Thursday, April 28, 2011 7:59:58 AM
Date : 04/28/2011 @ 6:00AM
Source : PR Newswire
Stock : Amerigon Incorporated (MM) (ARGN)
Quote : 15.2 0.0 (0.00%) @ 7:01AM
Amerigon Reports 2011 First Quarter Results
Amerigon Incorporated (MM) (NASDAQ:ARGN)
Intraday Stock Chart
Today : Thursday 28 April 2011
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Amerigon Incorporated (NASDAQ-GS: ARGN), a leader in developing and marketing products based on advanced thermoelectric (TE) technologies, today announced record quarterly revenues for the first quarter ended March 31, 2011, with year-over-year gains in gross margins, and commented on the status of the proposed acquisition of W.E.T. Automotive Systems (W.E.T.).
Product revenues for this year's first quarter were up 48 percent to a record $35.8 million from $24.2 million in the prior year period. The increase in revenues was primarily driven by new model introductions offering the Company's Climate Control Seat® (CCS®) systems and a much improved automotive marketplace resulting in higher vehicle production levels on existing vehicles. The Company's first significant shipments of its new heated and cooled cup holder, which was launched at the end of the 2010 fourth quarter, and modest shipments of the Company's TE technology used in a new suite of actively heated and cooled luxury mattresses, which was launched at the end of the 2010 third quarter, also contributed to higher product revenue levels. CCS systems include both TE-based heated and cooled systems and heated and ventilated seat systems.
Amerigon President and Chief Executive Officer Daniel R. Coker said, "We had a strong start to what promises to be a transformative year for Amerigon. We are benefiting from the recovery of global automotive production levels. Our seat systems remain popular with consumers as evidenced by continued strong take rates. The fact that we are now in 54 automobile models gives us a broad base to drive revenues. By the end of the year, we also expect other applications of our technology like our cup holder and mattress system to add more substantially to our revenue total."
Coker added that the proposed acquisition of W.E.T., a publicly-traded German automotive electronic components company, continued to be in progress. On March 31, 2011, the Company completed an offering of its Series C Convertible Preferred Stock and entered into a new syndicated credit facility in order to provide sufficient funding for the proposed acquisition. On April 11, 2011, the Company launched a tender offer for all of the voting shares of W.E.T. Pursuant to the previously announced agreement between Amerigon and the holders of 75.6 percent of W.E.T.'s voting shares, those shares will be sold to Amerigon under the tender offer. The initial acceptance period under the tender offer expires on May 9, 2011. The acquisition is contingent upon final review by the appropriate regulatory authorities.
Gross margin as a percentage of revenue for the first quarter of this year was 29.2 percent compared with 27.5 percent in the first quarter of 2010. The year-over-year increase was primarily attributable to a favorable shift in the mix of products sold and higher coverage of fixed cost at the higher volume levels.
Associated with the proposed acquisition of W.E.T., Amerigon recorded one-time fees and expenses (not deductible for current tax purposes) totaling $3.8 million, or $0.17 per basic and $0.16 per diluted share, during the first quarter of 2011. As a result, the Company reported a net loss for the first quarter of 2011 of $666,000, or $0.03 per basic and diluted share, compared with net income in the year-earlier period of $1.7 million, or $0.08 per basic share and $0.07 per diluted share. Excluding this one-time charge, net income for this year's first quarter was $3.1 million, or $0.14 per basic and $0.13 per diluted share, on an adjusted basis as follows:
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