second quarter of 2010.

Conference Call

The Company will host a conference call today, August 5th at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time to discuss its second quarter 2010 financial results. To listen to the call live, please dial 877-356-8063 at least 10 minutes before the start of the conference. International participants may dial 706-679-2544. The pass code for the conference call will be 88398041. The call is also being webcast and can be accessed from the "Investor Relations" section of the Company's website at www.fuelsystemssolutions.com. A telephone replay will be available until midnight ET on August 9th by dialing 800-642-1687 or 706-645-9291 and entering pass code 88398041#. A replay will also be available at the web address above for 90 days.

Forward-Looking Statements

This press release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, expressed or implied statements concerning the Company's outlook for 2010, as well as its position in the market place, the success of products and the success and integration of recent acquisitions. Such statements represent only our opinions and predictions. The Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to, risks that we cannot integrate the acquired assets into our business promptly and efficiently, that the patents or certifications acquired are insufficient or not useable by us, that expected sales do not materialize, that changes in emissions regulations may not significantly increase demand for the Company's products, the global economic downturn may reduce customers' demand for new automobiles and/or our products, original equipment automobile manufacturers do not adopt the Company's fuel systems as expected, that expected sales not based on long-term contracts will materialize, that changes in emissions regulations will not significantly impact demand for the Company's products, that reduction in oil prices will reduce the demand for our products and that currency fluctuations will reduce our revenue or financial condition. Readers also should consider the risk factors set forth in the Company's reports filed with the Securities and Exchange Commission, including, but not limited to, those contained in the "Risk Factors" section of the Company's Annual Report on Form 10-K, for the year ended December 31, 2009. The Company does not undertake to update or revise any of its forward-looking statements or guidance even if experience or future changes show that the indicated results or events will not be realized.

About Fuel Systems Solutions

Fuel Systems Solutions (Nasdaq: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. The Company is composed of two operating subsidiaries: IMPCO Technologies and BRC. IMPCO Technologies is a leader in the heavy duty, industrial, power generation and stationary engines sectors. BRC is a leader in the light duty and automobile alternative fuel sectors and has established alliances with several major automobile manufacturers for OEM projects. Additional information is available at www.fuelsystemssolutions.com.

Company Contact: Matthew Beale, President, CFO, & Secretary Fuel Systems Solutions, Inc. (646) 502-7170

Investor Relations Contacts: Lippert / Heilshorn & Associates Carolyn M. Capaccio ccapaccio@lhai.com Cathy Mattison cmattison@lhai.com (415) 433-3777

                            - Tables Follow -



                    FUEL SYSTEMS SOLUTIONS, INC.
               CONDENSED CONSOLIDATED BALANCE SHEETS
           (In thousands, except share and per share data)
                             (Unaudited)


                                                         December
                                              June 30,     31,
                                                2010       2009
                                             ---------  ----------
  ASSETS
  Current assets:
   Cash and cash equivalents                 $ 106,357    $ 46,519
   Accounts receivable, less allowance for
    doubtful accounts of $3,828
   and $3,159 at June 30, 2010 and December
    31, 2009, respectively                      76,688     132,603
   Inventories                                  77,529      90,367
   Deferred tax assets, net                      8,105       9,217
   Other current assets                         11,071       8,647

   Related party receivables                     2,499       2,915
                                             ---------  ----------

    Total current assets                       282,249     290,268

  Equipment and leasehold improvements, net     51,020      40,767
  Goodwill, net                                 47,411      54,209
  Deferred tax assets, net                         324         107
  Intangible assets, net                        19,749      24,053
  Investment in unconsolidated affiliates           --       4,058
  Other assets                                   2,454       3,051

  Related party receivables                        946         599
                                             ---------  ----------

     Total Assets                            $ 404,153   $ 417,112
                                             =========  ==========

  LIABILITIES AND EQUITY
  Current liabilities:
   Accounts payable                           $ 57,689    $ 73,837
   Accrued expenses                             34,249      40,384
   Income taxes payable                         32,013      15,788
   Current portion of term loans
    and other loans                              4,414       7,240
   Deferred tax liabilities, net                   735         917

   Related party payables                        3,794      10,293
                                  --------------------  ----------
    Total current liabilities                  132,894     148,459
  Term and other loans                           8,745      12,167
  Other liabilities                              6,786       7,551

