IMPCO Announces Third Quarter And Nine-Month Financial Results
25 February 1998
IMPCO Announces Third Quarter And Nine-Month Financial Results Record Operating Income Reported
CERRITOS, Calif., Feb. 25 -- IMPCO Technologies, Inc.
today announced results for its third fiscal quarter and nine
months ended January 31, 1998.
Net revenues for the third fiscal quarter increased 13 percent to
$16,993,000, compared with $15,059,000 in the corresponding prior-year period.
Operating income for the quarter increased 66 percent to $1,996,000 from
$1,206,000 a year earlier. For the same period, the company reported net
income of $1,197,000, or $0.16 per diluted share, compared with $623,000, or
$0.10 per diluted share a year ago.
For the nine months ended January 31, 1998, net revenues increased 15
percent to $51,445,000, compared with $44,854,000 for the same period last
year. Operating income for the nine months rose 50 percent to $5,044,000 from
$3,370,000 last year. Net income for the nine months climbed 71 percent to
$2,879,000, or $0.42 per diluted share, compared with $1,685,000, or $0.28 per
diluted share, for the same period a year earlier.
Robert M. Stemmler, president and chief executive officer, stated, "Strong
growth in the materials handling sector of our business and increased contract
revenues from General Motors to jointly develop clean-burning gaseous fueled
vehicles for future commercialization were the major reasons for our record
third quarter results. The future for IMPCO looks very promising for
continued growth in the motor vehicle sector as our teaming agreement with
General Motors approaches fruition."
Stemmler added that IMPCO's strong financial position was further enhanced
with the redemption of over two million Common Stock Purchase Warrants in
December, 1997. The redemption resulted in proceeds of $8.5 million which
were used to pay down debt under the company's term and revolving credit
facilities.
IMPCO Technologies, Inc. sells alternative fuel products and services
worldwide. Headquartered in Cerritos, CA, the company has additional
facilities in Irvine, CA; Detroit, MI; Seattle, WA; Mt. Pleasant, IA; Mexico,
Australia, the Netherlands, France, Germany and the United Kingdom. IMPCO is
a market leader in the Original Equipment Manufacturer (OEM) marketplace and
aftermarket for gaseous fuel management systems and components that allow
internal combustion engines to operate on clean gaseous 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.
Certain matters discussed in this press release contain forward looking
information that involves risks and uncertainties which could cause actual
results to differ materially from current trends. These include growth of the
alternative fuels market, competition, the company's ability to design and
market new fuel management products, the company's ability to meet Original
Equipment Manufacturer (OEM) specifications, and other such risks as cited in
the company's 1997 annual report on Form 10-K and other documents filed with
the Securities and Exchange Commission.
IMPCO Technologies, Inc.
Financial Summary
(in thousands, except for per share amounts)
Three Months Ended Nine Months Ended
January 31, January 31,
1998 1997 1998 1997
Net revenue $16,993 $15,059 $51,445 $44,854
Operating income 1,996 1,206 5,044 3,370
Net income 1,197 623 2,879 1,685
Net income per share
Basic $0.18 $0.11 $0.47 $0.30
Diluted $0.16 $0.10 $0.42 $0.28
Number of shares used
in per share computation
Basic 6,625,179 5,733,541 6,087,671 5,700,150
Diluted 8,392,559 6,112,124 7,897,790 6,095,440
SOURCE IMPCO Technologies, Inc.