Fuel Systems Solutions: Record 2008 Third Quarter Results

Die untenstehende Meldung ist eine Original-Meldung des Unternehmens. Sie ist nicht von der ECOreporter.de-Redaktion bearbeitet. Die presserechtliche Verantwortlichkeit liegt bei dem meldenden Unternehmen.

Fuel Systems Solutions, Inc. reported record results for its third quarter ended September 30, 2008.

Matthew Beale, president, said, ``Even with recent energy price volatility, during the third quarter, Fuel Systems Solutions achieved 62 percent revenue growth, compared to the same period last year, driven by strong performance in our OEM and aftermarket transportation markets segments. Over the last year, the rapid and significant increase in demand for our products created critical mass. We scaled our production volumes and demonstrated our strong underlying earnings potential. While the global economic slowdown impacts near-term revenue visibility, we remain optimistic regarding the prospects for sustained organic growth in our markets. Our financial strength positions us to invest in incremental growth opportunities in existing and adjacent business segments and to further leverage our production and engineering platform across industrial and transportation end-user markets.''

Financial Results

Revenue for the 2008 third quarter was $105.5 million, up 61.8% from revenue of $65.2 million in the third quarter of 2007, which was driven by strong performance in the transportation business. Gross profit for the quarter reached $30.7 million and represented 29.1% of revenue, compared to $15.7 million, or 24.1% of revenue, in the third quarter of 2007. Net income for the third quarter of 2008 reached $11.9 million, or $0.75 per diluted share, which included a $0.2 million extraordinary gain associated with the purchase of the 49% minority interest in our IMPCO Netherlands subsidiary, compared to a loss of $359,000, or ($0.02) per share, in the third quarter of 2007.

For the nine-month period ending September 30, 2008, total revenues were $298.4 million compared to $185.6 million for the first nine months of 2007. Net income for the nine months ended September 30, 2008, which includes the non-cash goodwill impairment charge recorded in the second quarter of 2008 of $3.9 million, was $22.7 million, or $1.44 per diluted share, compared to $1.1 million, or $0.07 per diluted share, for the year earlier period.

Bill Larkin, CFO, said, ``At September 30, 2008, cash and cash equivalents were $34.3 million and working capital reached $88.1 million. The strength of our financial position provides us the foundation for executing our growth strategy organically and through acquisitions.''

Company Outlook

Based on its current assessment of near-term market trends, the company is increasing its full year 2008 consolidated revenue guidance to approximately $385 million and increasing its gross profit margin to approximately 29% and operating margin to approximately 14%.

Conference Call

The company will host a conference call on November 7 at 10:00 a.m. Pacific Time / 1:00 p.m. Eastern Time to discuss its third quarter 2008 financial results. To listen to the call live, please dial 800-295-3991 at least 10 minutes before the start of the conference. International participants may dial 617-614-3924. The pass code for the conference call will be 43195775. The call is also being webcast and can be accessed from the ``Investor Relations'' section of the company's website at http://www.fuelsystemssolutions.com. A telephone replay will be available until midnight ET on November 21 by dialing 888-286-8010 or 617-801-6888 and entering pass code 27665096#. 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 sales and its ability to achieve 2008 revenue of approximately $385 with gross profit margin of 29 percent and operating margin of 14 percent. Such statements are only predictions, and 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 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 a global economic downturn may reduce customers' demand for our products, that reduction in oil prices will not reduce the demand for our products and that currency fluctuations will not 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, 2007. The company does not undertake to update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.

About Fuel Systems Solutions

Fuel Systems Solutions, Inc. (NasdaqGM:FSYS - News), a U.S.-based company, through its U.S. and foreign subsidiaries, delivers alternative fuel solutions for transportation and industrial applications that reduce emissions, displace petroleum and generate savings, which is extremely relevant today. The company is comprised of two subsidiaries, industrial under IMPCO Technologies and transportation under BRC. IMPCO designs, manufactures, markets and supplies advanced products and systems to enable internal combustion engines to run on clean burning gaseous fuels such as natural gas, propane and biogas. IMPCO is a leader in the heavy duty, industrial, power generation and stationary engines sectors. Headquartered in Santa Ana, California, IMPCO has offices throughout Asia, Europe and North America. BRC, through its subsidiaries, 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 automobile manufacturers for OEM projects. Headquartered in Cherasco, Italy, BRC has offices throughout Asia, Europe, Australia and South America. Additional information is available at http://www.fuelsystemssolutions.com.


