CERRITOS, Calif., Dec. 6 /PRNewswire/ -- IMPCO Technologies (Nasdaq: IMCO, news, msgs) today
reported results for its second quarter and six-month period ended October 31, 2000.
For the second quarter of fiscal 2001 IMPCO reported a net loss of $1.38 million or 13 cents per share on
revenues of $25.4 million. This compared to net income of $1.5 million or 17 cents per share for the second
quarter of fiscal year 2000 on revenues of $27.4 million. During the current quarter, IMPCO invested a record
$7.2 million (28.6% of revenue) in research and development, a 100% increase over the second quarter of
fiscal year 2000 level. The increased expenditures were associated with the expansion of engineering
facilities and staff to support current and anticipated fuel cell and OEM programs in fuel storage, metering
and electronic control systems.
For the first half of fiscal year 2001, IMPCO reported a net loss of $1.99
million or 21 cents per share on revenues of $54.6 million. This compared
to net income of $3.06 million or 35 cents per share for the same period of
fiscal year 2000 on revenues of $55.8 million. Research and development
expenses increased by $6.61 million in the comparable six month period
of last year.
The decrease in revenues of $2.0 million and $1.2 million in the second
quarter and first half of fiscal year 2001, respectively, versus the same
periods in the previous year, was primarily due to a tapering off in
aftermarket motor vehicle conversion sales in Mexico and an end to the
short term increase in sales to the small engine gen-set market related to
the Y2k phenomena. The decrease was partially offset by strong
Automotive OEM and Fuel Cell Division product revenues which increased
43% during the second quarter compared to the same period of the previous year. The Automotive OEM
and Fuel Cell Division experienced revenue growth of over 23% in the second quarter of this fiscal year
versus the same period last year. First half revenue growth was 29% greater in this fiscal year versus last
year.
Mr. Robert M. Stemmler, Chairman and CEO said that the Company's strategy and plans to establish the
leading technology position in fuel storage, metering and control system products in the fuel cell and
alternative fuel industry is progressing ahead of schedule. He stated that in the past six months the
Automotive OEM and Fuel Cell Division increased its staff by 103 personnel and opened additional facilities
in Sterling Heights, Michigan, and in Irvine and Lake Forest, California, to expand its product development,
testing and vehicle integration capabilities and capacity. He added that the Company continues to add new
development programs with the leaders in its target markets. Among them; Ford, Xcellsis, Ballard, Hyundai,
Toyota, Isuzu, Mazda and Mitsubishi, in addition to General Motors in the transportation market, and
Honda, Yamaha and Mitsubishi in the power generation market.
Second Quarter Highlights:
Since the release of the first fiscal quarter results, IMPCO has reported the following achievements:
-- On September 28, 2000 IMPCO disclosed that it was working with four
of the largest engine manufacturers in China to develop spark
ignition alternative fuel versions of their most popular diesel
engines.
-- On November 1, 2000 IMPCO disclosed that it had completed the
development of an advanced hydrogen fuel storage and fuel delivery
system for Hyundai Motor Company's new fuel cell prototype. The
vehicle was displayed at the Grand Opening of the California Fuel
Cell Partnership in Sacramento on November 1, 2000.
-- November 9, 2000 IMPCO disclosed that it had received a follow-on
contract from the Department of Energy, bringing total contract
revenue from DOE to $3.5 million. IMPCO also disclosed that it had
achieved a ratio of 7.5% hydrogen storage to total weight in on-board
fuel storage. A fuel storage system can achieve a 400 mile range at
a total weight below 150 lbs using IMPCO's technology versus over
660 lbs for existing technologies. |
