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Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the third quarter and nine months ended September 30, 2009. The dial-in number for the call is 1-877-941-8418. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at http://www.amerigon.com/.
Amerigon Reports 2009 Third Quarter, Nine-Month Results
Year-over-Year Quarterly Revenues Increase, Return to Profitability
NORTHVILLE, Mich., Oct. 28 /PRNewswire-FirstCall/ -- Amerigon Incorporated (NASDAQ:ARGN), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced results for this year's third quarter and first nine months ended September 30, 2009.
Product revenues for the 2009 third quarter increased 11 percent to $18.4 million, compared with $16.6 million for the third quarter of last year. Sequentially, this compares with $10.7 million for the 2009 second quarter. The increase in revenues was due to higher sales resulting from new introductions of vehicles offering the Company's Climate Control Seat® (CCS®) systems and the addition of a rear seat option on certain existing vehicles subsequent to last year's third quarter. CCS systems include both TE-based heated and cooled systems and heated and ventilated seat systems. The increase was partially offset by lower volumes on existing vehicles reflecting a significant decline in the overall automotive market.
Automotive industry sales volumes, impacted by the decline in worldwide economic activity and the limited availability of consumer credit, were lower during this year's third quarter compared with the year-earlier period. In North America, one of the Company's most important markets, the Seasonally Adjusted Annual Rate ("SAAR") for vehicle sales decreased 11 percent to 11.5 million from 12.9 million during the third quarter of 2008. This is an improvement from the 32 percent decline to 9.6 million during the second quarter of 2009 from 14.1 million during the second quarter of 2008. Vehicle production levels have been reduced accordingly.
President and Chief Executive Officer Daniel R. Coker said, "We continue to make important progress and remain optimistic despite the current uncertainty in the global automotive market. While automotive production levels are not back to 2007 levels, we are seeing improvement and potential strengthening in the automotive industry. This coupled with the expected launch of CCS systems in additional vehicles in the coming months, leads us to believe we can return to overall growth for 2010. The interest in our CCS seat systems among car buyers and the automotive industry remains very strong, as does the interest in our thermoelectric technology in general."
Gross margin as a percentage of revenue for the 2009 third quarter was 25 percent compared with 29 percent in the 2008 third quarter. The year-over-year decrease was primarily attributable to higher raw material costs, especially Tellurium, a key component of CCS, and an unfavorable shift in the mix of products sold toward units having a lower gross margin percentage. This was offset partially by higher coverage of fixed cost at the higher volume levels. Net income attributable to Amerigon Incorporated for this year's third quarter was $1.1 million, or $0.05 per share, compared with net income attributable to Amerigon Incorporated in last year's third quarter of $648,000, or $0.03 per share.
In December 2007, the Financial Accounting Standards Board ("FASB") issued Statement of financial Accounting Standard No. 160, "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51" ("SFAS 160") to establish new standards that govern the accounting for and reporting of noncontrolling interests in partially owned subsidiaries. SFAS 160 requires that a noncontrolling interest, previously referred to as a minority interest, be reported as part of equity in the Consolidated Financial Statements and that losses be allocated to the noncontrolling interest even when such allocation might result in a deficit balance, reducing the losses attributed to the controlling interest. A 15 percent noncontrolling interest in Amerigon's subsidiary BSST is held by BSST President and CEO Dr. Lon Bell. The change, which went into effect in the first quarter of this year, was not included in the first and second quarters, and as a result, the 2009 third quarter reflects the year to date benefit for this adjustment which increases net income attributable to Amerigon by $342,000, or $0.01 and $0.02 per share for the three- and nine-month periods in 2009, respectively.
For the first nine months of 2009, revenues were $39.3 million, compared with $50.8 million for the year-earlier period. Gross margin as a percentage of revenue for this year's first nine months was 24 percent compared with 31 percent in the first nine months of last year. For the first nine months of 2009, net loss attributable to Amerigon Incorporated was $674,000, or $0.03 loss per basic and diluted share, compared to net income attributable to Amerigon Incorporated of $3.3 million, or $0.15 per basic and $0.14 per diluted share for the prior year period.
The highlights of the 2009 third quarter included the announcement of CCS as a standard feature in the Touring model of the all-new 2010 Nissan 370Z Roadster; the improvement of production levels at automotive OEMs; the establishment of ZT Plus, a partnership with 5N Plus Inc; and the Company's BSST subsidiary being granted the fifth phase of the U.S. Department of Energy (DOE) program to test a thermoelectric waste heat recovery system on BMW Group and Ford vehicles.
Coker added that the DOE project is one of several underway that demonstrate the potential of expanding the applications of Amerigon's proprietary TE technology. The Company is leading a team of high-profile commercial and academic partners studying the use of TE systems to convert waste heat from automobile exhaust into electric power.
"This is an important project for the U.S. Department of Energy, for Amerigon and all our partners and it could lead to major advances that would vastly improve the efficiency of internal combustion engines," Coker said. "It also serves as a showcase for the potential of thermoelectric technology, which we believe has important and potentially positive implications for the global environment. We are very proud of the work we are doing with the DOE and the partnerships we have established with our entire team."
The Company's balance sheet as of September 30, 2009 remained strong with cash and cash equivalents totaling $24.9 million, total assets of $59.0 million, no bank debt and shareholders' equity of $46.1 million.
CCS systems are currently offered as an optional feature on 44 automobile models produced by Ford, General Motors, Toyota, Nissan, Honda, Hyundai and Kia Motors. Tata Motors features CCS on its Jaguar and Land Rover luxury vehicles which it acquired from Ford in 2008.
New vehicles equipped with CCS systems and launched since the end of the third quarter 2008 included the Lincoln MKT, Ford Taurus, Jaguar XK, Toyota Crown Majesta, Nissan 370Z Roadster and the Infiniti G Convertible. Two existing programs, the Jaguar XJ and Land Rover Range Rover began offering CCS in the rear seating position for the first time during the 2009 third quarter. Several programs including the Ford F150 Pickup, Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali, GMC Sierra Pickup and the Nissan Maxima, which were launched during the Third Quarter 2008 had higher revenue during the Third Quarter 2009 due to the impact of shipments being made for a full quarterly period.
Unit shipments of CCS systems for the 2009 third quarter and first nine months were 268,000 and 565,000, respectively, compared with 237,000 and 743,000 units for the respective year-earlier periods.
This year's third quarter and nine-month results include year-over-year decreases in net research and development expenses of $652,000 and $419,000, respectively, due to the formation of ZT Plus, higher research and development reimbursements, lower costs to support a smaller number of new vehicle programs launched during 2009 as compared to 2008 and lower costs associated with certain new product applications of the Company's CCS technology that are currently in development. When ZT Plus was formed, certain ongoing expenses associated with Amerigon's advanced TE materials program were transferred to the new partnership and were therefore partially funded by the Company's partner, 5N Plus. The portion of ZT Plus' expenses associated with BSST's ownership percentage are now classified as loss from equity investment in ZT Plus and not included in net research and development expenses.
5N Plus has recently raised concerns over the probability of achieving the venture's objectives in the planned time frame. The Company is reviewing 5N Plus' concerns. If there are any significant changes in the Company's relationship with 5N Plus, it could impact the amount of ZT Plus expenses borne by Amerigon and the method it uses for accounting for those expenses.
Guidance
Due to the current uncertainty in the global automotive market, the Company expects revenues to be flat to marginally up for the fourth quarter compared with the 2009 third quarter. Revenues for the second half of 2009 should be up as compared to the first half of 2009.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the third quarter and nine months ended September 30, 2009. The dial-in number for the call is 1-877-941-8418. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at http://www.amerigon.com/.
About Amerigon
Amerigon (NASDAQ:ARGN) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc Jill Bertotti (investors) Len Hall (media) (949) 474-4300
Amerigon Climate Control Seat(R) System Selected as Option for Rear Seats of 2010 Jaguar XJ Luxury Sedans
Popular Heated and Cooled Seat System Offered in Front Seats Since 2008 Model Year
Press Release
Source: Amerigon Incorporated
On 6:00 am EDT, Tuesday October 27, 2009
NORTHVILLE, Mich., Oct. 27 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat® (CCS®) system will be offered as an option in both front and rear seats in the all new 2010 Jaguar XJ, Jaguar's flagship luxury sport sedan sold throughout the world. The Jaguar XJ was the first Jaguar to offer Amerigon's actively heated and cooled seat system. Introduced as a front seat option in the 2008 Jaguar XJ, CCS will now be offered for both front and rear seats.
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Symbol Price Change
ARGN 8.06 0.00
Amerigon President and Chief Executive Office Daniel R. Coker said, "We are pleased that the option for CCS has been expanded to include the rear seats in the Jaguar, a global brand respected all over the world for its styling, personal luxuries and engineering. We believe the addition of our heated and cooled seat system to the rear seats demonstrates not only broad acceptance by consumers in the marketplace, but also an acknowledgement of the quality of our product."
The 2010 XJ was first introduced last summer in London as the first Jaguar to feature the next generation aluminum body architecture. It is equipped with the highest standard of interior luxuries, along with CCS, and includes the option of the highly-acclaimed V6 diesel or supercharged V8 engines. Jaguar brands were acquired from Ford Motor Company by Tata Motors, Ltd., India's largest automobile company, in 2008.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, resulting in a surface that can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.6 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
New 2010 Range Rover Expands Amerigon Climate Control Seat(R) (CCS(R)) System to Rear Seats
Popular Heated and Cooled Seat System Offered in Front Seats Since 2007 Model Year
Press Release
Source: Amerigon Incorporated
On 6:00 am EDT, Monday October 26, 2009
Buzz up! 0 Print
Companies:Amerigon Inc.
NORTHVILLE, Mich., Oct. 26 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat® (CCS®) system will be offered as an option in both front and rear seats in the new 2010 Range Rover, a full-size luxury sport utility vehicle (SUV) that is sold throughout the world. The Range Rover, now owned by India-based Tata Motors, Ltd., has offered the heating and cooling comfort of CCS as an option for the front seats since the 2007 model year and now will offer CCS for both front and rear seats.
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Symbol Price Change
ARGN 8.22 0.00
Amerigon President and Chief Executive Officer Daniel R. Coker said, "Expanding the market for our seat system to international automotive manufacturers has always been an important initiative for us. While Land Rover has been a customer since 2007, the fact that they will continue to offer CCS in their new design and have added the rear seats is a testament to the system's value and appeal. We look forward to continuing our partnership with Land Rover's design and engineering teams."
The 2010 Range Rover, Land Rover's flagship model, has been redone inside and out and includes an array of new technology for the interior that enriches and enhances the driving experience, including new seats and new leather. Land Rover luxury brands were acquired from Ford Motor Company by Tata Motors, Ltd., India's largest automobile company, in 2008.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, resulting in a surface that can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.6 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (NASDAQ: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
Amerigon Sets Date for 2009 Third Quarter and Nine-Month Results Release and Conference Call
Press Release
Source: Amerigon, Inc.
On 6:00 am EDT, Thursday October 15, 2009
Companies:Amerigon Inc.
NORTHVILLE, Mich., Oct. 15, 2009 (GLOBE NEWSWIRE) -- Amerigon Incorporated (Nasdaq:ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the third quarter and nine months ended September 30, at 6:00 a.m. Eastern Time on Wednesday, October 28, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Related Quotes
Symbol Price Change
ARGN 8.05 -0.04
Conference Call
Toll free dial-in number: 1-877-941-8418
International dial-in number: 1-480-629-9809
Webcast
A live webcast and one year archived replay of the
call can be accessed on the Events page of the Investor
section of Amerigon's website at: www.amerigon.com.
About Amerigon
Amerigon (Nasdaq:ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Contact:
Allen & Caron IncJill Bertotti(949) 474-4300jill@allencaron.com
Amerigon Subsidiary BSST to Test Thermoelectric Waste Heat Recovery System on BMW Group and Ford Vehicles
Sep 1, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Sept 01, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its BSST subsidiary will install and test thermoelectric waste heat recovery generators in BMW Group and Ford vehicles in the newest phase of a U.S. Department of Energy (DOE)-funded program studying the use of thermoelectric systems to convert waste heat from automobile engine exhaust into electrical power. The program, which is being conducted by a team led by BSST, was created to improve automobile fuel economy and supports the DOE's objectives of reducing dependence on foreign energy imports and lowering greenhouse gas emissions while supporting the increased electrification of vehicle powertrains.
The DOE will contribute approximately $1.1 million in funding and BSST will contribute an additional $370,000 for this fifth phase of the project, which has a targeted completion date of March 31, 2010.
"This phase of the program is a critical step toward reaching our most immediate goal, which is to develop a cost-effective thermoelectric energy recovery system that can be successfully incorporated into vehicle production," said BSST President Lon E. Bell, Ph.D. "Ultimately, we want to create a commercially viable vehicle waste heat recovery and power generation system that will improve the efficiency of internal combustion engines. We believe the advances we have made in our thermoelectric technology are the vital keys to reaching those goals."
The DOE project represents another significant application for Amerigon's thermoelectric technology, said Amerigon President and Chief Executive Officer Daniel R. Coker.
"Our BSST subsidiary continues to advance the science of thermoelectric devices particularly as it applies to heating and cooling and power generation," Coker said. "This is one of several efforts BSST is involved in with government and private industry aimed at pushing the variety of uses for thermoelectric technology beyond our current automotive seating application. We look forward to announcing progress with this program and others in the coming months."
The first phase of the DOE program was launched in 2005 and BSST was chosen to lead the development team that included Visteon Corporation, BMW of North America, UC Santa Cruz, the DOE's National Renewable Energy Laboratory and the Jet Propulsion Laboratory of the California Institute of Technology.
The first phase consisted of a comprehensive analysis to determine the technical and commercial viability of the system concept. In phase 2, the team created a conceptual design of the system. In phase 3, Ford Motor Company joined the program and the team added more detail and specifications to the design by building and testing the subsystems on a bench using hot gas. As phase 4 nears completion, the team is integrating the complete thermoelectric system into a BMW inline six cylinder engine.
About BSST
BSST was founded in 2000, as a subsidiary of Amerigon, to develop advanced thermoelectric systems. BSST has developed and demonstrated the highest efficiency achieved with thermoelectric technology to date. BSST's mission is to provide highly efficient, effective, and practical solid-state temperature control and power generation solutions to industry, while continuing to advance the leading edge performance of its technology through sustained research and development. Joint development efforts with leaders in major application markets throughout the world aid in this process. Currently the advancements are being applied to electronic device cooling, home and automotive air conditioning and heating, and military and communications systems. BSST is also engaged in a variety of power generation and waste heat recovery projects with military and commercial entities.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon and 5N Plus Establish Partnership to Develop and Manufacture Advanced Thermoelectric Materials
Aug 25, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Aug 25, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, and 5N Plus Inc. , a developer and producer of high-purity metals and compounds for electronic applications, today announced that they have established a partnership, to be called "ZT Plus", to develop and manufacture advanced, more efficient thermoelectric materials designed to enable the use of TE technology in a wide variety of heating and cooling and power generation applications for industrial, consumer, medical, electronics and automotive markets. Nicholas Audet, Manager of Research and Development of 5N Plus, will lead the new partnership in its initial stages.
Amerigon's advanced technology subsidiary BSST along with its university partners have performed extensive research into the development of the next generation of TE materials. They have successfully developed materials that significantly outperform the best presently available TE materials. This partnership between Amerigon and 5N Plus is intended to allow for the completion of the development of these advanced materials and the creation of innovative manufacturing capabilities to produce the materials in volume, and in a cost-efficient manner.