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

                            Three Months Ended    Nine Months Ended
                               September 30,         September 30,
                              2008       2007       2008       2007
                            --------   --------   --------   --------
 Revenue                    $105,539   $ 65,235   $298,423   $185,621
 Cost of revenue              74,841     49,530    211,661    141,650
                            --------   --------   --------   --------
 Gross profit                 30,698     15,705     86,762     43,971
 Operating expenses:
 Research and
  development expense          2,706      2,010      8,236      6,094
 Selling, general and
  administrative expense       9,730     10,214     32,560     27,446
 Goodwill impairment loss         --         --      3,907         --
 Amortization of
  intangible assets               91         85        282        168
                            --------   --------   --------   --------
 Total operating expenses     12,527     12,309     44,985     33,708
                            --------   --------   --------   --------
 Operating income             18,171      3,396     41,777     10,263
 Other income (expense), net     370       (902)      (794)    (1,566)
 Interest expense, net           (51)      (203)      (443)      (693)
                            --------   --------   --------   --------
 Income before income taxes,
  equity share in income
  (loss) of unconsolidated
  affiliates and
  extraordinary gain          18,490      2,291     40,540      8,004
 Equity share in income
  (loss) of
  unconsolidated affiliates      (58)       114         19        384
 Income tax expense           (6,769)    (2,224)   (17,187)    (5,856)
                            --------   --------   --------   --------
 Income before minority
  interests and
  extraordinary gain          11,663        181     23,372      2,532
 Minority interests in
  income of consolidated
  subsidiaries                    39        540        914      1,477
                            --------   --------   --------   --------
 Income (loss) before
  extraordinary gain          11,624       (359)    22,458      1,055
 Extraordinary gain              243         --        243         --
                            --------   --------   --------   --------
 Net income (loss)          $ 11,867   $   (359)  $ 22,701   $  1,055
                            ========   ========   ========   ========

 Basic earnings (loss)
  per share:
 Income (loss) before
  extraordinary gain        $   0.74   $  (0.02)  $   1.44   $   0.07
                            ========   ========   ========   ========
 Extraordinary gain         $   0.01   $     --   $   0.01   $     --
                            ========   ========   ========   ========
 Net Income (loss)          $   0.75   $  (0.02)  $   1.45   $   0.07
                            ========   ========   ========   ========

 Diluted earnings (loss)
  per share:
 Income (loss) before
  extraordinary gain        $   0.73   $  (0.02)  $   1.42   $   0.07
                            ========   ========   ========   ========
 Extraordinary gain         $   0.02   $     --   $   0.02   $     --
                            ========   ========   ========   ========
 Net Income (loss)          $   0.75   $  (0.02)  $   1.44   $   0.07
                            ========   ========   ========   ========

 Number of shares used in
  per share calculation:
 Basic                        15,718     15,490     15,617     15,383
                            ========   ========   ========   ========
 Diluted                      15,837     15,490     15,771     15,600
                            ========   ========   ========   ========


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

                                              Sept. 30,     Dec. 31,
                                                 2008         2007
                                               --------     --------
 ASSETS
 Current assets:
   Cash and cash equivalents                   $ 34,285     $ 26,797
   Accounts receivable less allowance for                     
    doubtful accounts of $2,340 and $2,399 at                 
    September 30, 2008 and December 31, 2007,                 
    respectively                                 67,422       51,876
   Inventories:                                               
     Raw materials and parts                     35,501       33,890
     Work-in-process                              1,650        2,247
     Finished goods                              40,485       31,197
     Inventory on consignment with                              
      unconsolidated affiliates                   2,671        2,991
                                               --------     --------
       Total inventories                         80,307       70,325
 Deferred tax assets                              3,755        2,248
 Related party receivables                           47           44
 Other current assets                             6,650        3,820
                                               --------     --------
     Total current assets                       192,466      155,110
                                               --------     --------
 Equipment and leasehold improvements:                      
   Dies, molds and patterns                       3,930        5,725
   Machinery and equipment                       27,509       25,049
   Office furnishings and equipment               8,815        8,601
   Automobiles and trucks                         2,260        2,047
   Leasehold improvements                         7,090        4,769
                                               --------     --------
                                                 49,604       46,191
   Less accumulated depreciation                              
    and amortization                             22,752       21,151
                                               --------     --------
     Net equipment and leasehold improvements    26,852       25,040
 Goodwill                                        42,235       46,486
 Intangible assets, net                          10,946       13,059
 Investment in unconsolidated affiliates          2,975        2,310
 Non-current related party receivable             1,681        3,450
 Deferred tax assets, net                           215          184
 Other assets                                     2,101        1,731
                                               --------     --------
       Total Assets                            $279,471     $247,370
                                               ========     ========


