Fuel Systems Solutions, Inc. (FSYS)

[Democritus_of_Abdera]

Re Delayed Q2 Report (continued)...

In the FSYS filing today it was noted that the delayed 10-Q will be filed on or before the fifth calendar day following the prescribed due date (see: http://www.sec.gov/Archives/edgar/data/1340786/000121465914005775/s811140nt10q.htm )

I believe that the due date for the 10Q is August 18 (45 days after Jun 30) implying that the 10Q will be filed or or before Aug 22. see: http://www.corpgov.deloitte.com/binary/com.epicentric.contentmanagement.servlet.ContentDeliveryServlet/CanEng/Documents/Resources/Financial%20Reporting%20Tools/ChecklistForQuarterlyReport_SEC_Form10-Q.pdf ;i.e.

The Form 10-Q must be filed within the following period for each of the first three fiscal quarters of each fiscal year. No quarterly report is required for the fourth quarter.

• 40 days after the end of the fiscal quarter covered by the report for large accelerated and accelerated filers (as defined in Exchange Act Rule12b-2).

• 45 days after the end of the fiscal quarter covered by the report for all other registrants.

As stated before,

Fuel Systems Solutions, Inc. (the “Company”) expects to incur a non-cash goodwill impairment charge and a long-lived asset impairment charge for the second quarter of 2014.

At the end of 2013, FSYS had an outstanding Goodwill of $49M and net intangible asset of $12M.

Looking just at the Goodwill history, I calculate that about

$26M is due to the BRC acquisition in 2003-2005;
$2.5M is due to the Zavoli acquistion in 2006;
$9M is due to the Argentine acquisition in 2009;
$3M is due to the Teleflex acquisition in 2009
several other goodwill items are less than $1M each and not important in my opinion.
There is about $5M Goodwill I cannot account for.

I'm assuming that the $10M goodwill write-off in 2012 was totally attributed to the US automotive operations which, if true, means that it was all written off. However, I am not certain of this assumption and there might remain some goodwill for PCI outstanding.

Reviewing the above, I don't see any goodwill items in jeopardy... but,

if I let my imagination run wild, I would guess that there might be a goodwill impairment for the Argentine operations (see #msg-104835850),

or if I assume a paranoid position, there might be an impairment that was uncovered at MTM (a subsidiary of BRC) after Pier Antonio Costamagna left on Feb 5 (see http://www.sec.gov/Archives/edgar/data/1340786/000118143114005436/rrd401588.htm )