"Our partnership with 5N Plus combines the intellectual property and expertise in thermoelectrics of Amerigon's BSST subsidiary, and its university partners, with the experience in the purification, compounding and manufacturing of thermoelectric materials of 5N Plus," said Lon E. Bell, President of BSST. "The agreement grants BSST the right to purchase these new, more efficient materials for early use in the automotive, power generation from waste heat, and HVAC markets."
"This is an important milestone for Amerigon and allows us to continue our global leadership in thermoelectric technology and to continue to bring efficient, effective and practical thermoelectric solutions to market," said Amerigon President and Chief Executive Officer Daniel R. Coker. "The development of more efficient materials is the key to unlocking the vast potential of our thermoelectric technology and to creating new products for a broad variety of global markets."
5N Plus President and Chief Executive Officer Jacques L'Ecuyer said, "We are a leader in specialty materials for the electronics industry and see a unique opportunity to team-up with Amerigon, an industry leader in advanced thermoelectric technologies. We believe this new relationship will allow us to diversify and expand our business into additional high-growth markets with a strong clean technology focus, for example waste heat recovery applications. We are excited about these opportunities and as a result have seconded our manager of research and development to the new partnership to lead these activities in its early stages."
Amerigon is the largest supplier of thermoelectric devices to the automotive industry through the shipment of more than 4.6 million units of its Climate Control Seat(R) (CCS(R)), the world's first thermoelectric-based cooled and heated seat.
ZT Plus has been structured as a general partnership under the laws of Delaware. The Joint Venture Partnership Agreement entered into between 5N Plus and Amerigon's subsidiary BSST provides that 5N Plus will make an initial cash contribution and BSST will assign certain contracts and intellectual property to the partnership.
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999% (five nines or 5N) and more. 5N Plus, which has its head office in Montreal, Quebec, develops and produces high-purity metals and compounds for electronic applications and provides its customers with recycling solutions. The Company is an integrated producer with both primary and secondary refining capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium and selenium and on related compounds such as cadmium telluride and cadmium sulphide. The Company's products are critical precursors in a number of electronic applications, including the rapidly-expanding solar (thin-film photovoltaic) market, for which 5N Plus is a major supplier of cadmium telluride, and the radiation detector and thermoelectric markets.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause Amerigon's actual results to differ materially from expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of Amerigon's common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(R) System to be Standard Feature in All-New 2010 Nissan 370Z Touring Roadster
Aug 12, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Aug 12, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(R) (CCS(R)) system will be included as a standard feature in the Touring model of the all-new 2010 Nissan 370Z Roadster. The two seat Roadster is scheduled to go on sale at Nissan retailers nationwide in late summer 2009.
CCS is one example of the cutting edge technology features available in the new 370Z Roadster. CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
"We are proud to be part of the 370Z Roadster, a vehicle that makes a significant statement of performance, styling, and innovation," said Amerigon President and Chief Executive Officer Daniel R. Coker. "Our CCS system will provide the Roadster driver and passenger year-round thermal comfort even with the top down. CCS has been well-received in other Nissan vehicles that offer it and we believe it will add significant value and contribute to the success of this new addition to the Nissan family."
Other vehicles from Nissan that offer CCS are the Nissan Maxima, Nissan Cima, Nissan Fuga, Infiniti G Convertible, Infiniti M35/45 and Infiniti 35/50. In addition, the Nissan Teana offers Amerigon's heated and ventilated seat system.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.7 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Reports 2009 Second Quarter, Six-Month Results
Press Release
Source: Amerigon Incorporated
On Wednesday August 5, 2009, 6:00 am EDT
Companies:Amerigon Inc.
NORTHVILLE, Mich., Aug. 5 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced results for this year's second quarter and first six months ended June 30, 2009.
Product revenues as previously disclosed were relatively flat for the 2009 second quarter at $10.7 million, compared with $10.2 million for the 2009 first quarter. Year-over-year, this compares with $16.8 million for the second quarter of last year. The decline in product revenue was due to lower sales of existing vehicles offering the Company's Climate Control Seat® (CCS®) system, partially offset by higher sales from the introduction of a number of new vehicle models offering CCS subsequent to last year's second quarter. The lower sales of existing vehicles reflected a significant decline in the overall automotive market.
Automotive sales volumes, impacted by the decline in worldwide economic activity and the limited availability of consumer credit, were significantly lower during this year's second quarter compared with the year-earlier period. In North America, one of the Company's most important markets, the Seasonally Adjusted Annual Rate ("SAAR") for vehicle sales decreased 32 percent to 9.6 million from 14.1 million during the second quarter of 2008. Vehicle production levels have been reduced accordingly.
President and Chief Executive Officer Daniel R. Coker said the acceptance of the CCS system by the automotive industry and car buyers remains strong. Even though automotive sales volumes are down dramatically due to the global recession, Amerigon continues to add new vehicles offering its heated and cooled and heated and ventilated seat systems and consumer take rates of those systems remain strong.
"While we expected similar results in the second quarter sequentially from the first due to customer production levels, we are more optimistic about the second half of the year," said President and Chief Executive Officer Daniel R. Coker. "Despite the current turmoil in the global automotive industry, we continue to make significant progress. We are very excited about working with Kia, a very well respected brand known throughout the world. And we believe our new venture in the automotive aftermarket is the start of a very successful partnership. Overall, our objective is to continue to enter new markets that will diversify us from automotive seats and, ultimately, to emerge as a stronger company as the economy recovers."
Gross margin as a percentage of revenue for the 2009 second quarter was 24 percent compared with 31 percent in the 2008 second quarter. The year-over-year decrease was primarily attributable to higher raw material costs, especially Tellurium, a key component of CCS, a change in the mix of products sold toward programs having a lower gross margin percentage, and lower coverage of fixed cost at the lower volume levels. Net loss for second quarter 2009 was $869,000, or $0.04 loss per share, compared with net income in last year's second quarter of $1.3 million, or $0.06 per share.
For the first six months of 2009, revenues were $20.9 million, compared with $34.2 million for the year-earlier period. Gross margin as a percentage of revenue for this year's first six months was 24 percent compared with 32 percent in the first six months of last year. For the first six months of 2009, net loss was $1.8 million, or $0.08 loss per share, compared to net income of $2.6 million, or $0.12 per share for the prior year period.
The highlights of the 2009 second quarter included the introduction of several new vehicle models featuring Amerigon's seat systems, including the first ever Kia vehicles, and the launch of the Amerigon heated and cooled and heated and ventilated seat systems in the automotive aftermarket in partnership with Austin, TX-based Classic Soft Trim. CCS is currently offered as an optional feature on 41 automobile models produced by Ford, General Motors, Toyota, Nissan, Honda and Hyundai. Tata Motors features CCS on its Jaguar and Land Rover luxury vehicles which it acquired from Ford in 2008.
The Company's balance sheet as of June 30, 2009 remained strong with cash and cash equivalents totaling $26.2 million, total assets of $53.7 million, no bank debt and shareholders' equity of $44.9 million.
Coker added that Amerigon's proprietary TE technology continues to show potential for product development outside the automotive industry. Based on research and development performed by its BSST subsidiary, Amerigon is pursuing heating and cooling applications in such markets as consumer goods, computers, commercial heating and air conditioning, and the military. The Company, along with several commercial and academic partners, is also focused on the recovery of waste heat to generate electricity.
"In the near term, the majority of our revenue will continue to come from the automotive industry but we are more confident than ever that our future lies in a much broader, diverse product line," Coker said. "Our work with present and potential commercial partners demonstrates that there are major markets that are very conducive to the potential of our thermoelectric technology."
New vehicles equipped with CCS and launched since the end of the second quarter 2008 included the Lincoln MKT, Ford F150 Pickup, Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali, GMC Sierra Pickup, Jaguar XK, Toyota Crown Majesta and Infiniti G Convertible. One program, the Nissan Maxima, launched during 2008 had higher revenue in 2009 due to the impact of full quarter shipments.
Unit shipments of CCS systems for the 2009 second quarter and first six months were 154,000 and 297,000, respectively, compared with 253,000 and 506,000 units for the respective year-earlier periods, again due largely to a significant decline in the overall automotive market.
This year's second quarter and six-month results include year-over-year increases in net research and development expenses of $77,000 and $233,000, respectively, due to increased research activities associated with the Company's advanced TE program partially offset by lower costs to support a smaller number of new vehicle programs to be launched during 2009 compared to 2008. The increase in research and development expenses in the advanced TE program is associated with a recent breakthrough in the development of significantly more efficient TE materials.
Coker said, "We remain very excited about the long term future of Amerigon and the potential of our proprietary thermoelectric technology. The global focus on energy efficiencies, on electric, plug-in and hybrid vehicles, and a more environmentally friendly approach by business in general works in tandem with our own internal efforts and strategic focus. It is our intent to establish new products and new markets and prepare to expand in the future as the global economy recovers."
Guidance
Due to the most recent news in the marketplace with respect to customer production levels, the Company expects revenues to increase 30 to 40 percent for the third quarter compared with the 2009 first and second quarters. The current uncertainty in the global automotive market and the resulting lack of visibility make it difficult for Amerigon to provide meaningful fourth quarter and, therefore, full-year financial guidance for 2009.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the second quarter and six months ended June 30, 2009. The dial-in number for the call is 1-877-941-1469. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at www.amerigon.com.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2009, and its Form 10-K for the year ended December 31, 2008.
Amerigon Sets Date for 2009 Second Quarter and Six-Month Results Release and Conference Call
Jul 28, 2009 06:01:17 (ET)
NORTHVILLE, Mich., Jul 28, 2009 (GlobeNewswire via COMTEX) -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the second quarter and six months ended June 30, at 6:00 a.m. Eastern Time on Wednesday, August 5, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-877-941-1469
International dial-in number: 1-480-629-9674
Webcast
A live webcast and one year archived replay of the call
can be accessed on the Events page of the Investor
section of Amerigon's website at:
www.amerigon.com
.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(r) (CCS(r)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Amerigon, Inc.
Allen & Caron Inc
Jill Bertotti
(949) 474-4300
jill@allencaron.com
Amerigon and Classic Soft Trim Form Partnership to Provide Heated and Cooled Seats to Automotive Aftermarket Nationwide
Amerigon's Proprietary Climate Control Seat(R) Seats, Heated and Ventilated Seats To Be Sold through National Network
NORTHVILLE, Mich. and AUSTIN, Texas, June 25 /PRNewswire-FirstCall/ -- Amerigon Incorporated (NASDAQ:ARGN), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, and Classic Soft Trim (CST), one of the world's leading aftermarket providers of leather-trimmed interiors and other luxury features, today jointly announced an alliance to sell patented Amerigon heated and cooled seat systems in the custom car, retrofit and automotive aftermarket industry nationwide. This agreement gives CST a limited exclusive right to market and install the Amerigon Climate Control Seat(R) (CCS(R)) system and Amerigon's heated and ventilated seat system through CST's national dealer network and other authorized and certified installers.
"This is a significant new venture for us with a partnership in a very important market," said Amerigon President and Chief Executive Officer Daniel R. Coker. "We have searched long and hard to find the right partner for an aftermarket venture and we believe we have found it in Classic Soft Trim. The company is the leader in providing luxury interior accessories to new car dealers, custom car brands such as Roush, as well as the Class 8 truck and recreational vehicle market. Classic Soft Trim provides these retrofit products and services though its well trained professional marketing and installation staff. We are confident it has the necessary resources, certifications and geographical company-owned facilities needed to be successful. We look forward to a very prosperous relationship."
Classic Soft Trim, based in Austin, Texas, is a major supplier of premium quality leather interior kits for the automotive industry. The company is ISO 9001 certified and, with past OEM partners such as Mitsubishi, Nissan, Toyota TRD, Ford Racing, Isuzu and Subaru, CST markets and installs its products through 23 centers throughout the U.S., including most major cities, and an extensive North America network of authorized installers.
Classic Soft Trim typically targets premier custom cars as well as high production volume vehicles such as the Toyota Camry, Chevy Silverado, Chevy Tahoe, Chevy Suburban, Ford F150, Honda Accord, Toyota Prius, Nissan Altima, as well as other models that could benefit from added custom features like heated and cooled or heated and ventilated seats.
"Amerigon is the global expert in thermoelectric-based heated and cooled seats, we're the custom seat experts," said Dwight Forrister, President, CEO of Classic Soft Trim. "Many of our customers are looking for additional interior luxuries, like the comforts that come with heated and cooled seats in any weather condition. We believe our extensive dealership network will welcome the availability of these new features."
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, resulting in a surface that can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About the Amerigon Heated and Ventilated Seat System
The Amerigon heated and ventilated seat system combines passive cooling or ventilation with active heating. For cooler environments or more economical vehicle lines, a ventilated seat may be a viable solution, bringing ambient cabin air to the surface instead of the "cooled" air produced by the thermoelectric. In the cooling mode, the heater is turned off and the fan provides ambient cabin air to the seat surface. Amerigon's heated and ventilated seat system fits within the same envelope as the active CCS system, so multiple Amerigon applications can be installed within or across various vehicle platforms.
About Classic Soft Trim
In 1985, Classic Soft Trim (CST) pioneered the aftermarket leather interior industry providing leather packages where limited or no factory leather was available. Since then CST has become the world's leading aftermarket provider of leather-trimmed interiors. In 1996, CST broadened its capabilities to include sunroof installations and is now the nation's leading aftermarket installer of sunroofs. Along with leather-trimmed interiors and sunroofs, Classic Soft Trim also carries other products such as OEM style navigations and video systems, Bluetooth hands free systems, molded dash treatments with complementing steering wheels, and safety packages that include backup sensors and reverse cameras.
About Amerigon
Amerigon (NASDAQ:ARGN) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc Jill Bertotti (investors) Len Hall (media) (949) 474-4300
DATASOURCE: Amerigon Incorporated
CONTACT: investors, Jill Bertotti, , or media, Len
Hall, , both of Allen & Caron Inc, +1-949-474-4300, for
Amerigon Incorporated
Amerigon to Present at the Craig-Hallum Institutional Investor Conference
Jun 4, 2009 06:00:00 (ET)
NORTHVILLE, Mich., June 4, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that President and CEO Daniel R. Coker and CFO Barry G. Steele are scheduled to present at the Craig-Hallum 6th Annual Institutional Investor Conference on Thursday, June 11, at 8:40 am CDT.
Attendance at the one-day conference is by invitation only and is being held at the Radisson Plaza Hotel in Minneapolis.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Contact: Allen & Caron Inc
Jill Bertotti
jill@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Heated and Ventilated Seat System Selected as Option for 2010 KIA Mohave and 2010 KIA Borrego
Jun 1, 2009 06:00:00 (ET)
NORTHVILLE, Mich., June 1, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary heated and ventilated seat system will be offered as an option for the front seats of the 2010 KIA Mohave and 2010 KIA Borrego mid-size Sport Utility Vehicles (SUV). The KIA Mohave and KIA Borrego are the first KIA vehicles to offer Amerigon's heated and ventilated seat system. The KIA Mohave is the vehicle nameplate sold overseas in the Middle East, Africa, South America and Korea, while the vehicle nameplate sold in the U.S. is the KIA Borrego. The vehicles are expected to be in showrooms this summer.
Both vehicles include a 3.8-litre V6 engine with a 6-speed automatic transmission and premium features and amenities, including Amerigon's heated and ventilated seat system. This seat system utilizes Amerigon's patented air distribution system and an innovative heating technology to provide year-round comfort for value-conscious customers.
Amerigon President and Chief Executive Officer Daniel R. Coker said that having the Company's heated and ventilated seat system offered for the first time on these vehicles manufactured by KIA is a significant accomplishment for the Company.
"The auto industry is moving toward more comfortable and feature rich interiors to sell vehicles in an increasingly competitive market and we believe our heated and ventilated seat system adds significant value," Coker said. "We are pleased to expand our partnership with KIA and hope to offer our seat systems in additional KIA vehicles in the future."