  Deferred tax liabilities                       4,816       5,707
                                  --------------------  ----------

     Total Liabilities                         153,241     173,884
                                  --------------------  ----------

  Equity:
   Preferred stock, $0.001 par
    value, authorized 1,000,000
    shares;
   none issued and outstanding
    at June 30, 2010 and
    December 31, 2009                               --          --
   Common stock, $0.001 par
    value, authorized
    200,000,000 shares;
   17,638,793 issued and
    17,620,705 outstanding at
    June 30, 2010; and
   17,625,812 issued and
    17,610,321 outstanding at
    December 31, 2009                               18          18
   Additional paid-in capital                  257,746     257,627
   Shares held in treasury,
    18,400 and 15,492 shares at
    June 30, 2010
   and December 31, 2009,
    respectively                                 (679)      (654 )
   Retained Earnings
    (Accumulated deficit)                        5,425   (29,513 )
   Accumulated other
    comprehensive (loss) income               (14,883)      15,750
                                  --------------------  ----------
    Total Fuel Systems Equity                  247,627     243,228
   Non-controlling interests                     3,285          --

    Total Equity                               250,912     243,228
                                  --------------------  ----------
     Total Liabilities and
      Equity                                 $ 404,153   $ 417,112
                                  ====================  ==========


                              FUEL SYSTEMS SOLUTIONS, INC.
                     CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                     (In thousands, except share and per share data)
                                       (Unaudited)


                                       Three Months Ended         Six Months Ended
                                            June 30,                  June 30,
                                    ------------------------  ------------------------

                                       2010         2009         2010         2009
                                    -----------  -----------  -----------  -----------
  Revenue                              $ 99,775     $ 92,323    $ 261,426    $ 172,405

  Cost of revenue                        74,049       63,698      172,099      119,443
                                    -----------  -----------  -----------  -----------
  Gross profit                           25,726       28,625       89,327       52,962
  Operating expenses:
  Research and development expense        4,979        3,303        9,415        6,214
  Selling, general and
   administrative expense                11,482       12,843       25,961       22,911
                                    -----------  -----------  -----------  -----------

  Total operating expenses               16,461       16,146       35,376       29,125
                                    -----------  -----------  -----------  -----------
  Operating income                        9,265       12,479       53,951       23,837
  Other income (expense), net             (227)          836          717        1,552

  Interest expense, net                    (74)        (524)        (255)        (908)
                                    -----------  -----------  -----------  -----------
  Income before income taxes and
   equity share in income
  of unconsolidated affiliates            8,964       12,791       54,413       24,481
  Equity share in income of
   unconsolidated affiliates, net            --          193           --          306

  Income tax expense                    (1,849)      (5,589)     (19,080)     (10,322)
                                    -----------  -----------  -----------  -----------
  Net income                              7,115        7,395       35,333       14,465
  Less: Net income attributable to
   non-controlling interests                211           --          395           --
                                    -----------  -----------  -----------  -----------
  Net income attributable to Fuel
   Systems                              $ 6,904      $ 7,395     $ 34,938     $ 14,465
                                    ===========  ===========  ===========  ===========
  Net income per share
   attributable to Fuel Systems:

  Basic                                  $ 0.39       $ 0.46       $ 1.98       $ 0.90
                                    ===========  ===========  ===========  ===========

  Diluted                                $ 0.39       $ 0.46       $ 1.98       $ 0.90
                                    ===========  ===========  ===========  ===========
  Number of shares used in per
   share calculation:

  Basic                              17,618,039   16,160,857   17,614,929   16,092,091
                                    ===========  ===========  ===========  ===========

  Diluted                            17,671,064   16,223,095   17,675,790   16,159,752
                                    ===========  ===========  ===========  ===========


                     FUEL SYSTEMS SOLUTIONS, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                   (In thousands, except share data)
                             (Unaudited)


                                                  Six Months Ended
                                                      June 30,
                                                 -------------------

