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Non-Tech : IMPCO Technologies (IMCO), formerly AirSensors (ARSN)

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To: Jim Oravetz who wrote (231)12/15/2000 7:26:42 AM
From: Jim Oravetz  Read Replies (1) of 298
 
Robertson Stephens -12/7/00- Growth stock update

IMPCO Technologies, Inc.
(Nasdaq: *!IMCO!*) $13.88
Buy
F2001 EPS: ($0.63) from ($0.33)
F2002 EPS: ($0.42) from ($0.16)

Eric Prouty, Energy Technology & Services
"We are reiterating our Buy rating on shares of IMPCO Technologies," said Prouty. "We believe IMCO shares are one of the best ways for investors to gain exposure to the automotive fuel cell sector. We believe investors buying shares of IMPCO Technologies get an existing commercial business, with a 40- year track record, along with the potential upside from one of the developmental leaders in advanced enabling technologies for fuel cells, presenting one of the best risk/reward scenarios in the energy technology sector. In addition, we believe IMCO shares are currently significantly undervalued, which presents a significant buying opportunity, in our opinion. IMPCO reported its Q2:FY01 results with EPS of ($0.13) on total revenue of $25.4 million versus our estimate of ($0.10) and $29.3 million, respectively. The shortfall was primarily attributable to the strong dollar, weakness in after-market motor vehicle conversion sales in the key Mexican market, and a significant slowdown in gen-set sales. We are lowering our revenue and earnings estimates for IMPCO due to both a weak foreign currency and an overall economy slowdown. "
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