The KIA Opirus, which offers Amerigon's proprietary Climate Control Seat(R) (CCS(R)) system, was the first KIA vehicle to offer an Amerigon seat system.
Coker noted that the heated and ventilated seat system is a based upon the proprietary designs and features of the CCS system to provide seat occupants active cooling and heating for year-round comfort.
"The heated and ventilated seat is a product that allows us the opportunity to reach deeper into our automotive manufacturers' vehicle lines, including entry- and mid-level priced vehicles," Coker added. "The early feedback we are receiving on this new seat system has been very favorable."
About the Amerigon Heated and Ventilated Seat System
The Amerigon heated and ventilated seat system combines passive cooling or ventilation with active heating. For cooler environments or more economical vehicle lines, a ventilated seat may be a viable solution, bringing ambient cabin air to the surface instead of the "cooled" air produced by the thermoelectric. In the cooling mode, the heater is turned off and the fan provides ambient cabin air to the seat surface. Amerigon's heated and ventilated seat system fits within the same envelope as the active CCS system, so multiple Amerigon applications can be installed within or across various vehicle platforms.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Holds Annual Stockholders Meeting
May 15, 2009 06:00:00 (ET)
NORTHVILLE, Mich., May 15, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that it held its Annual Meeting of Stockholders on Thursday, May 14, at the Company's offices in Northville, MI, as scheduled. A quorum of stockholders was present in person or by proxy.
The directors elected to serve until the next annual meeting are Daniel R. Coker, President and CEO; Oscar B. Marx, III, Chairman of the Board; Lon E. Bell, Ph.D., President and CEO of Amerigon's BSST subsidiary; Francois J. Castaing, retired technical advisor to the Chairman of DaimlerChrysler Corporation; John M. Devine, Executive Chairman and Chief Executive Officer of Dana Holding Corporation; Maurice E.P. Gunderson, Senior Partner at CMEA Ventures and Managing Member of Shingebiss, LLC; and James J. Paulsen, retired Ford Motor Company senior executive.
The proposed amendment to the 2006 Equity Incentive Plan was approved at the Meeting. The amendment includes an increase in the maximum number of shares of common stock that may be issued.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Contact: Allen & Caron Inc
Jill Bertotti
jill@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(R) System Selected as Option for Rear Seats of 2010 KIA Opirus
May 5, 2009 06:00:00 (ET)
NORTHVILLE, Mich., May 5, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(R) (CCS(R)) system will be offered as an option for the rear seats only in the new 2010 KIA Opirus full-size sedan. The KIA Opirus, the first KIA vehicle to offer CCS, is expected to be in showrooms this summer.
The new KIA Opirus has a more modern look, an enhanced interior with new high-tech features like CCS, and a larger, more powerful and more fuel-efficient V6 gasoline engine.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Amerigon President and Chief Executive Officer Daniel R. Coker commented, "We are extremely pleased to enter into this partnership with KIA, a brand known and respected all over the world. It is a strong endorsement of our technology for KIA to offer the CCS system in this vehicle. With our climate control seat systems, vehicle occupants will be introduced to an enhanced riding experience in the heat of summer or the cold of winter. We look forward to building a strong relationship with KIA for years to come."
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(R) System Selected as Option For Front and Rear Seats of Redesigned 2010 Hyundai Equus
Apr 29, 2009 06:30:00 (ET)
NORTHVILLE, Mich., April 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(R) (CCS(R)) system will continue to be offered as an option for the front and rear seats in the redesigned 2010 Hyundai Equus luxury sedan. The Equus, Hyundai's flagship luxury model sold in Korea, has offered the heating and cooling comfort of CCS as an option since the 2004 model year and was the first luxury sedan in the world to offer the seat system in both front and rear seats. The sedan will be available in showrooms by the end of summer.
The 2010 Hyundai Equus is a technologically advanced luxury sedan equipped with a broad range of standard and optional value enhancing features including CCS, all-leather seats, rich wood trim, a lane departure warning system and many more luxury, comfort and safety enhancing features.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Amerigon President and Chief Executive Officer Daniel R. Coker commented, "Hyundai's continuing to offer CCS in its next generation Equus, which is its largest and most luxurious sedan, is a strong endorsement of our heated and cooled seat technology. CCS has been well-received in the Korean market and we expect it will continue to play a key role in helping to capture the discriminating Korean buyer in an increasingly competitive automotive market."
Hyundai also offers CCS in the Hyundai Genesis luxury sport sedan sold in the U.S., Asian and European markets.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Reports 2009 First Quarter Results
Apr 29, 2009 06:00:00 (ET)
NORTHVILLE, Mich., April 29, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced results for the first quarter ended March 31, 2009.
Product revenues in this year's first quarter were $10.2 million, compared with product revenues of $17.4 million in the prior year period. Lower sales of the Company's Climate Control Seat(R) (CCS(R)) system resulting from lower volumes on existing vehicles were partially offset by higher sales from new model introductions. The lower product revenues on existing programs were due to a significant decline in the overall automotive market.
Automotive production and sales volumes, impacted by slowing worldwide economic activity and decreasing availability of consumer credit, were significantly lower during this year's first quarter compared with the year-earlier period. In North America, one of the Company's most important markets, the Seasonally Adjusted Annual Rate ("SAAR") for vehicle sales decreased 38 percent to 9.5 million from 15.2 million during the first quarter of 2008. Vehicle production levels have been reduced accordingly. Additionally, during this year's first quarter, Amerigon experienced a decline in product revenues as its customers reduced their purchases of CCS components from the Company in order to reduce their inventory. As a result, Amerigon's product revenue volume reflected lower selling rates than the current production levels on several vehicle programs.
President and Chief Executive Officer Daniel R. Coker said the popularity of the CCS system remains strong as demonstrated by the new vehicle line introductions and the continued strength of the take rates, despite the depressed economy and the automotive market in particular.
"We continue to increase market penetration with the addition of five vehicle lines already this year that will offer our CCS technology," Coker said. "While the lack of credit to finance the purchase or lease of new vehicles has led to a shortage of customers, we still see very good take rates for our seat system. When people do buy a new car, they tend to look for value enhancing features like our CCS system. Our type of feature continues to be extremely popular on the high-end vehicles, but it is very encouraging that our seat system is also increasingly being requested by fuel-conscious customers purchasing mid-range vehicles. That gives us confidence that when the economy and the automobile industry stabilize, our revenues will return to their previous patterns of growth."
Gross margin as a percentage of revenue for the first quarter of 2009 was 24 percent compared with 32 percent for the first quarter of 2008. The year-over-year decrease is primarily attributable to higher raw material costs, an unfavorable change in the mix of products sold and lower coverage of fixed costs at the lower volume levels. The Company continues to focus on reducing costs and, as part of that ongoing program, it is investing research and development (R&D) resources to offset material and other costs increases.
For the first quarter of this year, the net loss was $936,000, or $0.04 loss per share, compared with net income of $1.4 million, or $0.06 per share for the first quarter of last year. During the quarter, Amerigon recorded an income tax benefit of $467,000 compared with an income tax expense of $820,000 in the prior year period.
Results for the 2009 first quarter included year-over-year increases in R&D expenses of $156,000 due to increased research activities associated with the Company's advanced TE program partially offset by lower costs to support a smaller number of new vehicle programs to be launched during 2009 compared with 2008. The higher research and development expenses are focused on further advancing and commercializing new more efficient TED material.
The Company's balance sheet as of March 31, 2009 remained strong with total cash and cash equivalents of $25.2 million, total assets of $53.7 million and shareholders' equity of $45.1 million.
During the first quarter of 2009, the Company borrowed $1.3 million from its revolving credit line which proceeds supported its cash position. This election to draw under the revolving credit line reflects the Company's interest in ensuring the reliability of the available credit in light of the current credit market climate. Amerigon intends to repay the outstanding loans during the second quarter of 2009 from its current cash reserves.
Coker added, "In addition to increasing the penetration of our seat systems, we remain dedicated to introducing new applications for our proprietary thermoelectric technology, and BSST is making excellent progress on a number of fronts. In addition to the programs we already have under development, we announced during the quarter that we will expand our presence in the automotive market with a heated and cooled cupholder that is expected to be launched in the fall of 2010."
Other potential applications that could benefit from innovative thermoelectric systems include a variety of other automotive applications, stationary temperature management, medical and electronics cooling, aerospace and defense, individual comfort, waste heat harvesting and primary power generation.
"For example," Coker said, "we recently completed the testing phase of an electronics cooling application and have shipped small quantities of production units for field installation."
Unit shipments of CCS systems for the first quarter of this year were 143,000 compared with 253,000 units for the prior year period. New vehicles equipped with CCS and launched since the end of last year's first quarter included the Nissan Maxima, Ford F150 Pickup, Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Pickup. Two programs launched during 2008 had higher revenue in 2009 due to the impact of full quarter shipments: the Lincoln MKS and Infiniti FX.
Guidance
Due to the most recent news in the marketplace with respect to customer production levels, the Company expects revenues to be relatively flat for the 2009 second quarter compared with the 2009 first quarter. The current uncertainty in the global automotive market and the resulting lack of visibility make it virtually impossible for Amerigon to provide meaningful full-year financial guidance for 2009.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the first quarter ended March 31, 2009. The dial-in number for the call is 1-877-941-2332. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at www.amerigon.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(R) (CCS(R)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2009, and its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
TABLES FOLLOW
Amerigon Sets Date for 2009 First Quarter Results Release and Conference Call
Apr 21, 2009 06:00:37 (ET)
NORTHVILLE, Mich., Apr 21, 2009 (GlobeNewswire via COMTEX) -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the first quarter ended March 31, at 6:00 a.m. Eastern Time on Wednesday, April 29, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-877-941-2332
International dial-in number: 1-480-629-9725
Webcast
A live webcast and one year archived replay of the call
can be accessed on the Events page of the Investor
section of Amerigon's website at:
www.amerigon.com
.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(r) (CCS(r)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Amerigon, Inc.
Allen & Caron Inc
Jill Bertotti
(949) 474-4300
jill@allencaron.com
Amerigon Climate Control Seat(TM) System to Be Featured in Redesigned 2010 Toyota Crown Majesta
Mar 31, 2009 06:00:00 (ET)
NORTHVILLE, Mich., March 31, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(TM) (CCS(TM)) system has been selected by Toyota Motor Corporation to be included as an optional feature in the redesigned 2010 Toyota Crown Majesta full-size premium luxury sedan. Sold only in Asia, the flagship Crown Majesta, the Toyota brand's top sedan, is expected to be in showrooms this summer.
The Crown Majesta is designed with distinctive interior and exterior styling, unparalleled comfort and an ultra-luxurious interior which includes CCS.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
"The inclusion of CCS in a luxury vehicle such as the Crown Majesta underscores the recognized value of CCS and our continuing commitment to providing unparalleled passenger comfort," said Amerigon President and Chief Executive Officer Daniel R. Coker. "We are pleased to continue our longstanding relationship with Toyota, which was the first Asian automotive manufacturer to offer CCS. The desire by consumers and the selection of CCS in vehicles offering the seat system remains high and we expect the same for this vehicle."
Other vehicles from Toyota that offer CCS are the Toyota Celsior, Toyota Century, Lexus LS 460, Lexus LS 460L, Lexus 600Lh and the Lexus LX 570.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Introduces Heated and Cooled Cup Holder for Automotive Market
Mar 19, 2009 06:00:00 (ET)
NORTHVILLE, Mich., March 19, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that it has been awarded a contract to manufacture a heated and cooled cup holder for the automotive market based on its advanced TE technology. The cup holder is expected to be launched in a full-size sedan by a major automotive manufacturer in the fall of 2010.
The dual cup holder provides for separate temperature settings in each holder that allow the driver and passenger to individually control the heating or cooling of their respective beverages. A similar heating and cooling technology is the basis of Amerigon's proprietary Climate Control Seat(TM) (CCS(TM)) system, now featured in numerous vehicles manufactured by Ford, General Motors, Toyota, Nissan, Hyundai, Kia and Tata Motors.
The dual cup holder has been designed to be packaged in multiple configurations to accommodate different console environments. In addition to requiring low power consumption, it has proven automotive grade, ruggedness, high reliability and drink retention features.
Amerigon President and Chief Executive Officer Daniel R. Coker said, "The heated and cooled cup holder is just one of a number of potential products in development that will expand the application of our advanced TE technology beyond our highly successful CCS system and dramatically change the way we heat and cool automotive interiors. Our goal is to continue to be the leading provider of TE-based products through strategic relationships with automotive manufacturers and market leaders in other industries."
Amerigon's thermoelectrics team has been working with multiple strategic partners including the U.S. Department of Energy, Sealy Corporation and Carrier Corporation to develop product applications in a variety of automotive and non-automotive markets. As a result of its work with its development partners and a number of materials industry leaders, the Company has made significant improvements in the efficiency of thermoelectrics.
Thermoelectric Technology
Thermoelectric technology relates to the direct conversion of electrical current to thermal energy (Peltier effect) or the direct conversion of heat differentials to electric current (Seebeck effect). Advanced TEs are more environmentally friendly than conventional compressed gas systems, less complex because they have no moving parts, more compact and lighter in weight. A single TE device provides both heating and cooling in Amerigon's automotive applications.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(TM) System Featured in the All-New 2009 Infiniti G Convertible
Mar 17, 2009 06:00:00 (ET)
NORTHVILLE, Mich., March 17, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(TM) (CCS(TM)) system will be offered as an optional feature in the front seats of the all-new 2009 Infiniti G Convertible. The Infiniti G Convertible, the newest addition to the celebrated line of G vehicles, is expected in showrooms this summer.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Amerigon President and Chief Executive Officer Daniel R. Coker said, "The Infiniti line of G vehicles has annually won accolades for its handling and design, so the selection of CCS as an option on the G Convertible is a significant achievement for Amerigon. Additionally, we believe the use of CCS in a convertible demonstrates the versatility of our heated and cooled seat technology. This also further validates our long-standing business relationship with Nissan and Infiniti and extends the application of our heated and cooled seat system to another popular vehicle line."
Other vehicles from Nissan that offer CCS include the Infiniti M35/M45, Infiniti FX35/FX50, Nissan Maxima, Nissan Cima and Nissan Fuga.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(TM) System to Be Featured in the New 2010 Ford Taurus
Feb 25, 2009 06:30:00 (ET)
NORTHVILLE, Mich., Feb 25, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that that Ford Motor Company (F, Trade ) has selected the Amerigon Climate Control Seat(TM) (CCS(TM)) system to be offered as a front-seat option in the all new 2010 Ford Taurus Limited, which is expected to be in showrooms this summer. A complete redesign of Ford's flagship sedan, the 2010 Ford Taurus is the first full-size Ford sedan to offer CCS.
The new 2010 Ford Taurus combines a sleek new design with refined driving dynamics, impeccable craftsmanship, transformative new technology, and maximum fuel efficiency.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
"We have a long and proud history with Ford that dates back to 2000 due primarily, we believe, to our responsiveness, quality and engineering innovation, and consumer demand for our value enhancing CCS system," said Amerigon President and Chief Executive Officer Daniel R. Coker. "We look forward to many more years of our expanding relationship with Ford."
Other vehicles from Ford that offer CCS are the Ford Expedition, the Ford F-150, Lincoln MKT, the Lincoln MKZ, the Lincoln MKX, the Lincoln MKS and the Lincoln Navigator.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(TM) (CCS)(TM) System Selected as Standard Feature for Front-Row Seats, Option for Second-Row Seats of New 2010 Lincoln MKT
Feb 25, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Feb 25, 2009 /PRNewswire-FirstCall via COMTEX/ -- First Lincoln Vehicle to Offer CCS in Front- and Second-Row Seats
Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its proprietary Climate Control Seat(TM) (CCS(TM))system is available in the new 2010 Lincoln MKT full-size luxury utility vehicle as a standard feature in the front-row seats and as an option for the second-row bucket seats. The Lincoln MKT is the first Lincoln vehicle to offer CCS in both the front- and second-row seats. The Lincoln MKT is expected to be in showrooms late this summer.
