AirSensors, Inc. Reports First Quarter Results; -- First Shipments Begin of Bi-Fuel Systems for GM Vehicles --
27 August 1997
AirSensors, Inc. Reports First Quarter Results; -- First Shipments Begin of Bi-Fuel Systems for GM Vehicles --
CERRITOS, Calif., Aug. 27 -- AirSensors, Inc.
today announced that revenues for its first fiscal
quarter ended July 31, 1997 increased 7 percent to $16,271,000 from
$15,148,000 last year. Operating income for the quarter rose 20 percent to
$1,315,000 from $1,093,000 a year earlier. For the same period, the company
reported net income of $692,000, or $0.11 per share, compared with $567,000,
or $0.10 per share, last year.
Robert M. Stemmler, president and chief executive officer, stated,
"Results for the first fiscal quarter reflect initial shipments of bi-fuel
compressed natural gas systems for General Motors' pickup trucks, as well as
increased development contract revenue."
Stemmler noted that results for the fiscal quarter also include three full
months of contributions from the company's Australian operation, compared with
only one month in the prior year, subsequent to the July 1, 1996 acquisition.
He added that, in addition to increasing worldwide demand for the
company's alternative fuel systems and products for passenger vehicles, the
company is focusing on other emerging applications for its technology. During
the quarter, the company, as previously announced, was awarded a contract from
the South Coast Air Quality Management District (AQMD) to develop and
demonstrate low emission alternative fuel systems for industrial engine
applications such as generator sets, pumps, lawn and garden equipment, which
represents over 60 million potential engine applications in the United States
alone. Small engines below 25 hp are the second largest contributor to
harmful emissions in the U.S.
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
(Dollars in thousands, except per share amount)
Quarter ended July 31,
1997 1996
Net revenue $16,271 $15,148
Operating income 1,315 1,093
Net income before dividends 840 712
Net income applicable
to common stock 692 567
Net income per share $0.11 $0.10
Number of shares used
in per share computation 6,807,765 6,757,139
SOURCE AirSensors, Inc.