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


                                               Sept. 30,    Dec. 31,
                                                 2008         2007
                                               --------     --------
  LIABILITIES AND STOCKHOLDERS' EQUITY                    
     Current liabilities:                                    
     Accounts payable                          $ 55,235     $ 50,314
     Accrued expenses                            35,319       19,666
     Current revolving lines of credit              980        3,307
     Current portion of term loans and                     
      other loans                                 4,779        4,791
     Current portion of capital leases              266          428
     Deferred tax liabilities                        66          117
     Related party payables                       7,721        5,921
                                                --------     --------
       Total current liabilities                104,366       84,544
  Term loans                                      6,311        9,449
  Capital leases                                    301          431
  Other liabilities                               6,315        5,860
  Minority interest                                   2        6,601
  Deferred tax liabilities                        4,910        5,432
                                               --------     --------
       Total liabilities                        122,205      112,317
                                               --------     --------
  Stockholders' equity:                                   
     Preferred stock, $0.001 par value,                      
      authorized 1,000,000 shares; none                    
      issued and outstanding at September                  
      30, 2008 and December 31, 2007                 --           --
     Common stock, $0.001 par value, authorized            
      200,000,000 shares; 15,796,853 issued and            
      15,744,891 outstanding at September 30,              
      2008; and 15,512,798 issued and 15,499,115           
      outstanding at December 31, 2007               16           15
     Additional paid-in capital                 220,129      216,483
     Shares held in treasury, 51,962 shares at            
      September 30, 2008 and 13,683 shares at             
      December 31, 2007                          (1,394)        (432)
     Accumulated deficit                        (79,995)    (102,696)
     Accumulated other comprehensive income      18,510       21,683
                                               --------     --------
       Total stockholders' equity               157,266      135,053
                                               --------     --------
       Total Liabilities and
        Stockholders' Equity                   $279,471     $247,370
                                               ========     ========


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

                                                 Nine Months Ended
                                                   September 30,
                                               ---------------------
                                                 2008         2007
                                               --------     --------
  Net income                                   $ 22,701     $  1,055
  Adjustments to reconcile net income to net               
   cash provided by operating activities:                  
     Depreciation and amortization expense        4,911        3,584
     Amortization of intangible assets            2,164        1,603
     Provision for doubtful accounts                225          321
     Provision for loan to                                 
      unconsolidated affiliate                      540           --
     Provision for inventory reserve              2,266          171
     Goodwill impairment loss                     3,907           --
     Equity share in income of                             
      unconsolidated affiliates                     (19)        (384)
     Dividends from unconsolidated affiliates       230           --
     Minority interest                              914        1,477
     Extraordinary Gain                            (243)          --
     Unrealized loss on foreign exchange            371          737
     Loss on disposal of asset                      146           38
     Stock-based compensation expense               297          161
  Changes in assets and liabilities:                    
     (Increase) decrease in accounts
      receivable                                 17,440)       1,115
     Increase in inventory                       13,891)      (2,586)
     Increase in other current assets            (3,015)        (142)
     (Increase) decrease in other assets           (441)         642
     Increase in deferred income taxes           (2,160)      (1,117)
     Increase in accounts payable                 6,151       12,369
     Increase in accrued expenses                16,670          582
     Increase (decrease) in long
      term liabilities                              555         (923)
     Receivables from/payables to related                  
      party, net                                  2,013        3,827
                                               --------     --------
  Net cash provided by operating activities      26,852       22,530
                                               --------     --------
  Cash flows from investing activities:                    
     Purchase of equipment and leasehold                      
      improvements                               (7,561)      (3,705)
     Purchases of minority interest in                        
      consolidated subsidiaries                  (6,311)          --
     Purchase of intangible asset                  (193)          --
     Payments for purchase of Zavoli, net of                  
      cash acquired                                  --       (8,019)
     Proceeds from sale of assets                     3           --
                                               --------     --------
  Net cash used in investing activities         (14,062)     (11,724)
                                               --------     --------
  Cash flows from financing activities:                    
     Payment of revolving line of credit,                     
      net of borrowings                          (2,274)      (6,082)
     Payments on term loans and other loans      (3,050)      (1,832)
     Proceeds from term loans                        --        6,722
     Proceeds from exercise of stock options                  
      and warrants                                2,383        3,681
     (Purchase of)/proceeds from the sale of                  
      common shares held in trust, net              (95)          37
     Payment of capital lease obligations          (374)        (310)
     Dividend paid to minority interest in                    
      consolidated subsidiaries                    (900)        (822)
                                               --------     --------
  Net cash (used in) provided by                           
   financing activities                          (4,310)       1,394
                                               --------     --------
  Net increase in cash                            8,480       12,200
  Effect of exchange rate changes on cash          (992)       2,533
                                               --------     --------
  Net increase in cash and cash equivalents       7,488       14,733
  Cash and cash equivalents at                             
   beginning of period                           26,797       11,546
                                               --------     --------
  Cash and cash equivalents at end of period   $ 34,285     $ 26,279
                                               ========     ========
  Supplemental disclosure of cash                          
   flow information:                                       
     Non-cash financing activities:                           
  Acquisition of equipment under capital lease $     81     $    190
                                               ========     ========


Contact:

          Fuel Systems Solutions, Inc.
          Bill Larkin, CFO
          (714) 656-1320


Source: Fuel Systems Solutions, Inc.
Aktuell, seriös und kostenlos: Der ECOreporter-Newsletter. Seit 1999.
Nach oben scrollen
ECOreporter Journalistenpreise
Anmelden
x