The Lincoln MKT features a 3.7-liter, 24-valve variation of the award-winning Duratec engine family as a standard for fuel-efficiency while still delivering driving performance, and a host of other responsible technologies and amenities, including CCS.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Amerigon President and Chief Executive Officer Daniel R. Coker said the Company is very pleased to be extending its collaborative partnership with Lincoln's design and engineering teams as the two companies work together to further extend the application of CCS in Lincoln's new product line.
"The addition of our seat system in another prestigious Lincoln vehicle is an endorsement of the value our system delivers to automotive manufacturers and consumers," said Coker. "Our seat system is a perfect match for a number of the MKT's most notable features--utmost comfort and luxury coupled with fuel economy and environmentally responsible engineering. We also believe Lincoln's selection of CCS for both the front- and second-row seats may create opportunities for CCS to be offered in similar four-seat configurations in other future vehicle lines, thus, dramatically increasing the market potential. We look forward to continuing our long and well-established relationship with Lincoln."
Other vehicles from Lincoln that offer CCS are the Lincoln MKZ, the Lincoln MKX, the Lincoln MKS and the Lincoln Navigator.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS)(TM) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Climate Control Seat(TM) System Selected to be Standard Feature in U.S. Models of 2010 Jaguar XK
Monday February 23, 12:59 pm ET
Will Be Optional Feature In Models Sold Outside U.S.
NORTHVILLE, Mich., Feb. 23 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that that its proprietary Climate Control Seat(TM) (CCS(TM)) system will be offered for the front seats in the new 2010 Jaguar XK-Series sport coupe and convertible, which is expected to be in U.S. showrooms this summer.
The new heated and cooled seat feature is standard on all XK Portfolio derivatives worldwide. The XK Portfolio is a new derivative in the XK range, introduced at 2010MY, featuring very high levels of equipment and a 5.0 naturally aspirated engine.
The feature is optional on other derivatives, although some markets have chosen to offer it as standard equipment. An example is the U.S. where the heated and cooled seat feature is standard on all 2010MY XKs.
The Jaguar XK-Series features all-new V8 engines delivering more power and performance with greater efficiency, even more dramatic looks, interior enhancements like CCS, advanced lightweight aluminum body structure and a wider range of models.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, delivers year-round comfort to automotive seat occupants by providing both active heating and cooling. The system is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
"Jaguar is an important and prestigious brand admired all over the world and has always stood for luxury, styling and performance," Amerigon President and Chief Executive Officer Daniel R. Coker said. "The Jaguar designers and engineers have produced a sports car that utilizes advanced technologies at a higher level than ever before, and we are proud that CCS has been chosen to be a part of this. We consider the selection of CCS for the XK Series to be another important milestone in our relationship with Jaguar."
Other vehicles from Jaguar that offer CCS are the Jaguar XJ and Jaguar XF.
About CCS
In the CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, air is forced through the heat pump and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 4.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (NASDAQ: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
Amerigon Reports 2008 Fourth Quarter, Year-End Results
Feb 10, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Feb 10, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced results for the fourth quarter and year ended December 31, 2008.
Product revenues in 2008 were $63.6 million, level with 2007 product revenues of $63.6 million. Higher sales of the Company's Climate Control Seat(TM) (CCS(TM)) system resulting from new model introductions and higher penetration on certain programs in 2008 were offset by declining overall automotive market volume due to slowing economic activity in North America, higher gas prices and decreasing availability of consumer credit, especially in the fourth quarter.
Gross margin as a percentage of revenue for 2008 was 29.1 percent compared with 33.5 percent for the prior year. The 2008 gross margin was impacted by a steep drop in the fourth quarter gross margin, reflecting higher raw material costs and a change in the mix of products sold during 2008 compared with 2007. The Company continues to focus on reducing costs and as part of that ongoing program it is investing research and development (R&D) resources to offset material and other costs increases.
For 2008, net income was $3.6 million, or $0.16 per basic and diluted share, compared with $7.4 million, or $0.34 per basic and $0.33 per diluted share for 2007. Results in 2007 included a deferred R&D tax benefit of approximately $1.7 million following a study of its R&D activities and related expenses for 1999 through 2006. Excluding the tax benefit, net income for 2007 was $5.7 million, or $0.26 per basic and $0.25 per diluted share.
President and Chief Executive Officer Daniel R. Coker said despite the dramatic downturn in the economy and the automotive market in particular, Amerigon had its share of successes in 2008.
"We continued to increase our market penetration, reported a profit for 2008, including a modest profit in the fourth quarter, expanded the development of our advanced thermoelectric technology and secured a major contract with Sealy Corporation, the largest bedding manufacturer in the world," Coker said. "That said, the problems that surfaced in the latter half of 2008, including the market's instability and the lack of available credit to finance the purchase or lease of new vehicles, remain serious challenges going forward. We do, however, expect to continue to increase the market penetration of CCS during 2009 with several new vehicle model introductions."
Results for 2008 included year-over-year increases in R&D expenses of $1.7 million due to increased research activities associated with the Company's advanced TE program, the addition of CCS engineering resources to support the large number of new vehicle programs and continued development of new automotive and non-automotive TE-based products.
Revenues for the fourth quarter of 2008 were $12.8 million compared with $16.4 million in the same quarter of 2007. Gross margin as a percentage of revenue for the 2008 fourth quarter was 22.3 percent compared with 35.3 percent in the 2007 fourth quarter. Net income for the 2008 fourth quarter was $291,000, or $0.01 per share, compared with net income in the 2007 fourth quarter of $1.8 million, or $0.08 per share.
The Company's balance sheet as of December 31, 2008 remained strong with total cash and cash equivalents of $25.3 million, which included the cost of its fourth quarter share repurchases, total assets of $52.6 million, no bank debt and shareholders' equity of $45.0 million.
During the fourth quarter of 2008, Amerigon repurchased 946,877 shares of common stock for an aggregate purchase price of $3.5 million.
Milestones achieved by Amerigon during 2008 include the launch of a heated and ventilated seat system designed especially for mid- to low-priced vehicle lines; agreement to develop a suite of heated and cooled bedding products with Sealy; the subsidiary BSST's successful completion of the third phase of its Automotive Waste Heat Recovery Program and the award of a Phase 4 Program by the U.S. Department of Energy (DOE); and BSST's win of a DOE program in partnership with Ford Motor Company and Visteon to develop a highly-efficient thermoelectric heating and cooling system for automobiles.
Coker added, "Market interest in thermoelectric technology has grown dramatically over the past year as advances in materials promise to increase the efficiency of TE's. We continue to be focused on demonstrating that there are substantial prospects for the design and development of innovative thermoelectric systems in applications beyond automotive seating, including other automotive applications, stationary temperature management, aerospace and defense, individual comfort, waste heat harvesting and primary power generation."
Unit shipments of CCS systems for 2008 were 931,000 compared with 939,000 units for the prior year. New vehicles equipped with CCS and launched since the end of 2007 included the Nissan Teana, Nissan Maxima, Jaguar XJ, Jaguar XF, Lincoln MKS, Infiniti FX, Ford F150 Pickup, Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Pickup. Two programs launched during 2007 had higher revenue in 2008 due to the impact of full year shipments: the Hyundai Genesis and Lexus LX 570. Two vehicles, beginning with the 2008 model year, began to install CCS as a standard feature; previously, CCS was installed on these vehicles at the option of the car buyer.
The trend towards a more balanced distribution of revenue between North American and international customers continued during 2008. Revenue from European and Asian customers in 2008 increased to 49 percent of total revenue, up from 42 percent in 2007, and revenue from North American customers in 2008 was 51 percent of total revenue compared to 58 percent in the prior year period.
The Company expects that net research and development expenses will remain at current levels during 2009 as the Company continues to invest in new automotive and non-automotive applications for its advanced TE technology.
"We believe these investments in R&D will allow us to remain among the world leaders in thermoelectric technology," Coker said. "We are continuing to build our automotive businesses, but, given the downturn in the world's automotive industry, now, more than ever, it is important for us to expand and explore new growth opportunities in a variety of global markets. Thanks to our continued development of thermoelectrics, we believe we are very well positioned to do so."
Guidance
Due to current worldwide economic conditions and the uncertainty in the global automotive market, the Company expects to report a year-over-year decline in product revenues of approximately 50 percent and a net loss for the 2009 first quarter. This uncertainty and the resulting lack of visibility make it virtually impossible for Amerigon to provide meaningful full-year financial guidance for 2009.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the fourth quarter and year ended December 31, 2008. The dial-in number for the call is 1-800-762-8779. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at www.amerigon.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2008.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
Amerigon to Present at Roth Capital Annual OC Growth Stock Conference
Feb 6, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Feb 06, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that President and CEO Daniel R. Coker is scheduled to make an investor presentation at the Roth Capital 21st Annual OC Growth Stock Conference on Tuesday, February 17 at 3:00 pm Pacific Time. The conference is being held February 16-18 at the Ritz-Carlton in Dana Point, CA.
The presentation will be accessible by live webcast on the investor section of the Amerigon website at www.amerigon.com . A replay of the webcast will be available on the Amerigon website for 90 days.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Sets Date for 2008 Fourth Quarter and Year-End Results Release and Conference Call
Feb 3, 2009 06:00:21 (ET)
NORTHVILLE, Mich., Feb 3, 2009 (GlobeNewswire via COMTEX) -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the fourth quarter and year ended December 31, 2008, at 6:00 a.m. Eastern Time on Tuesday, February 10, and will host a conference call at 11:00 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-800-762-8779
International dial-in number: 1-480-248-5081
Webcast
A live webcast and one year archived replay of the call
can be accessed on the Events page of the Investor
section of Amerigon's website at:
www.amerigon.com
.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(tm) (CCS(tm)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Amerigon, Inc.
Allen & Caron Inc
Investors
Jill Bertotti
jill@allencaron.com
Media
Len Hall
len@allencaron.com
(949) 474-4300
Amerigon Incorporated Adopts Shareholder Rights Plan
Jan 27, 2009 06:00:00 (ET)
NORTHVILLE, Mich., Jan 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its Board of Directors has adopted a Shareholder Rights Plan (the "Rights Plan") in which one purchase right will be distributed as a dividend on each share of common stock held of record as of the close of business on February 10, 2009 (the "Rights"). The Rights will be deemed attached to the certificates representing outstanding shares of common stock and no separate Rights certificates will be issued.
The Rights Plan is designed to deter coercive takeover tactics and to prevent an acquirer from gaining control of the Company without offering a fair price to all of the Company's shareholders. The Rights Plan will not prevent a takeover, but should encourage anyone seeking to acquire the Company to negotiate with the Board of Directors prior to attempting a takeover. The Rights Plan is not being adopted in response to any specific effort to acquire control of the Company.
Each Right will entitle its holder to purchase from the Company, in certain circumstances described below, one one-thousandth of a share of a newly created Series B Preferred Stock of the Company for $20.00 (the "Purchase Price"). The Rights will become exercisable if any person or group becomes the beneficial owner of 15 percent or more of the Company's common stock or has commenced a tender or exchange offer which, if consummated, would result in any person or group becoming the beneficial owner of 15 percent or more of the Company's common stock. If any person or group becomes the beneficial owner of 15 percent or more of the Company's common stock, each right will entitle its holder, other than the acquiring person, to purchase a number of shares of the Company's or the acquirer's common stock having a value of twice the Purchase Price.
Further details about the Rights Plan will be contained in a Form 8-K to be filed with the Securities and Exchange Commission by the Company.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact:
Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon BSST Subsidiary Selected as Partner in U.S. Department of Energy Project to Develop Thermoelectric Technology for Automotive Heating, Cooling
Dec 4, 2008 13:12:00 (ET)
NORTHVILLE, Mich., Dec 04, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its subsidiary, BSST LLC, will partner in a U.S. Department of Energy (DOE) project to develop a highly-efficient thermoelectric heating and cooling system for automobiles that will substantially reduce energy consumption, engine load and ultimately greenhouse gas emissions. The goal of the 36-month, up to $8.4 million project is to create a zonal heating and cooling system for automobiles that heats or cools the vehicle occupants, rather than the entire cabin and its components, thereby reducing the energy consumed by existing heating/cooling systems by one third.
In announcing the program, the DOE noted that the use of efficient solid state TE devices such as those developed by BSST can "increase vehicle efficiency by reducing engine load" and the ultimate reduction or elimination of the need for conventional air conditioning refrigerants will "further reduce greenhouse gas emissions." Overall, the project is part of the DOE's goal to "promote a diverse supply and delivery of reliable, affordable and environmentally sound alternative energy," the DOE added.
Ford Motor Company was selected to lead the project with partners including Visteon, the DOE's National Energy Renewable Laboratory, and Ohio State University, along with BSST. BSST's role is to design and develop the thermoelectric core of the heating and cooling system.
Nancy Gioia, Director Sustainable Mobility Technology and Hybrid Vehicle Programs, added that this project supports Ford Motor Company's strategy to significantly improve fuel economy and reduce greenhouse gas emissions while enhancing its customers' driving experience.
BSST President Lon E. Bell said the project will couple the TE technology developed for Amerigon's Climate Control Seat(TM) (CCS(TM)) system with a new vehicle level heating and cooling technology being developed by BSST.
"This is another case where we can extend our proprietary TE technology outside of automobile seats," said Bell. "This project begins to change the paradigm for vehicle level heating and cooling. If we can heat and cool the occupants only, and not attempt to heat or cool the entire vehicle, we will see important energy savings. We look forward to working with Ford, the DOE and the other partners in the project."
The entire $8.4 million project will be performed on a cost share basis with DOE paying $4.2 million and the partners sharing in a matching $4.2 million.
BSST is also involved with the DOE in another separate but ongoing project to create an efficient and practical TE system to convert waste engine heat from an automobile's exhaust system to electrical power.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Raised To Buy From Hold By Roth Capital >ARGN
Oct 28, 2008 15:49:02 (ET)
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2008 15:49 ET (19:49 GMT)
Amerigon Reports 2008 Third Quarter, Nine-Month Results
Oct 28, 2008 06:00:00 (ET)
NORTHVILLE, Mich., Oct 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced results for the third quarter and first nine months ended September 30, 2008.
Revenues for this year's third quarter were $16.6 million, up from $15.9 million for last year's third quarter due primarily to introductions of new vehicle models offering the Company's Climate Control Seat(TM) (CCS(TM)) system and a higher average unit price. Revenue for this year's third quarter was impacted by lower sales volumes on existing vehicle models due to the precipitous downturn in the automotive market, which has been impacted by a global economic decline, higher gas prices and the decreasing availability of consumer credit.
Net income for this year's third quarter was $648,000, or $0.03 per share, compared with net income in last year's third quarter of $3.1 million, or $0.14 per basic and $0.13 per diluted share. During last year's third quarter, Amerigon recorded a deferred research and development (R&D) tax benefit of approximately $1.7 million following a study of its research and development activities and related expenses for the period from 1999 through 2006.
This year's third quarter results included year-over-year increases in research and development expenses of $603,000 due to increased research activities associated with the Company's advanced TE program and lower research and development reimbursements combined with costs associated with a number of new vehicle programs.
