15.03.16

Fuel Systems Solutions: Q4 and Year End 2015 Results

Fuel Systems Solutions hat eine schwache Jahresbilanz vorgelegt. Wir veröffentlichen die Mitteilung des Anbieters von alternativer Antriebstechnologie dazu im Wortlaut.

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Fuel Systems Solutions, Inc. (FSYS) reported results for its quarter and year ended December 31, 2015.

Highlights
    Revenue of $67.3 million compared to $85.4 million for Q4 2014; revenue down 11.9% or $10.2 million, excluding foreign exchange impact
    Gross profit margin 21.9% compared to 22.8% in Q4 2014
    Adjusted EBITDA loss of $1.3 million compared to Adjusted EBITDA of $3.7 million for Q4 2014

Mariano Costamagna, Fuel Systems Solutions, Inc. (“Fuel Systems” or “FSS”) CEO, said, “We ended 2015 with automotive and industrial markets around the world remaining economically pressured  and with our newly introduced products, particularly in our profitable Industrial segment, performing well.  We are continuing to right-size our operations and increase our efficiencies through our restructuring program in keeping with the tone of our end markets, while selectively investing in technology and product to be best prepared to compete aggressively when markets again strengthen. We are also working with current and potential partners, including OEMs, to strengthen these relationships and build new ones, and our balance sheet remains strong. As we announced last week, our merger agreement with Westport Innovations has been updated for changes including a collar-based exchange ratio intended to provide Fuel Systems stockholders with greater certainty regarding the consideration they will receive upon closing of the merger, an amendment to Westport’s Cartesian Financing Agreement, and other governance provisions.”

As announced on March 7, 2016, the board of directors approved an Amendment to the Agreement and Plan of Merger dated September 1, 2015 relating to the proposed business combination between Fuel Systems and Westport. Subject to the approval of both Westport and Fuel Systems shareholders, the merger is expected to close over the next few weeks allowing for reasonable time for the filing with the SEC and mailing to shareholders of updated disclosures.

Fourth Quarter 2015 Financial Results
Total revenue for the fourth quarter of 2015 was $67.3 million compared to $85.4 million for the fourth quarter of 2014. This variance includes the impact of foreign exchange on fourth quarter 2015 revenue, which was negative $7.9 million.

In constant currency, FSS Automotive revenue was negatively impacted by lower aftermarket, compressors, OEM and DOEM sales volumes as a result of difficult economic conditions in major markets (specifically in Europe and South America), lower oil prices and increased competition. In constant currency, FSS Industrial revenue decreased compared to the prior-year period primarily reflecting lower demand for stationary equipment and heavy duty sales in Thailand and lower sales of auxiliary power units in North America partially offset by increased sales of mobile equipment.

Gross profit for the fourth quarter of 2015 was $14.8 million, or 21.9% of revenue, compared to $19.4 million, or 22.8% of revenue, for the fourth quarter of 2014. The lower gross profit and gross margin percentage decrease primarily reflects the 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 $0.8 million compared to the prior year as a result of increases in outside services for consultants in connection with restructuring, strategic and merger related activities.

Operating loss for the fourth quarter of 2015 totaled $6.5 million, or 9.6% of revenue, compared to operating loss for the fourth quarter of 2014 of $2.6 million, or 3.1% of revenue. The increased loss primarily reflects the revenue decreases and additional corporate expenses described above.

Income tax benefit for the fourth quarter of 2015 was $0.1 million compared to an income tax expense of $1.0 million in the fourth quarter of 2014. 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. For the fourth quarter of 2015, there were certain foreign jurisdictions where tax benefits were not included in the Company’s income tax provision.  

Net loss for the fourth quarter of 2015 was $6.9 million, or $0.38 per diluted share, compared to net loss of $4.0 million, or $0.20 per diluted share, for the fourth quarter of 2014.

Adjusted EBITDA for the fourth quarter of 2015 was a loss of $1.3 million, compared to Adjusted EBITDA of $3.7 million for the fourth quarter of 2014. Adjusted EBITDA is a non-GAAP measure. See “Non-GAAP Measures” below for a discussion of this metric.

FSS Automotive Operations
FSS Automotive fourth quarter 2015 revenue was $45.9 million compared to $61.2 million for the same quarter a year ago. The impact of foreign exchange on FSS Automotive was negative $7.2 million; in constant currency, fourth quarter 2015 FSS Automotive revenue decreased 13.1% compared to the prior year period, reflecting the lower volumes mentioned above. FSS Automotive fourth quarter 2015 Adjusted EBITDA loss was $0.5 million compared to Adjusted EBITDA of $2.6 million for the same period a year ago.

FSS Industrial Operations
FSS Industrial fourth quarter 2015 revenue was $21.4 million compared to $24.2 million for the same quarter a year ago. The impact of foreign exchange on FSS Industrial was negative $0.6 million; in constant currency, fourth quarter 2015 FSS Industrial revenue decreased 8.8% compared to the prior year period. FSS Industrial fourth quarter 2015 Adjusted EBITDA was $1.5 million compared to Adjusted EBITDA of $3.1 million for the same period a year ago.

Full Year Ended December 31, 2015 Financial Results
For the full year ended December 31, 2015, total revenue was $263.4 million compared to $339.1 million for 2014. Net loss for 2015 was $47.1 million, or $2.55 per diluted share, including a non-cash goodwill and long-lived asset impairment charge (“impairment charge”) of $13.8 million, or $0.76 per share, recorded in the third quarter of 2015. This compares to the full year 2014 net loss of $53.4 million, or $2.66 per diluted share, including an impairment charge of $43.2 million, net of tax, or $2.15 per share, recorded in the second quarter of 2014. Adjusted EBITDA for 2015 was $3.0 million compared to $12.4 million for 2014.

FSS Automotive revenue for the full year ended December 31, 2015 was $168.2 million compared to $234.7 million for 2014. FSS Automotive operating loss was $21.1 million for 2015, including $8.6 million of the impairment charge recorded in third quarter of 2015, compared to an operating loss of $49.8 million for 2014, including $40.2 million of the impairment charge recorded in second quarter of 2014. FSS Automotive Adjusted EBITDA for 2015 was $0.9 million compared to $7.9 million for 2014.

FSS Industrial revenue for the full year ended December 31, 2015 was $95.2 million compared to $104.4 million for 2014. FSS Industrial operating income was $2.5 million for 2015, including $5.2 million of the impairment charge recorded in third quarter of 2015, compared to operating income for 2014 of $4.2 million, including $4.1 million of the impairment charge recorded in second quarter of 2014. FSS Industrial Adjusted EBITDA for 2015 was $9.7 million compared to $11.2 million for 2014.

2015 Cost Reduction and Restructuring Program Update
During the fourth quarter of 2015, the Company continued to execute the next steps in its cost reduction and restructuring program, and recorded $1.7 million for restructuring and costs related to outside services for consultants as follows: $0.5 million for severance; $0.5 million for the write-off of long-lived assets in connection with rationalization of activities; and $0.7 million for professional fees and is on track to achieve the expected program savings.

2016 Outlook and Conference Call
The Company will not provide a 2016 outlook nor conduct a fourth quarter 2015 conference call in light of the expected merger with Westport Innovations.


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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