AirSensors, Inc. Reports Year-End Results
8 July 1997
AirSensors, Inc. Reports Year-End Results -- Record Revenues and Operating Income --CERRITOS, Calif., July 8 -- AirSensors, Inc. (Nasdaq/NMS: ARSN, ARSNW) today announced revenues for its fiscal year ended April 30, 1997 climbed 20 percent to a record $61.8 million from $51.6 million. Operating income for the year climbed 17 percent to $4.8 million from $4.1 million a year earlier. The company reported net income for fiscal 1997 of $2.6 million, or $0.45 per share, compared with $4.1 million, or $0.65 per share, a year ago, which included a $1.7 million income tax benefit equivalent to $0.25 per share. Revenues for the fourth quarter increased 14 percent to $17.0 million from $15.0 million for the same period last year. Net income for the fourth quarter was $1.0 million, or $0.15 per share, compared with $2.6 million, or $0.40 per share, a year ago, which included a $1.7 million income tax benefit equivalent to $0.25 per share. Robert M. Stemmler, president and chief executive officer, stated, "Results for the year reflect increasing worldwide demand for the company's alternative fuel systems and products. Contributing to this demand are higher energy costs, environmental concerns and government mandates. The progress of the company continues to meet our strategic growth and profit objectives." Stemmler noted that revenue growth for the year benefited from increased foreign motor vehicle market penetration, particularly in Australia, Venezuela and Mexico, and strong demand for gaseous-fueled small and large engine power generation systems. He added that results for the fourth quarter reflect increased contract revenues from General Motors Corporation. AirSensors, Inc. sells its products worldwide through its wholly owned subsidiary, IMPCO Technologies, Inc. located in Cerritos, California, with additional facilities in Washington, Iowa, Australia and the Netherlands. IMPCO has been a market leader in OEM and aftermarket gaseous fuel management systems and components that allow internal combustion engines to operate on clean fuels such as propane and natural gas. IMPCO provides conversion systems for motor vehicles, forklifts, other material handling equipment, and small portable to large stationary engines. AirSensors, Inc. Financial Summary (in thousands, except for per share amounts) Quarter ended April 30, Year ended April 30, 1997 1996 1997 1996 Net revenue $16,974 $14,927 $61,828 $51,575 Operating income 1,480 1,538 4,850 4,132 Net income applicable to common stock 959 2,575* 2,644 4,061* Net income per share Primary $0.15 $0.40* $0.45 $0.65* Fully Diluted $0.15 $0.36* $0.45 $0.63* Number of shares used in per share computation Primary 6,849 6,681 6,793 6,648 Fully Diluted 6,849 7,805 6,793 7,771 * Fiscal year 1996 includes a $1.7 million income tax benefit, equivalent to $0.25 per share, related to the assumed future utilization of net operating loss carry forwards. SOURCE AirSensors, Inc.