President and Chief Executive Officer Daniel R. Coker said that even though the continuing deterioration of the worldwide economy makes it difficult to see much improvement in the automotive market in the next several quarters, he remains optimistic about Amerigon's long-term prospects as it continues to expand the adoption of CCS into new vehicle lines and move toward the commercialization of additional TE products for other automotive and non-automotive applications. An example of an important non-automotive application is the line of heated and cooled sleep systems using Amerigon's TE technology that is being developed in partnership with Sealy Corporation (ZZ, Trade ). He said the Company expects this line of bedding products to be introduced by mid-next year.
"While we had a modest increase in revenue compared to last year's third quarter, our results for the 2008 third quarter were definitely impacted by the decline in the worldwide automotive market," Coker said. "In the last 30 days, North American automotive manufactures have drastically reduced their production schedules, followed by similar actions by the Asian automotive manufacturers, which we believe will result in the fourth quarter coming in below our original plan. The automotive market is certainly down, but it is encouraging that CCS has not lost its popularity with consumers, judging by our still strong 'take rates,' and its appeal to vehicle manufacturers."
Gross margin as a percentage of revenue for the 2008 third quarter was 29.1 percent compared with 32.5 percent in the year-earlier period, primarily attributable to higher raw material costs and a change in the mix of products sold that favored programs with a higher gross margin percentage in last year's third quarter as compared to this year's third quarter. Amerigon engineers are currently working to reduce raw material costs, which the Company believes will contribute to lower product costs in future generation designs.
For the first nine months of 2008, revenues were $50.8 million, up from $47.2 million for the year-earlier period. Gross margin as a percentage of revenue for this year's first nine months was 30.9 percent compared with 32.9 percent in the first nine months of last year. For the first nine months of 2008, net income was $3.3 million, or $0.15 per basic and $0.14 per diluted share, compared with $5.6 million, or $0.26 per basic and $0.25 per diluted share for the prior year period.
Unit shipments of CCS systems for the 2008 third quarter and first nine months increased to 237,000 and 743,000, up from 234,000 and 700,000 units for the year-earlier periods.
The Company's balance sheet as of September 30, 2008 remained strong with cash, cash equivalents, and short-term investments totaling $26.7 million, total assets of $58.7 million, no bank debt and shareholders' equity of $47.7 million. As of September 30, 2008, the Company reclassified its long-term investments which included $11.5 million of auction rate preferred stock (ARPS). Amerigon completed the sale of all ARPS as of October 27, 2008 at the par value of those securities which also equaled the Company's carrying value as of September 30, 2008.
Research and development expenses for this year's first nine months increased $1.2 million due to increased research activities associated with the Company's advanced TE program, the addition of CCS engineering resources to support the large number of new vehicle programs and continued development of new automotive and non-automotive TE-based products.
"We are starting to see the fruits of our ramped up investments in R&D for our thermoelectric technology," Coker said. "We are working with some of the world's leading manufacturers on new applications in electronics, telecommunications, commercial and residential heating and cooling, and bedding products, all of which will one day be a major part of the future of our Company."
As advances in materials continue to increase the efficiency of TE, market interest has grown dramatically in the potential uses of this technology for solutions which will allow global automotive manufacturers to develop more fuel efficient vehicles. "We believe our technology will be effective in helping to reduce vehicle fuel consumption and we continue to be encouraged by the progress we are making on this front with our development project with the U.S. Department of Energy. We are now in the fourth phase of that development program, which is aimed at reducing vehicle operating costs by harvesting electrical power from waste heat in a vehicle's exhaust," Coker added.
New vehicles equipped with CCS and launched since the 2007 third quarter and first nine months included the Hyundai Genesis, Lexus LX 570, Nissan Teana, Nissan Maxima, Jaguar XJ, Jaguar XF, Lincoln MKS, Infiniti FX, Ford F-Series Pickup, Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Pickup.
The trend towards a more balanced distribution of revenue between North American and international customers continued during the 2008 third quarter and first nine months. Revenue from European and Asian customers in this year's third quarter increased to 53 percent of total revenue, up from 40 percent in the 2007 third quarter, and revenue from North American customers in the 2008 third quarter was 47 percent of total revenue compared to 60 percent in last year's third quarter.
The Company expects that net research and development expenses will increase during the remainder of 2008 and in 2009. This increase is associated with a recent breakthrough in the Company's TE material program. Much of the Company's advanced TE technology is expected to be greatly enhanced by certain, currently unavailable, high efficient TE materials. With support from Amerigon subsidiary BSST, a researcher at The Ohio State University recently discovered a new high efficient TE material having certain desirable properties.
Guidance for 2008
Due to current worldwide economic conditions and the uncertainty in the global automotive market, the Company expects product revenues in the 2008 fourth quarter to be between $14 million and $15 million and for the full year revenues are expected to be flat to marginally up over 2007. This compares with the Company's prior guidance of a 10 to 20 percent year-over-year increase for 2008. Amerigon expects to be profitable and cash flow positive for 2008.
With the decline in the worldwide automotive market becoming more severe in the last 90 days due in large part to the lack of available credit to finance the purchase or lease of new vehicles, Amerigon is unable to obtain dependable 2009 production forecasts from its customers at this time. As a result, guidance for 2009 will be provided at a later date when Amerigon has improved visibility into the market and its customers are better able to project production levels for the upcoming year.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the third quarter and nine months ended September 30, 2008. The dial-in number for the call is 1-800-762-8795. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at http://www.amerigon.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
Amerigon Announces Stock Repurchase Program
Oct 28, 2008 06:30:00 (ET)
NORTHVILLE, Mich., Oct 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that its Board of Directors has authorized a stock repurchase program. Under the program, Amerigon may repurchase, from time to time, up to $12 million of the Company's common stock in open market or in privately negotiated transactions for a period of 12 months.
President and Chief Executive Officer Daniel R. Coker said, "At current levels, we believe the Company's stock represents an attractive investment opportunity. This repurchase program reflects the Board's confidence in our Company and its future and is an example of our continued commitment to improving the investment value of our stock. Since we have a strong cash position and are continuing to generate cash from operations, we believe we can complete this stock buyback program and have sufficient cash available to meet our strategic goals and objectives."
The number of shares and the timing of the purchases will be determined by the Company's management based on market conditions, share price and other factors. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The stock repurchase program does not require the Company to repurchase any specific dollar value or number of shares and may be modified, extended or terminated by the Board of Directors at any time.
The repurchase program will be funded using the Company's available cash. As of September 30, 2008, Amerigon had cash, cash equivalents and short-term investments totaling $26.7 million, and approximately 22,152,000 shares of common stock outstanding.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended September 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Sets Date for 2008 Third Quarter and Nine-Month Results Release and Conference Call
Oct 21, 2008 06:00:57 (ET)
NORTHVILLE, Mich., Oct 21, 2008 (GlobeNewswire via COMTEX) -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the third quarter and nine months ended September 30, 2008, at 6:00 a.m. Eastern Time on Tuesday, October 28, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-800-762-8795
International dial-in number: 1-480-248-5081
Webcast
A live webcast and one year archived replay of the call
can be accessed on the Events page of the Investor
section of Amerigon's website at:
www.amerigon.com
.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(tm) (CCS(tm)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Amerigon, Inc.
Allen & Caron Inc
Investors
Jill Bertotti
jill@allencaron.com
Media
Len Hall
len@allencaron.com
(949) 474-4300
Amerigon Forms Partnership With Sealy Corporation to Develop Line of Heated and Cooled Sleep Systems Using Amerigon Advanced Thermoelectric Technology
Sep 23, 2008 06:00:00 (ET)
NORTHVILLE, Mich., Sept 23, 2008 /PRNewswire-FirstCall via COMTEX/ -- New Bedding Products Expected to Set New Standard of Year-Round Sleeping Comfort
Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, announced today that it has formed a partnership to develop a suite of heated and cooled bedding products with Sealy Corporation (ZZ, Trade ), the largest bedding manufacturer in the world, using Amerigon's advanced TE technology.
"Sealy is the market share leader with the highest consumer awareness of any bedding brand in North America, and we are very proud to be working together in product development," said President and Chief Executive Officer Daniel R. Coker. "This agreement is strategically important to Amerigon as we continue to work with a number of industry leaders like Sealy to establish new applications that expand the use of our advanced TE technology beyond our highly successful Climate Control Seat(TM) (CCS(TM)) systems to a range of products aimed at very large markets outside the automotive industry."
Thermoelectric Technology and Amerigon's Heating and Cooling Application
Thermoelectric technology relates to the direct conversion of electrical current to thermal energy (Peltier effect) or the direct conversion of heat differentials to electric current (Seebeck effect).
Amerigon's highly-efficient, solid-state thermoelectric device acts as a heat pump in heating and cooling applications. In those applications, ambient air is forced through the heat pump and thermally conditioned in response to temperature settings in the electronic control units. The conditioned air is then circulated through small ducts or channels just below the surface material by a specially designed, quiet fan so that the surface temperature can be heated or cooled.
About Sealy
Sealy is the largest bedding manufacturer in the world with sales of $1.7 billion in 2007. The company manufactures and markets a broad range of mattresses and foundations under the Sealy(R), Sealy Posturepedic(R), Stearns & Foster(R), and Bassett(R) brands. Sealy operates 26 plants in North America, and has the largest market share and highest consumer awareness of any bedding brand on the continent. In the United States, Sealy sells its products to 2,900 customers with more than 7,000 retail outlets. Sealy is also a leading supplier to the hospitality industry. For more information, please visit www.sealy.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact:
Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
http://www.sealy.com
Form 10-Q for AMERIGON INC
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11-Aug-2008
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
Amerigon Incorporated ("we," the "Company" or the "registrant") designs, develops and markets products based on our advanced, proprietary, efficient thermoelectric device ("TED") technologies for a wide range of global markets and heating and cooling applications. Our current principal product is our proprietary Climate Control Seat? ("CCS?" or "CCS") which we sell to automobile and truck original equipment manufacturers or their tier one suppliers. The CCS provides year-round comfort to automotive seat occupants by producing both active heating and cooling. As of June 2008, we have shipped over 4.0 million units of our CCS product to customers since 2000. Our CCS product is currently offered as an optional feature on 26 automobile models produced by Ford Motor Company, General Motors Corporation, Toyota Motor Corporation, Nissan Motors, Honda Motor Company and Hyundai Corporation.
In 2003, the Company launched a newly-designed and more efficient version of its CCS that incorporates our new Micro Thermal Module? ("MTM?" or "MTM") technology. This new generation CCS system, which is based on the Company's proprietary TED technology, is smaller, lighter, quieter and more versatile than its predecessor. In 2005, we began producing MTM's for several new automobile models which incorporate a number of improvements representing our third generation of CCS development in less than five years. Further generations of the CCS system are under development and are expected to be launched on future vehicle models.
Results of Operations
Second Quarter 2008 Compared with Second Quarter 2007
Product Revenues. Product revenues for the three months ended June 30, 2008 ("Second Quarter 2008"), were $16,796,000 compared with revenues of $15,058,000 for the three months ended June 30, 2007 ("Second Quarter 2007"), an increase of $1,738,000, or 12%. Higher sales were primarily the result of new model introductions, higher penetration on certain programs and a higher average unit price. These increases were partially offset by lower volumes on existing programs and by a production shutdown at one of our customers which resulted from a labor strike at an automotive supplier, American Axle and Manufacturing Holdings Incorporated ("AXL"). Unit shipments increased to 253,000 units for the Second Quarter 2008 compared with 226,000 units for the Second Quarter 2007. New products equipped with CCS and launched since the Second Quarter 2007 included the Hyundai Genesis, Lexus LX 570, Jaguar XJ, Jaguar XF, Lincoln MKS and three vehicle models not yet announced. We expect that our product revenue over the remainder of the year will increase due to the effect of reaching full production volume on these programs and due to a number of new vehicle introductions which will begin to offer the CCS as an option during the second half of the year. These new vehicles include the Ford F-Series pickup and an expansion into an increased number of models produced by General Motors under their light truck platform known as the GMT 900 series. These include the Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Pickup. Higher average prices per unit were the result of a change in the mix of products sold being weighted more to CCS systems having higher Amerigon content during the Second Quarter 2008 compared with that of the Second Quarter 2007. Content varies among programs based upon differing customer sourcing decisions for certain components that complement the CCS system. Also, two vehicles, beginning with the 2008 model year, began to install the CCS as a standard feature; previously, the CCS was installed on these vehicles at the option of the car buyer. Volume decreased on existing
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programs primarily due to declining overall automotive market volume which has been impacted by slowing economic activity in North America and higher gas prices. We estimate that the AXL strike reduced product revenue for the Second Quarter 2008 by $1,000,000 to $1,200,000.
Cost of Sales. Cost of sales increased to $11,517,000 in the Second Quarter 2008 from $9,903,000 in the Second Quarter 2007. This increase of $1,614,000, or 16%, is attributable to higher sales volumes and a lower gross profit percentage. The gross profit percentage during the Second Quarter 2008 was 31% and was 34% during the Second Quarter 2007. This decrease is primarily attributable to an unfavorable change in the mix of products sold which favored programs having a higher gross margin percentage during the Second Quarter 2007 compared with the Second Quarter 2008.
Net Research and Development Expenses. Net research and development expenses increased to $1,497,000 in the Second Quarter 2008 from $1,340,000 in the Second Quarter 2007. This $157,000, or 12%, increase was due to the addition of CCS engineering resources to support the large number of upcoming new vehicle programs, continued development of new automotive and non-automotive TE-based products and increased research activities associated with our advanced TED program, offset partially by higher research and development reimbursements. The higher research and development reimbursements reflect an increase in government research programs including the Department of Energy sponsored Automotive Waste Heat Recovery Program which is currently in phase three of four. We expect that our net research and development expenses will increase substantially during the remainder of 2008 and in 2009 as we continue to increase our development activities supporting the advanced TED technology. This increase is expected to be approximately $400,000 to $500,000 per quarter. Our research and development reimbursements are not likely to increase proportionately to the increase in research and development expenses due to an increasing focus on certain TED material and production process technology advancements for which we do not plan to seek partnership support.
We classify development and prototype costs and related reimbursements as research and development. This is consistent with accounting standards applied in the automotive industry. Depreciation costs for tooling are included in cost of sales.
Selling, General and Administrative Expenses. Selling, general and administrative expenses increased slightly to $2,032,000 in the Second Quarter 2008 compared with $2,023,000 in the Second Quarter 2007. We expect that selling, general and administrative expenses will increase by 5-10% in the second half of the year due to an approximately $100,000 per quarter increase in stock option compensation expense related to a stock option grant to employees approved by the Board of Directors on July 23, 2008 and due to marketing and administrative costs associated with new automotive and non-automotive TE-based product introductions.
Interest Income. We had interest income of $218,000 for the Second Quarter 2008 compared with $244,000 for the Second Quarter 2007. The decrease of $26,000, or 11%, resulted from lower average yields on our cash equivalents, short-term investments and long-term investments offset partially by higher balances on these interest paying investments during the Second Quarter 2008 compared with the Second Quarter 2007 (see "Liquidity and Capital Resources").
Income Tax Expense. We recorded income tax expense of $749,000 during the Second Quarter 2008. This reflected an estimated effective tax rate for the year of approximately 37%. Our current income tax expense is expected to be substantially offset by our net operating loss carryforwards. Therefore, we do not expect to have a significant cash outlay for income taxes in the current year. The income tax expense for the Second Quarter 2007 was $830,000 representing an effective tax rate of 40%. The higher rate for the prior year was primarily due to having not recorded a benefit for research and development tax credits during that
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period. We began recording the benefit of our research and development tax credits during the third quarter of 2007 at which time we had completed a study of the qualification of our research and development activities toward such credits.