                                                    2010      2009
                                                 ---------  --------
  Net income                                      $ 35,333  $ 14,465
  Adjustments to reconcile net income to net
   cash (used in) provided by operating
   activities:
   Depreciation and other amortization               4,457     3,699
   Amortization of intangibles arising from
    acquisitions                                     2,257     1,902
   Provision for doubtful accounts                     887     (171)
   Provision for inventory reserve                   1,254     2,658
   Equity share in income of unconsolidated
    affiliates, net                                     --     (298)
   Dividends from unconsolidated affiliates             --       196
   Unrealized (gain) on foreign exchange
    transactions, net                                (605)   (1,389)
   Compensation expense related to stock option
    and restricted stock grants                         95       101
   Loss on disposal of assets                          319        41
  Changes in assets and liabilities, net of
   acquisitions:
   Decrease (increase) in accounts receivable       37,740  (18,495)
   Decrease in inventories                           3,884     3,872
   (Increase) decrease in other current assets     (1,037)       301
   Decrease in other assets                             --       344
   Decrease in accounts payable                   (13,924)  (25,528)
   Increase in income taxes payable                 20,382     9,638
   (Decrease) increase in accrued expenses         (1,947)     4,753
   Receivables from/payables to related party,
    net                                              (547)   (3,172)
   Decrease in deferred income taxes, net            (189)      (90)

   Decrease in long-term liabilities                 (431)     (338)
                                                 ---------  --------
  Net cash provided by (used in) operating
   activities                                       87,928   (7,511)
                                                 ---------  --------
  Cash flows from investing activities:
   Purchase of equipment and leasehold
    improvements                                  (11,440)   (6,706)
   Acquisitions, net of cash acquired                   --  (12,605)
   Controlling interest in previously
    unconsolidated affiliate                         1,044        --

   Proceeds from sale of assets                        218        35
                                                 ---------  --------

  Net cash used in investing activities           (10,178)  (19,276)
                                                 ---------  --------
  Cash flows from financing activities:
   (Decrease) increase in revolving lines of
    credit, net                                    (2,650)     9,359
   Payments on term loans and other loans          (1,513)   (3,967)
   Proceeds from term loans and other loans             --    19,757
   Proceeds from issuance of common stock, net
    of expenses of $2.3 million                         --    27,713
   Dividends issued by consolidated affiliates       (241)        --
   Proceeds from excise of stock options                24        --
   Proceeds (purchase) of common shares held in
    trust, net of proceeds                              62      (28)

   Payments of capital lease obligations             (159)     (202)
                                                 ---------  --------
  Net cash (used in) provided by financing
   activities                                      (4,477)    52,632
                                                 ---------  --------
  Net increase in cash and cash equivalents         73,273    25,845

  Effect of exchange rate changes on cash         (13,435)       729
                                                 ---------  --------
  Net increase in cash and cash equivalents         59,838    26,574
  Cash and cash equivalents at beginning of
   period                                           46,519    26,477
                                                 ---------  --------

  Cash and cash equivalents at end of period     $ 106,357  $ 53,051
                                                 =========  ========


This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Fuel Systems Solutions, Inc.

                    FUEL SYSTEMS SOLUTIONS, INC.
             FINANCIAL INFORMATION BY BUSINESS SEGMENTS
                           (In thousands)
                             (Unaudited)


                          Three Months Ended    Six Months Ended
                              June 30,              June 30,
                         -------------------  --------------------

                           2010       2009       2010       2009
                         --------  ---------  ---------  ---------
  Revenue:
  IMPCO Operations       $ 29,439   $ 10,656   $ 53,451   $ 29,094

  BRC Operations           70,336     81,667    207,975    143,311
                         --------  ---------  ---------  ---------

   Total                 $ 99,775   $ 92,323  $ 261,426  $ 172,405
                         ========  =========  =========  =========


                          Three Months Ended    Six Months Ended
                              June 30,              June 30,
                         -------------------  --------------------

                           2010       2009       2010       2009
                         --------  ---------  ---------  ---------
  Operating Income
   (Loss):
  IMPCO Operations        $ 3,148  $ (1,826)    $ 3,651      $ 729
  BRC Operations            7,194     16,637     52,893     27,390

  Corporate Expenses      (1,077)    (2,332)    (2,593)    (4,282)
                         --------  ---------  ---------  ---------

   Total                  $ 9,265   $ 12,479   $ 53,951   $ 23,837
                         ========  =========  =========  =========

Investor Relations Contact:
Carolyn M. Capaccio/Cathy Mattison
Lippert/Heilshorn & Associates, Inc.
800 Third Avenue, 17th Floor
New York, New York 10022
Voice. (415) 433-3777
Facsimile. (415) 433-5577
Email: cmattison@lhai.com
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