IMPCO Reports First Quarter Fiscal 2002 Results
IMPCO Reports First Quarter Fiscal 2002 Results
- Heavy Investment in Fuel Cell Related Product Development and Research -
Spin-Off of Quantum Subsidiary By Year End on Schedule
CERRITOS, Calif., Sept. 6 IMPCO Technologies Inc.
, today reported results for its fiscal first quarter ended
July 31, 2001.
For the first quarter of fiscal 2002, IMPCO reported a net loss of
$5.6 million or 54 cents per share on revenues of $25.9 million. This
compared to a net loss of $.6 million or 7 cents per share for the first
quarter of fiscal year 2001 on revenues of $29.3 million. During the current
quarter, revenues of IMPCO's established core business declined $3.4 million,
or 15.1 percent, versus the same period last year due primarily to the slowing
worldwide economy. Quantum Technologies, a wholly owned subsidiary, reported
product sales during the quarter of $4.6 million, compared to $4.3 million
during the prior year first quarter.
Robert M. Stemmler, CEO and Chairman, said, "The revenue decline of
IMPCO's established core business has stabilized over the last few quarters
and we expect the additional new business being obtained from companies such
as Scania in the U.K., Boss/Jungheinrich in Germany and Ashok Leland in India
will yield an increase in revenue towards the second half of this year."
In regard to research and development expenses, Stemmler added, "Research
and development expenses increased by $5.2 million in the current quarter
compared to the prior year quarter." Stemmler added, "The increased
expenditures in fuel cell related programs over the past year has yielded very
positive results for Quantum Technologies in establishing industry technology
and product leadership in hydrogen fuel storage, fuel metering and electronic
fuel control for fuel cells. In the past 12 months Quantum has consummated
over 10 strategic alliances with leading fuel cell industry participants and
has added 18 major fuel cell customers including Toyota, Ford, Bosch,
DaimlerChrysler, Arizona Power & Light and others."
Mr. Stemmler also emphasized the Company's intent to spin-off Quantum
Technologies by calendar year end. General Motors and Quantum Technologies
announced in June of this year that they had agreed on a strategic alliance to
work together to develop the fuel cell industry. The strategic alliance
includes a 20% post IPO equity position in Quantum Technologies by General
Motors in exchange for certain fuel cell proprietary information, access to
General Motors' fuel cell products and marketing support from General Motors
and their fuel cell equity partners.
First Quarter Highlights
-- QUANTUM and Pinnacle West Partnership Marks Entry into Fuel Cell
Stationary Power and Infrastructure
-- QUANTUM Demonstrates 10,000 psi Hydrogen Storage Technology for Fuel
Cell Vehicles - Dramatic Increase in Range of Fuel Cell Vehicles
-- QUANTUM Develops Advanced Hydrogen Storage System for DOE Bus Program -
QUANTUM Selected as Supplier for DOE Compressed Hydrogen Gas Bus
Demonstration Program
-- Echo, the Largest Volvo/Pinto Engine Distributor in the U.S., Appointed
as an IMPCO Engine Systems Division Distributor
-- QUANTUM Awarded Contract By AeroVironment for NASA-Sponsored Program -
QUANTUM Awarded Contract to Design Advanced Hydrogen and Oxygen Storage
System for Helios Project
-- IMPCO Expands Operations in India With Major Joint Ventures - IMPCO and
Minda Industries Ltd. (Part of Minda Group) Form Two JVs to Support
Major Alternative Fuel Products Supply Opportunity
-- IMPCO Awarded Purchasing Agreement From Jungheinrich That Will Yield
$21 Million Over 3 Years
Earnings Call Scheduled for September 6
IMPCO will host a conference call to discuss financial results on
Thursday, September 6 at 4:15 p.m. EDT, 1:15 p.m. PDT. All shareholders and
other interested parties are invited to listen to the call by accessing the
following web site: http://www.videonewswire.com/IMPCO/09062001 .
IMPCO is the world's leading source of advanced alternative fuel systems
technology and components for internal combustion engines. IMPCO products
enable these engines to function using environmentally friendly gaseous fuels
such as propane, natural gas and biogas. IMPCO products optimize efficiency
and performance while reducing emission to the lowest-levels. IMPCO is a
major supplier to original equipment manufacturers and the aftermarket in the
bus and truck, industrial and power generation markets, and to the automotive
aftermarket. IMPCO supports its global aftermarket through a network of more
than 400 Distributors and 13 company-owned regional offices.
QUANTUM designs, develops, integrates and manufacturers products for
gaseous fuel storage, fuel metering and electronic controls for fuel cells.
QUANTUM products enable the fuel cell to operate at optimal efficiency while
meeting the performance requirements in its target markets. QUANTUM target
markets are portable power generation; stationary power generation, mobile
vehicles and refueling infrastructure. In the alternative fuel industry they
focus on the automotive OEM market.
Certain matters discussed in this press release contain forward-looking
information that involves risks and uncertainties that could cause actual
results to differ materially from current trends. These include the company's
ability to design and market advanced fuel metering, fuel storage or
electronic control products; the company's ability to meet OEM specifications,
the success of the company's recently announced programs with Jungheinrich,
AeroVironment, Scania, Ashok Leyland and United Parcel Service; growth in
international markets; the timely completion of the Quantum spin-off; the
company's anticipated revenue growth; the level and success of the company's
development programs with OEMs; and other such risks as cited in IMPCO
Technologies, Inc.'s 2001 annual report on Form 10-K and other documents filed
with the Securities and Exchange Commission.
For further information, please contact Mr. Dale Rasmussen, Investor
Relations, +1-206-575-1594, or media, Mr. James S. Mitchell, +1-562-860-6666,
ext. 116, both of IMPCO; or Mr. Alan Niedzwiecki for QUANTUM Technologies,
Inc., +1-949-399-4552.
IMPCO TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three months ended July 31, 2000 and 2001
July 31, July 31,
2000 2001
Revenue:
Product sales $26,599,359 $23,512,432
Contract revenue 2,668,658 2,337,823
Net revenue 29,268,017 25,850,255
Costs and expenses:
Cost of product sales 17,993,948 17,712,027
Research and development expense 5,997,562 11,228,803
Selling, general and
administrative expense 5,624,507 5,753,634
Total costs and expenses 29,616,017 34,694,464
Operating loss (348,000) (8,844,209)
Interest expense 541,428 149,839
Loss before income taxes, minority
interest in income of consolidated
subsidiaries and dividends (889,428) (8,994,048)
Income tax benefit (399,763) (3,597,619)
Minority interest in income of
consolidated subsidiaries 118,289 199,667
Net loss applicable to common stock $(607,954) $(5,596,096)
Net loss per share:
Basic $(0.07) $(0.54)
Diluted $(0.07) $(0.54)
Number of shares used in per share
calculation:
Basic 8,920,914 10,358,920
Diluted 8,920,914 10,358,920
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