First Half 2008 Compared with First Half 2007
Product Revenues. Product revenues for the six months ended June 30, 2008 ("First Half 2008"), were $34,156,000 compared with revenues of $31,331,000 for the six months ended June 30, 2007 ("First Half 2007"), an increase of $2,825,000, or 9%. Higher sales were primarily the result of new model introductions, higher penetration on certain programs and a higher average unit price. These increases were partially offset by lower volumes on existing programs and by a production shutdown at one of our customers which resulted from a labor strike at an automotive supplier, AXL. Unit shipments increased to 506,000 units for the First Half 2008 compared with 466,000 units for the First Half 2007. New products equipped with CCS and launched since the First Half 2007 included the Hyundai Genesis, Lexus LX 570, Jaguar XJ, Jaguar XF, Lincoln MKS and three vehicle models not yet announced. We expect that our product revenue over the remainder of the year will increase due to the effect of reaching full production volume on these programs and due to a number of new vehicle introductions which will begin to offer the CCS as an option during the second half of the year. These new vehicles include the Ford F-Series pickup and an expansion into an increased number of models produced by General Motors under their light truck platform known as the GMT 900 series. These include the Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Pickup. Higher average prices per unit were the result of a change in the mix of products sold being weighted more to CCS systems having higher Amerigon content during the First half 2008 compared with that of the First Half 2007. Content varies among programs based upon differing customer sourcing decisions for certain components that complement the CCS system. Also, two vehicles, beginning with the 2008 model year, began to install the CCS as a standard feature; previously, the CCS was installed on these vehicles at the option of the car buyer. Volume decreased on existing programs primarily due to declining overall automotive market volume which has been impacted by slowing economic activity in North America and higher gas prices. We estimate that the AXL strike reduced product revenue for the First Half 2008 by $1,000,000 to $1,200,000.
Cost of Sales. Cost of sales increased to $23,318,000 in the First Half 2008 from $20,962,000 in the First Half 2007. This increase of $2,356,000, or 11%, is attributable to higher sales volumes and a lower gross profit percentage. The gross profit percentage during the First Half 2008 was 32% and was 33% during the First Half 2007. This decrease is primarily attributable to an unfavorable change in the mix of products sold which favored programs having a higher gross margin percentage during the First Half 2007 compared with the First Half 2008.
Net Research and Development Expenses. Net research and development expenses increased to $3,087,000 in the First Half 2008 from $2,483,000 in the First Half 2007. This $604,000, or 24%, increase was due to the addition of CCS engineering resources to support the large number of upcoming new vehicle programs, continued development of new automotive and non-automotive TE-based products and increased research activities associated with our advanced TED program, offset partially by higher research and development reimbursements. The higher research and development reimbursements reflect an increase in government research programs including the Department of Energy-sponsored Automotive Waste Heat Recovery Program, currently in phase three of four. We expect that our net research and development expenses will increase substantially during the remainder of 2008 and in 2009 as we continue to increase our development activities supporting the advanced TED technology. This increase is expected to be approximately $400,000 to $500,000 per quarter. Our research and development reimbursements are not
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likely to increase proportionately to the increase in research and development expenses due to an increasing focus on certain TED material and production process technology advancements for which we do not plan to seek partnership support.
We classify development and prototype costs and related reimbursements as research and development. This is consistent with accounting standards applied in the automotive industry. Depreciation costs for tooling are included in cost of sales.
Selling, General and Administrative Expenses. Selling, general and administrative expenses decreased to $4,159,000 in the First Half 2008 compared with $4,176,000 in the First Half 2007. We expect that selling, general and administrative expenses will increase by 5-10% in the second half of the year due to an approximately $100,000 per quarter increase in stock option compensation expense related to a stock option grant to employees approved by the Board of Directors on July 23, 2008 and due to marketing and administrative costs associated with new automotive and non-automotive TE-based product introductions.
Interest Income. We had interest income of $515,000 for the First Half 2008 compared with $430,000 for the First Half 2007. The increase of $85,000, or 20%, resulted from higher cash equivalent investments, short-term investment and long-term investment balances during the First Half 2008 compared with the First Quarter 2007 partially offset by lower average yields on these interest paying investments (see "Liquidity and Capital Resources").
Income Tax Expense. We recorded income tax expense of $1,569,000 during the First Half 2008. This reflected an estimated effective tax rate for the year of 37%. Our current income tax expense is expected to be substantially offset by our net operating loss carryforwards. Therefore, we do not expect to have a significant cash outlay for income taxes in the current year. The income tax expense for the First Half 2007 was $1,690,000 representing an effective tax rate of 40%. The higher rate for the prior year was primarily due to having not recorded a benefit for research and development tax credits during that period. We began recording the benefit of our research and development tax credits during the third quarter of 2007 after completing a study of the qualification of our research and development activities toward such credits.
Liquidity and Capital Resources
The following table represents our cash and cash equivalents, short-term
investments and long-term investments:
June 30, December 31,
2008 2007
Cash and cash equivalents $ 13,609,000 $ 1,170,000
Short-term investments - 23,925,000
$ 13,609,000 $ 25,095,000
Long-term investments $ 13,025,000 $ -
We manage our cash, cash equivalents short-term and long-term investments to fund operating requirements. Cash and cash equivalents increased by $12,439,000 to $13,609,000 during First Half 2008. At June 30, 2008, our long-term investments were Auction Rate Preferred Stock ("ARPS"). At December 31, 2007 our short-term investments were $20,925,000 in ARPS and $3,000,000 of Municipal Notes. The Municipal notes matured on March 31, 2008 and a portion of the ARPS totaling $22,025,000 were reclassified to long-term investments during the First Quarter 2008.
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All of our ARPS are issued by closed-end fixed income investment funds, carry AAA credit ratings from Moody's Investors Service and/or Standard & Poor's and hold auctions every seven days to reset the dividend rates for the next week. These funds are subject to certain regulatory requirements, which mandate an asset coverage ratio of 200% to cover the fund's liabilities, including their ARPS, pursuant to the Investment Company Act of 1940.
Beginning in mid-February 2008, the ARPS market experienced widespread auction failures including all of the ARPS we own. This resulted in our inability to sell these securities. A failed auction results in a lack of liquidity in the securities but does not signify a default by the issuer. Upon an auction failure, the interest rates reset based on a formula contained in the security, which is typically equal to 150-200% of a short-term interest rate index.
During the time since the auctions first began to fail, a number of the fixed income funds that have issued the ARPS held by us have obtained alternative financing and have redeemed the ARPS at their face value, which represents our carrying value and the value at which we purchased the ARPS. During the three and six month periods ended June 30, 2008, we received proceeds totaling $10,150,000 in redemptions of the ARPS held by us. Additional redemptions are expected to be received but on a time table that has not been established.
While we will continue to monitor and analyze our ARPS, we believe the carrying values of our ARPS approximate their fair value.
Based on the current lack of liquidity related to these investments, we reclassified our ARPS from short-term investments to long-term investments.
We believe that our current working capital of $22,467,000 (exclusive of the ARPS) our expected positive free cash flow in 2008 and our $20.0 million revolving line of credit will be adequate to fund our current business needs, even if the Company experiences illiquidity for an extended period of time with respect to the remaining amount invested in ARPS.
On April 29, 2008, we amended our Revolving Credit Line with Comerica Bank. The amendment increased the amount available to $20,000,000 from $10,000,000. Under the terms of the amendment, a Borrowing Base limiting the loans available under the Revolving Credit Line is effective when aggregate loans exceed $10,000,000. The Borrowing Base is equal to 85% of Eligible Domestic accounts receivable (as defined by the agreement), plus the lesser of 60% of Eligible Foreign accounts receivable (as defined by the agreement) or $3,000,000, plus 50% of Eligible Inventory (as defined by the agreement), plus 70% of the market value of Eligible Securities (as defined by the agreement). Eligible Securities include the ARPS we own. All other terms of the Revolving Credit Line were substantially unaffected by the amendment. As of June 30, 2008 there were no loans outstanding under the Revolving Credit Line and one letter of credit was outstanding totaling $165,000. Total available under the line as of April 30, 2008 was $19,835,000.
Cash provided by operating activities during First Half 2008 was $2,100,000 and was attributable to net income, plus non-cash adjustments including deferred taxes of $1,431,000, stock option compensation of $435,000, depreciation and amortization of $625,000, and partially offset by an increase in net operating assets and liabilities of $3,026,000. The higher net operating assets and liabilities were primarily due to higher inventory and lower accounts payable and accrued liabilities as of June 30, 2008 compared with December 31, 2007. These differences were partially offset by a lower accounts receivable balance.
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As of June 30, 2008, working capital was $22,467,000 and was $30,538,000 at December 31, 2007, a decrease of $8,071,000, or 26%. This decrease was primarily due to the reclassification of a portion of our ARPS from short-term investments to long-term investments, as described above, totaling $20,925,000, offset partially by ARPS redemptions totaling $10,150,000, by an increase in inventory of $2,617,000 and by decreases in accounts payable of $401,000 and accrued liabilities of $413,000. Inventory increased primarily in preparation for a number of new program launches expected to begin during the second quarter some of which have been postponed into the third quarter of 2008. Accounts payable decreased due to the timing of inventory purchases during the quarter as compared with that of the fourth quarter 2007. Our levels of inventory and accounts payable tend to fluctuate as a result of sourcing products from Asia and due to extended payment terms with certain suppliers.
Cash provided by investing activities was $9,392,000 during First Half 2008, reflecting sales and maturities of investments totaling $14,000,000 partially offset by purchases of investments of $3,100,000, purchases of property and equipment totaling $1,247,000, and the cost to acquire new patents and patent application filings of $261,000. Purchases of property and equipment for the period are primarily related to new equipment purchases for newly-launched production programs and approximately $220,000 in leasehold improvements related to a refurbishment and expansion of our engineering and research center located in Irwindale, California, completed in January 2008.
Cash provided by financing activities was $940,000 during First Half 2008, reflecting the proceeds of Common Stock option exercises.
Related Party Transactions
We purchase thermoelectric devices from and have outsourced a portion of our production to Ferrotec Corporation ("Ferrotec"). Ferrotec owned 400,000 shares of our Common Stock as of June 30, 2008. Purchases of labor and services and components from Ferrotec were $15,497,000 during First Half 2008. The Company had an accounts payable balance with Ferrotec of $4,746,000 as of June 30, 2008 and $4,879,000 as of December 31, 2007.
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New Accounting Pronouncements
Effective January 1, 2008, we adopted Statement of Financial Accounting Standard No. 157, "Fair Value Measurements", ("SFAS 157") for financial assets and liabilities and any other assets and liabilities carried at fair value. This pronouncement defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. On November 14, 2007 the FASB agreed to a one-year deferral for the implementation of SFAS 157 for other non-financial assets and liabilities. Our adoption of SFAS 157 did not have a material affect on our consolidated condensed financial statements for financial assets and liabilities and any other assets and liabilities carried at fair value.
In December 2007 the Financial Accounting Standards Board issued Statement of financial Accounting Standard No. 160, "Noncontrolling Interests in Consolidated Financial Statements - an amendment of ARB No. 51" ("SFAS 160"). SFAS 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the retained interest in a gain or loss when a subsidiary is deconsolidated. This statement is effective for us starting in 2009. Earlier adoption is prohibited. We are currently evaluating the impact, if any, of SFAS 160 on our operating results and financial position.
Critical Accounting Policies
Critical accounting policies are those accounting policies that management believes are important to the portrayal of our financial condition and results and require management's most difficult, subjective or complex judgments, as a result of the need to make estimates about the effect of matters that are inherently uncertain. Our 2007 annual report on Form 10-K includes a description of certain critical accounting policies, including those with respect to warranty reserves, allowances for doubtful accounts, deferred tax asset valuation allowance and inventory reserves.
FORWARD LOOKING STATEMENTS
Certain matters discussed or referenced in this report, including expectations of increased revenues and continuing losses, our financing requirements, our capital expenditures and our prospects for the development of platforms with major automotive manufacturers, are forward-looking statements. Other forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "believe", "estimate", "anticipate", "intend", "continue", or similar terms, variations of such terms or the negative of such terms. All forward-looking statements speak only as of the date of this report, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this report to reflect any change in our expectations with regard to such statements or any change in events, conditions or circumstances on which any such statement is based. Although such statements are based upon our current expectations, and we believe such expectations are reasonable, such expectations, and the forward-looking statements based on them, are subject to a number of factors, risks and uncertainties that could cause our actual results to differ materially from those described in the forward-looking statements, including those described below and in our other filings with the Securities and Exchange Commission.
Researchers work to turn car's exhaust into power
Sunday August 10, 3:21 pm ET
By Margaret Harding, Associated Press Writer
Tailpipe power: Researchers working to save gas by converting wasted exhaust heat into energy
WARREN, Mich. (AP) -- The stinky, steaming air that escapes from a car's tailpipe could help us use less gas.
Researchers are competing to meet a challenge from the U.S. Department of Energy: Improve fuel economy 10 percent by converting wasted exhaust heat into energy that can help power the vehicle.
General Motors Corp. is close to reaching the goal, as is a BMW AG supplier working with Ohio State University. Their research into thermoelectrics -- the science of using temperature differences to create electricity -- couldn't come at a better time as high gas prices accelerate efforts to make vehicles as efficient as possible.
GM researcher Jihui Yang said a metal-plated device that surrounds an exhaust pipe could increase fuel economy in a Chevrolet Suburban by about 5 percent, a 1-mile-per-gallon improvement that would be even greater in a smaller vehicle.
Reaching the goal of a 10 percent improvement would save more than 100 million gallons of fuel per year in GM vehicles in the U.S. alone.
"The take-home message here is: It's a big deal," Yang said.
The DOE, which is partially funding the auto industry research, helped develop a thermoelectric generator for a heavy duty diesel truck and tested it for the equivalent of 550,000 miles about 12 years ago.
John Fairbanks, the department's thermoelectrics technology development manager, said the success of that generator justified the competitive search in 2004 for a device that could augment or replace a vehicle's alternator. Three teams were selected to participate in the program, with GM and thermoelectrics manufacturer BSST separately working on cars and a team from Michigan State University focusing on heavy-duty trucks.
Fairbanks said thermoelectric generators should be on the verge of production in about three years.
"It's probably the biggest impact in the shortest time that I can think of," he said.
The technology is similar to what NASA uses to power deep space probes, a perk being it doesn't seem to be susceptible to wear. Probes have used a thermoelectric setup for about 30 years.
Thermoelectric devices can work in two ways -- using electricity to provide heating or cooling, or using temperature differences to create electricity.
The second method is Yang's focus, and for good reason.
In an internal combustion engine, only about a quarter of the total energy from gasoline is used to actually turn the wheels, while 40 percent is lost in exhaust heat and 30 percent is lost through cooling the engine. That means about 70 percent of the available energy is wasted, according to GM.
"If I can use some of that heat energy and convert it to electricity, you can improve the overall efficiency," Yang said.
A Suburban produces 15 kilowatts of exhaust heat energy during city driving, which is enough to power three or four air conditioners simultaneously.
But it's not possible to harness all the exhaust heat a vehicle produces, so when the Suburban is cruising between 50 and 60 mph, the generator can produce about 800 watts of power, Yang said. That electricity could go to accessories such as a GPS device, DVD player, radio and possibly the vehicle's water pumps.
Yang's prototype device is to be tested in a Suburban next year. A similar prototype created by Ohio State scientists and BSST should be tested in a BMW in 2009.
The thermoelectric generator works when one side of its metallic material is heated, and excited electrons move to the cold side. The movement creates a current, which electrodes collect and convert to electricity.
While it's not clear how much the device would add to the price of a vehicle, the whole point of the research is to make it cost-effective, Yang said.
"There are several other steps that are required to commercialize the material, but we're cautiously optimistic that these steps can be carried out successfully," said Lon Bell, president of BSST, a subsidiary of Northville-based thermoelectrics supplier Amerigon Inc.
BSST also is working with Ford Motor Co. to develop climate control systems based on thermoelectrics.
Ford wants a system that would target a person's extremities when it's cold or the back of the neck in summer heat, rather than blow out a lot of air to change the temperature of the entire vehicle.
"We think we can make people feel cooler more quickly, feel comfortable more quickly, and that will translate into less power in the central AC system," said Clay Maranville, a Ford senior research scientist.
Honda Motor Co. also has supported university research into thermoelectrics, but a spokesman said the automaker doesn't have its own research program.
Amerigon Reports 2008 Second Quarter, Six-Month Results
Aug 6, 2008 06:00:00 (ET)
NORTHVILLE, Mich., Aug 06, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced that revenues for this year's second quarter and first six months ended June 30, 2008 increased 12 percent and 9 percent, respectively, over prior year periods. In addition, Amerigon shipped during the quarter its four millionth Climate Control Seat(TM) (CCS(TM)) system, another significant milestone for the Company.
Revenues for this year's second quarter were $16.8 million, up from $15.1 million for last year's second quarter due primarily to new vehicle model introductions, higher penetration on certain programs and a higher average unit price. Revenue for this year's second quarter was impacted by lower sales volumes of some of its customers due to the ongoing general downturn in the automotive market and by a production shutdown at one of the Company's customers due to a labor strike at American Axle and Manufacturing Holdings Incorporated (AXL).
Gross margin as a percentage of revenue for the 2008 second quarter was 31.4 percent compared with 34.2 percent in the 2007 second quarter, primarily attributable to a change in the mix of products sold which favored programs having a higher gross margin percentage during last year's second quarter as compared to this year's second quarter. Net income for this year's second quarter was $1.3 million, or $0.06 per share, compared with net income in last year's second quarter of $1.3 million, or $0.06 per share.
For the first six months of 2008, revenues were $34.2 million, up from $31.3 million for the year-earlier period. Gross margin as a percentage of revenue for this year's first six months was 31.7 percent compared with 33.1 percent in the first six months of last year. For the first six months of 2008, net income was $2.6 million, or $0.12 per diluted share, compared with $2.6 million, or $0.11 per diluted share for the prior year period.
"We are continuing to grow, just not as quickly or as robustly as we had previously expected due to the dramatic decline in the overall North American automotive market which has been impacted by the rapidly escalating price of fuel and the slowing economic activity," said President and Chief Executive Officer Daniel R. Coker. "The demand for our products, or what the industry calls 'take rates,' is still very strong and the vehicle manufacturers remain very enthusiastic about our technology and our seat systems."
The Company's balance sheet as of June 30, 2008 remained strong with cash, cash equivalents, short-term and long-term investments totaling $26.6 million, total assets of $59.1 million, no bank debt and shareholders' equity of $46.7 million.
Coker added that Amerigon is in the midst of broadening its product lines to areas outside the automotive industry. He said the Company continues to make excellent strides in extending the use of its advanced TE technology for heating and cooling applications in such markets as consumer goods, computers, commercial heating and air conditioning, and the military, as well for use in the recovery of waste heat to generate electricity.
"While the majority of our revenue still comes from the automotive industry, we are moving to a model that is not completely reliant on automotive sales," Coker said. "Thanks to the still largely untapped potential of our thermoelectric technology, the future -- even the near future -- remains very bright for Amerigon."
New products equipped with CCS and launched since the 2007 second quarter and first six months included the Hyundai Genesis, Lexus LX 570, Jaguar XJ, Jaguar XF, Lincoln MKS, Nissan Maxima, Infiniti FX35 and Infiniti FX50. The Nissan Teana, which is sold in Asian markets, is the first vehicle ever to offer Amerigon's new heated and ventilated seat system. The Company expects that product revenue over the remainder of the year will increase due to the effect of reaching full production volume on these programs and due to a number of new vehicle introductions which will begin to offer CCS as an option during the second half of the year. These new vehicles include the Ford F-Series pickup and an expansion into an increased number of models produced by General Motors under its light truck platform known as the GMT 900 series. These include the Chevrolet Suburban, Chevrolet Tahoe, Chevrolet Avalanche, GMC Yukon, GMC Yukon XL, GMC Yukon Denali and the GMC Sierra Denali Pickup.
The trend towards a more balanced distribution of revenue between North American and international customers continued during the 2008 second quarter and first six months. Revenue from European and Asian customers in this year's second quarter increased to 58 percent of total revenue, up from 41 percent in the 2007 second quarter, and revenue from North American customers in the 2008 second quarter was 42 percent of total revenue compared to 59 percent in last year's second quarter. For the first six months of 2008, revenue from European and Asian customers increased to 52 percent of total revenue, up from 39 percent in the prior year period, and revenue from North American customers in this year's first six months was 48 percent of total revenue compared to 61 percent in first six months of 2007.
Unit shipments of CCS systems for the 2008 second quarter and first six months increased to 253,000 and 506,000, up from 226,000 and 466,000 units for the year-earlier periods.
This year's second quarter and six-month results included year-over-year increases in research and development expenses of $157,000 and $604,000, respectively, due to the addition of CCS engineering resources to support the large number of upcoming new vehicle programs, continued development of new automotive and non-automotive TE-based products and increased activities at Amerigon's BSST subsidiary. The Company expects that net research and development expenses will increase during the remainder of 2008 and in 2009 as it continues to step up its development activities at BSST to support continued development of its advanced TE technology. This increase is expected to be approximately $400,000 to $500,000 per quarter.
Coker said, "Our thermoelectric technology is becoming more and more efficient, particularly as advances are made in the materials we use. Recent progress has encouraged us to increase our BSST programs for advanced TE materials and product development as previously discussed."
Guidance for 2008
Due to the dramatic drop in the North American automotive market and the postponement of several 2009 vehicle launches including the Ford F-150, the Company expects product revenues in 2008 to increase 10 to 20 percent over 2007 compared with the Company's prior guidance of 30 to 40 percent. The reduction reflects the recently announced 2009 model launch deferrals by several customers to later in 2008 and the major reductions for the second half of the year in existing full-size vehicle production schedules.
In 2008, there will continue to be a number of macro-economic and geopolitical issues outside Amerigon's control, such as the effects of gas price increases, the uncertainty of the situations in the Middle East and the Gulf Region, and the availability of credit, that could negatively impact the automotive industry, the overall economy and Amerigon's results.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the second quarter and six months ended June 30, 2008. The dial-in number for the call is 1-800-762-8795. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at www.amerigon.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended June 30, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
Amerigon Climate Control Seat(TM) (CCS(TM)) System Featured in the New 2008 Nissan Maxima
Tuesday August 5, 7:00 am ET
NORTHVILLE, Mich., Aug. 5 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies, announced today that its proprietary Climate Control Seat(TM) (CCS(TM)) system is available as an optional feature in the front driver seat of the new 2008 Nissan Maxima, Nissan's flagship sedan.
CCS, the premier actively heated and cooled seat system in the global automotive seat market, allows the driver to heat and cool their seat individually for comfort in any weather condition at any time of the year.
Amerigon President and Chief Executive Officer Daniel R. Coker said the Maxima enjoys a long-standing heritage as the flagship of the Nissan line. The addition of CCS to the Maxima underscores Nissan's commitment to providing consumers value-enhancing features that add to the ownership experience and deliver year round driver and passenger comfort.
"The Nissan Maxima, one of America's most popular vehicle lines, has always been known for performance and luxury, and our seat comfort system will be an important addition to its well-deserved legacy," Coker said. "The selection of CCS to be included as an option in the Maxima increases the number of vehicles manufactured by Nissan to offer CCS and reflects the positive relationship we have established with Nissan over the past several years."
Other vehicles from Nissan that offer CCS include the Infiniti M45, Infiniti M35, Infiniti FX35, Infiniti FX50, Nissan Cima and Nissan Fuga. The Nissan Teana offers Amerigon's new heated and ventilated seat system.
About CCS
The CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Air is forced through the heat pump in the CCS system and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 3.8 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-Q for the period ended March 31, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
http://biz.yahoo.com/prnews/080805/latu037.html?.v=101
The trouble with political jokes is that very often they get elected. Will Rogers
Amerigon Heated and Ventilated Seat System Selected as an Option for the 2008 Nissan Teana Sedan
Tuesday August 5, 6:30 am ET
First Vehicle to Offer New Heated and Ventilated Seat System
NORTHVILLE, Mich., Aug. 5 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies, announced today that its newly developed heated and ventilated seat system is being offered as an option for the 2008 Nissan Teana front-wheel-drive mid-size sedan sold in Asia. This marks the debut of Amerigon's heated and ventilated seat system.
Amerigon's heated and ventilated seat system, which utilizes the Company's patented air distribution system and its innovative heating technology, was developed specifically to provide year-round comfort for value-conscious customers.
Amerigon President and Chief Executive Officer Daniel R. Coker commented, "The Asian market is one of the most important automotive markets in the world and we are very pleased to extend our presence there, especially with a prominent market leader such as Nissan. Japanese automotive manufacturers, like others around the world, recognize that comfort and convenience features, such as our new heated and ventilated seat system, add significant value to their products, particularly to the discriminating buyers who purchase quality sedans like the Teana.
"This is a milestone for Amerigon because it extends our product line for the entry- and mid-level segments of the global automotive market," Coker added.
Other vehicles from Nissan offer Amerigon's Climate Control Seat(TM) (CCS(TM)) system, an actively heated and cooled seat system. These vehicles are the Nissan Cima, Nissan Fuga, Infiniti Q45, Infiniti M45, Infiniti M35, Infiniti FX35 and Infiniti FX50.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-Q for the period ended March 31, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
http://biz.yahoo.com/prnews/080805/latu036.html?.v=101
Amerigon Climate Control Seat(TM) (CCS(TM)) System Featured in the New 2008 Infiniti FX35, FX50
Tuesday August 5, 6:00 am ET
NORTHVILLE, Mich., Aug. 5 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies, announced today that its proprietary Climate Control Seat(TM) (CCS(TM)) system is available as an optional feature in the front seats of the new 2008 Infiniti FX35 and FX50 midsize luxury Sport Utility Vehicles (SUVs).
CCS, the premier actively heated and cooled seat system in the global automotive seat market, allows the driver and passengers to heat and cool their seats individually for comfort in any weather condition at any time of the year.
Amerigon President and Chief Executive Officer Daniel R. Coker said that being added to two additional Infiniti vehicles is an indication of the popularity and value of CCS.
"These Infiniti models are known for their luxurious interiors, as well as their all-around performance, and we believe CCS will add another dimension to that reputation," Coker said. "Amerigon has enjoyed a long-standing relationship with Nissan and Infiniti and the addition of CCS to the latest Infiniti vehicles will continue that successful partnership."
Other vehicles from Nissan that offer CCS are the Infiniti Q45, Infiniti M45, Infiniti M35, Nissan Cima and Nissan Fuga.
About CCS
The CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Air is forced through the heat pump in the CCS system and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 3.8 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-Q for the period ended March 31, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
http://biz.yahoo.com/prnews/080805/latu537.html?.v=18
The trouble with political jokes is that very often they get elected. Will Rogers
Amerigon Sets Date for 2008 Second Quarter and Six-Month Results Release and Conference Call
Jul 29, 2008 06:00:27 (ET)
NORTHVILLE, Mich., Jul 29, 2008 (PrimeNewswire via COMTEX) -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the second quarter and six months ended June 30, 2008, at 6:00 a.m. Eastern Time on Wednesday, August 6, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-800-762-8795
International dial-in number: 1-480-248-5085
Webcast
A live webcast and one year archived replay of the call can be
accessed on the Events page of the Investor section of Amerigon's
website at:
www.amerigon.com
.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(tm) (CCS(tm)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Amerigon, Inc.
Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
Amerigon Presentation at Capstone Investments' 2nd Annual Small-Cap Investor Conference to Be Webcast Live
Jun 17, 2008 15:58:00 (ET)
NORTHVILLE, Mich., June 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that the investor presentation President and CEO Daniel R. Coker is scheduled to make at Capstone Investments' 2nd Annual Small-Cap Investor Conference tomorrow, Wednesday, June 18, at 11:00 am Central Time will be webcast live on the investor section of the Amerigon website at http://www.amerigon.com .
As previously announced, an archived webcast will be accessible on the Amerigon website for 90 days.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon to Present at Capstone Investments' 2nd Annual Small-Cap Investor Conference
Tuesday June 17, 6:00 am ET
NORTHVILLE, Mich., June 17 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that President and CEO Daniel R. Coker is scheduled to make an investor presentation at Capstone Investments' 2nd Annual Small-Cap Investor Conference on Wednesday, June 18 at 11:00 am Central Time. The conference is being held June 17-18 at the Midwest Airlines Center in Milwaukee, WI.
An archived webcast of the presentation will be accessible within three days of the presentation for 90 days on the investor section of the Amerigon website at http://www.amerigon.com.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany, England and Korea.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
Amerigon Climate Control Seat(TM) (CCS(TM)) System Featured on Distinctive Models of Redesigned 2009 Ford F-150 Truck
Wednesday May 28, 6:00 am ET
CCS Will Be Standard Feature on New Lariat Platinum, King Ranch Models, Option on Lariat Model
NORTHVILLE, Mich., May 28 /PRNewswire-FirstCall/ -- Amerigon Incorporated (Nasdaq: ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, announced today that its proprietary Climate Control Seat(TM) (CCS(TM)) system will be offered on three of the distinctive, high-end models of the 2009 Ford F-150 truck, including the new Lariat Platinum, the Lariat and the King Ranch models. CCS will be a standard feature on the F-150's Lariat Platinum and King Ranch models and offered as an option on the Lariat.
The Ford F-150, traditionally America's best-selling and most popular vehicle, has redesigned the 2009 models inside and out, particularly the higher-end models that include CCS. The Lariat Platinum is completely new and designed to be the most luxurious F-150 ever built. It features a satin chrome grille and standard 20-inch, 16-inch spoke polished aluminum wheels and, inside, the CCS system is built into the 10-way captain's chairs upholstered with top-quality leather, tuxedo stitching and embroidered logos on the seatbacks.
The King Ranch, named after a sprawling Texas ranch, and Lariat models feature a list of upgrades including a Western motif and saddle-grade leather seats in some models. While the CCS system is offered as a standard feature on the King Ranch, CCS is being offered with an extensive option package in the 2009 Lariat model.
"Being a part of the Ford F-150 truck line is a significant milestone for Amerigon," said Amerigon President and Chief Executive Officer Daniel R. Coker. "As America's best selling vehicle, the F-150 may be the best known brand in the world when it comes to trucks. It is certainly one of the most respected truck lines ever produced. Furthermore, to have CCS be a standard feature on the Lariat Platinum, designed to be Ford's most luxurious truck, and King Ranch models and a featured option on the Lariat model, speaks to the respect our seat system has earned in the automotive industry. We are without question very proud to be a part of the new designs for Ford's best, most distinctive trucks."
About CCS
The CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Air is forced through the heat pump in the CCS system and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 3.8 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (Nasdaq: ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2008 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon Incorporated
Amerigon, Inc. Q1 2008 Earnings Call Transcript
http://seekingalpha.com/article/77644-amerigon-inc-q1-2008-earnings-call-transcript?source=yahoo
Amerigon Holds Annual Stockholders Meeting
May 16, 2008 06:00:00 (ET)
NORTHVILLE, Mich., May 16, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced that it held its Annual Meeting of Stockholders on Thursday, May 15, at the Company's offices in Northville, MI, as scheduled. A quorum of stockholders was present in person or by proxy.
The directors elected to serve until the next annual meeting are Daniel R. Coker, President and CEO; Oscar B. Marx, III, Chairman of the Board; Lon E. Bell, Ph.D., President and CEO of Amerigon's BSST subsidiary; Francois J. Castaing, retired technical advisor to the Chairman of DaimlerChrysler Corporation; John M. Devine, Executive Chairman and Acting Chief Financial Officer of Dana Holding Corporation; Maurice E.P. Gunderson, Venture Partner at CMEA Ventures; and James J. Paulsen, retired Ford Motor Company senior executive.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Contact: Allen & Caron Inc
Jill Bertotti
jill@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Reports 2008 First Quarter Results
Apr 30, 2008 06:00:00 (ET)
NORTHVILLE, Mich., April 30, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, today announced another quarter of record revenues and a record number of units shipped for its first quarter ended March 31, 2008.
Revenues for this year's first quarter reached record levels increasing to $17.4 million, up from $16.3 million for last year's first quarter due to continued strong demand for the Company's proprietary Climate Control Seat(TM) (CCS(TM)) system in an increasing number of vehicle models. Gross margin as a percentage of revenue for the 2008 first quarter was 32.0 percent consistent with 32.0 percent in the 2007 first quarter. Net income for this year's first quarter was $1.4 million, or $0.06 per share, compared with net income in last year's first quarter of $1.3 million, or $0.06 per share.
This year's first quarter results included year-over-year increases in research and development expenses of approximately $500,000 due to the addition of CCS engineering resources to support the large number of upcoming new vehicle programs, continued development of new automotive and non-automotive TE-based products and increased activities at Amerigon's BSST subsidiary. The Company expects that net research and development expenses will increase during the remainder of 2008 and in 2009 as it continues to step up its development activities at BSST to support continued development of its advanced TE technology.
"Our first quarter of 2008 was another very solid quarter, and it followed our strong performance at the close of 2007," said President and Chief Executive Officer Daniel R. Coker. "This was particularly significant because it came in tough economic times, especially within the automobile industry in general. We believe this is a great endorsement of our heated and cooled seat system and our thermoelectric technology, which has a broad base of potential applications in a number of attractive markets worldwide.
"We also marked an important milestone in the expansion of our product line during the 2008 first quarter with the initial shipments of our newly developed heated and ventilated seat system for use in a new vehicle model for the Asian market," Coker added.
Amerigon also received very modest revenues from the first commercial product outside the automotive market -- the C2(TM) personal heater/cooler being manufactured and distributed by Herman Miller, which worked on the design with BSST. The C2 began shipping in late 2007. Coker said that Amerigon expects to announce the commercialization of another TE-based product in a different market in July of this year.
Higher CCS sales in the first quarter of this year were primarily the result of new model introductions and higher penetration on certain models. New models launched with CCS since last year's first quarter include the Jaguar XJ, Jaguar XF, Lincoln MKS and two Nissan vehicle models not yet announced. A portion of higher sales was attributable to the Lincoln MKX and Lincoln MKZ which, beginning with the 2008 model year, began to install CCS as a standard feature where they had previously been offered as an option.
"The move from an option to standard feature on these two vehicles is another strong sign of the growing acceptance of our heated and cooled seat system by not only the automotive manufacturer, but the car buyer as well," added Coker. "We continue to believe that our seat system will continue to gain acceptance as more people are introduced to the value enhancing, year-round comfort it provides."
During this year's first quarter, Amerigon announced three new vehicle model introductions -- the Lincoln MKS, Hyundai Genesis and Lexus LS 570. This brings the total number of vehicles currently offering CCS to 26 automotive models produced by Ford, General Motors, Toyota, Nissan, Honda and Hyundai. Coker noted that the Company expects to make several additional announcements during the year, representing more vehicle introductions in 2008 than in any other year in the past.
While this year's first quarter revenues were not materially affected by the much publicized American Axle strike, this year's second quarter revenues could be depending on the extent of the strike.
The trend towards a more balanced distribution of revenue between North American and international customers continued during the 2008 first quarter. Revenue from European and Asian customers in this year's first quarter increased to 47 percent of total revenue, up from 37 percent in the 2007 first quarter, and revenue from North American customers in the 2008 first quarter was 53 percent of total revenue compared to 63 percent in last year's first quarter.
Unit shipments of CCS systems for the 2008 first quarter increased to a record 253,000, up from 240,000 units for the year-earlier period. As of March 2008, the Company had shipped approximately 3.8 million CCS units to customers since 2000.
The Company's balance sheet as of March 31, 2008 remained strong with cash, cash equivalents, short-term and long-term investments totaling $25.7 million, total assets of $58.7 million, no bank debt and shareholders' equity of $45.1 million.
During this year's first quarter, Amerigon reclassified a portion of its investments in Auction Rate Preferred Stock totaling $22.0 million to long-term investments from short-term investments due to ongoing liquidity issues in the auction rate securities market. Amerigon believes the value of these investments has not declined and expects that a portion of the assets will be redeemed by their issuers at par over the next few quarters. The Company's current operating forecast provides for favorable free operating cash flow. Borrowings under the Company's $20 million revolving credit line would provide ample resources should any short term need for liquidity arise.
Guidance for 2008
The Company reconfirmed that it expects product revenues in 2008 to increase 30 to 40 percent over 2007 with continued strong increases in profitability. The growth in 2008 is expected to be primarily driven by additional new program launches and the full year effect of model launches in 2007. These effects are expected to be partially offset by lower volumes on existing programs resulting from general softness in the North American automotive market.
In 2008, there will continue to be a number of macro-economic and geopolitical issues outside Amerigon's control, such as the effects of gas price increases, the uncertainty of the situations in the Middle East and the Gulf Region, and the availability of credit, that could negatively impact the automotive industry, the overall economy and Amerigon's results.
Conference Call
As previously announced, Amerigon is conducting a conference call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review the financial results for the first quarter ended March 31, 2008. The dial-in number for the call is 1-800-762-8779. The live webcast and archived replay of the call can be accessed in the Events page of the Investor section of Amerigon's website at http://www.amerigon.com .
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-Q for the period ended March 31, 2008 and its Form 10-K for the year ended December 31, 2007.
AMERIGON INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2008 2007
Product revenues $17,360 $16,273
Cost of sales 11,801 11,059
Gross margin 5,559 5,214
Operating expenses:
Research and development 2,399 1,727
Research and development reimbursements (809) (584)
Net research and development expenses 1,590 1,143
Selling, general and administrative 2,127 2,153
Total operating expenses 3,717 3,296
Operating income 1,842 1,918
Interest income 297 186
Other income 52 50
Earnings before income tax 2,191 2,154
Income tax expense 820 860
Net income $1,371 $1,294
Basic earnings per share $0.06 $0.06
Diluted earnings per share $0.06 $0.06
Weighted average number of shares - basic 22,004 21,390
Weighted average number of shares - diluted 22,784 22,363
AMERIGON INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands, except share data)
March December
31, 31,
ASSETS 2008 2007
(unaudited)
Current Assets:
Cash & cash equivalents $2,563 $1,170
Short-term investments 1,150 23,925
Accounts receivable, less allowance of $400
and $542, respectively 12,766 11,672
Inventory:
Raw materials 168 329
Finished goods 3,002 1,890
Inventory 3,170 2,219
Deferred income tax assets 3,935 3,784
Prepaid expenses and other assets 737 595
Total current assets 24,321 43,365
Property and equipment, net 4,524 3,965
Long-term investments 22,025 -
Deferred financing costs 8 9
Patent costs, net of accumulated amortization 2,789 2,679
Deferred income tax assets 5,069 5,968
Total assets $58,736 $55,986
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $9,799 $8,640
Accrued liabilities 3,210 3,987
Deferred manufacturing agreement - current portion 200 200
Total current liabilities 13,209 12,827
Deferred manufacturing agreement - long-term portion 400 450
Total liabilities 13,609 13,277
Shareholders' equity:
Common Stock:
No par value; 30,000,000 shares authorized,
22,127,035 and 21,917,733 issued and
outstanding at March 31, 2008 and
December 31, 2007, respectively 63,847 63,028
Paid-in capital 21,983 21,766
Accumulated other comprehensive income -
foreign currency (5) (16)
Accumulated deficit (40,698) (42,069)
Total shareholders' equity 45,127 42,709
Total liabilities and shareholders' equity $58,736 $55,986
AMERIGON INCORPORATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2008 2007
Operating Activities:
Net income $1,371 $1,294
Adjustments to reconcile net income to cash
provided by operating activities:
Deferred tax provision 748 817
Stock option compensation 217 218
Depreciation and amortization 307 119
Changes in operating assets and liabilities:
Accounts receivable (1,094) (1,417)
Inventory (951) 2,465
Prepaid expenses and other assets (141) (34)
Accounts payable 1,159 670
Accrued liabilities (777) (125)
Net cash provided by operating activities 839 4,007
Investing Activities:
Purchases of investments (3,100) (9,325)
Sales and maturities of investments 3,850 5,876
Purchase of property and equipment (874) (94)
Patent costs (153) (89)
Net cash used in investing activities (277) (3,632)
Financing Activities:
Proceeds from the exercise of Common Stock options 820 90
Net cash provided by financing activities 820 90
Foreign currency effect 11 6
Net increase in cash and cash equivalents 1,393 471
Cash and cash equivalents at beginning of
period 1,170 2,440
Cash and cash equivalents at end of period $2,563 $2,911
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Amerigon Sets Date for 2008 First Quarter Results Release and Conference Call
Tuesday April 22, 6:00 am ET
NORTHVILLE, Mich., April 22, 2008 (PRIME NEWSWIRE) -- Amerigon Incorporated (NasdaqGM:ARGN - News), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, will report its financial results for the first quarter ended March 31, 2008, at 6:00 a.m. Eastern Time on Wednesday, April 30, and will host a conference call at 11:30 a.m. Eastern Time that same day.
Conference Call
Toll free dial-in number: 1-800-762-8779
International dial-in number: 1-480-248-5085
Webcast
A live webcast and one year archived replay of the
call can be accessed on the Events page of the Investor
section of Amerigon's website at: http://www.amerigon.com.
About Amerigon
Amerigon (NasdaqGM:ARGN - News) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat (CCS) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Contact:
Allen & Caron Inc.
Investors:
Jill Bertotti
jill@allencaron.com
Media:
Len Hall
len@allencaron.com
(949) 474-4300
--------------------------------------------------------------------------------
Source: Amerigon, Inc.
http://biz.yahoo.com/pz/080422/140563.html
Amerigon Climate Control Seat(TM) (CCS(TM)) System Featured in the New 2008 Lexus LX 570
Feb 28, 2008 06:00:00 (ET)
NORTHVILLE, Mich., Feb 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- Amerigon Incorporated (ARGN, Trade ), a leader in developing products based on advanced thermoelectric (TE) technologies for a wide range of global markets and applications, announced today that its proprietary Climate Control Seat(TM) (CCS(TM)) will be offered as an optional feature in the front seats of the all new 2008 Lexus LX 570 premium luxury utility vehicle.
Amerigon President and Chief Executive Officer Daniel R. Coker noted that CCS, the only actively heated and cooled seat system on the global automotive market, will allow the driver and front seat passenger to individually heat or cool their seat for comfort in any climate.
"This is a completely redesigned Lexus model, and we are proud to be included in such a high-profile vehicle," Coker said. "We believe the fact that Lexus has engineered our CCS system into one of its most advanced and innovative vehicles is a validation of the strength of our technology. We consider this another milestone in our long and fruitful relationship with Lexus and Toyota."
Other vehicles from Lexus and Toyota that offer CCS are the Lexus LS 460, Lexus LS 600h, and Toyota Century.
About CCS
The CCS system, which is built around Amerigon's highly-efficient, solid-state thermoelectric device, is completely independent of the automobile's heating and air conditioning system and does not reduce power available to the engine. It also emits no CFCs or other gases and is completely friendly to the environment.
Air is forced through the heat pump in the CCS system and thermally conditioned in response to electronic switch input from the seat occupant. The conditioned air circulates by a specially designed fan through ducts in the seat cushion and seat back, so that the surface can be heated or cooled. Each seat has individual electronic controls to adjust the level of heating or cooling. CCS substantially improves comfort compared with conventional air conditioners by focusing the cooling directly on the passenger through the seat, rather than waiting until ambient air cools the seat surface behind the passenger.
Amerigon is the largest supplier of TE systems for cars, with more than 3.5 million thermoelectric-based seat systems sold.
About Amerigon
Amerigon (ARGN, Trade ) develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company's current principal product is its proprietary Climate Control Seat(TM) (CCS(TM)) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to Amerigon's Securities and Exchange Commission filings and reports, including but not limited to its Form 10-Q for the period ended September 30, 2007 and its Form 10-K for the year ended December 31, 2007.
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated
Form 8-K for AMERIGON INC
--------------------------------------------------------------------------------
26-Feb-2008
Other Events
Item 8.01 Other Events
Amerigon Incorporated (the "Company") is filing this Current Report on Form 8-K in connection with recent publicity regarding the auction rate securities markets. As of December 31, 2007, the total amount of the Company's cash, cash equivalents and short-term investments was $25.1 million, consisting of $225,000 in cash, $945,000 in money market funds, $3.0 million in municipal notes and $20.9 million in auction rate preferred stock ("ARPS"). As of February 25, 2008, the Company has increased its holdings in ARPS to $23.1 million. All of the Company's ARPS are issued by closed-end fixed income investment funds, carry AAA credit ratings from Moody's Investors Service and/or Standard & Poor's and hold auctions every seven days to reset the dividend rates for the next week. These funds are subject to certain regulatory requirements, which mandate an asset coverage ratio of 200% to cover the fund's liabilities, including their ARPS, pursuant to the Investment Company Act of 1940.
Over the past week, the ARPS market has experienced wide spread auction failures including substantially all of the ARPS held by the Company. This has resulted in the Company's inability to sell these securities. A failed auction results in a lack of liquidity in the securities but does not signify a default by the issuer. Upon an auction failure, the interest rates reset based on a formula contained in the security, which is typically equal to 150-200% of a short term interest rate index.
While the Company will continue to monitor and analyze its auction rate securities investments, we believe the carrying values of our auction rate securities approximate their fair value.
Based on the current lack of liquidity related to these investments, the Company may reclassify all of its auction rate security investments from current assets to long-term assets in the first quarter of 2008. The Company believes, however, that its current working capital, exclusive of the ARPS, of approximately $9.6 million, its expected positive free cash flow in 2008, and its $10.0 million revolving line of credit will be adequate to fund its current business needs, even if the Company experiences illiquidity for an extended period of time with respect to the entire amount invested in auction rate securities.
Section 9. Not Applicable
Forward Looking Statements
Certain matters discussed in this Current Report on Form 8-K are forward-looking statements that involve risks and uncertainties, and actual results may be different. Important factors that could cause the Company's actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results. The liquidity and trading price of its common stock may be negatively affected by these and other factors. Please also refer to the Company's Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2007.
http://biz.yahoo.com/e/080226/argn8-k.html
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Amerigon Incorporated engages in the design, development, and marketing of thermoelectric devices for sale to automobile and truck original equipment manufacturers in the United States and internationally. Its principal product, Climate Control Seat, which uses the company’s thermoelectric device technology, provides heating and cooling systems for automotive seat occupants. The company also involves in the research and development of thermoelectric devices, as well as focuses on the development, marketing, and distribution of products based on this technology. It has an agreement with Carrier Corporation and United Technologies Research Center to focus on the specific application of thermoelectrics to heating, refrigeration, and air conditioning systems for residential, commercial, and aerospace applications. Amerigon was founded by Lon E. Bell in 1991 and is headquartered in Dearborn, Michigan.
Amerigon Inc.
21680 Haggerty Road
Suite 101
Farmington Hills, MI 48335
United States - Map
Phone: 248-504-0500
Web Site: http://www.amerigon.com
http://www.bsst.com
http://finance.yahoo.com/q/pr?s=ARGN
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