Amerigon Reports Second-Quarter, Six-Month Results
18 August 1999
Amerigon Reports Second-Quarter, Six-Month Results
IRWINDALE, Calif.--Aug. 17, 1999--Amerigon Inc. Tuesday announced results for its second quarter and six months ended June 30, 1999.For the second quarter, the net loss was $1.7 million, or $0.91 per share, compared with a net loss of $1.7 million, or $0.88 per share, in the prior year's second quarter. Revenue for this year's second quarter was $93,000, when compared with last year's second- quarter revenue of $281,000, which was comprised almost solely of development contracts related to its Climate Control Seat(TM) system (CCS(TM)).
For the six-month period ended June 30, 1999, the net loss decreased to $3.2 million, or $1.71 per share, compared with a net loss of $3.5 million, or $1.85 per share, for the first six months of the prior year. Revenue for this year's first six months was $412,000, compared with revenue of $319,000 for the first six months of 1998.
Amerigon President and Chief Executive Officer Richard A. Weisbart commented: "The second quarter marked an important turning point within Amerigon. Major management changes and the closing of a $9 million financing in June have allowed the full utilization of our time and talent in the pursuit of our near- and far-term operational goals.
"Based on strengthening interest in our CCS from both automobile manufacturers and their seat suppliers, we are confident that the niche presence we expect to establish in the model year 2000 through our relationship with Johnson Controls will continue to ramp up in model years 2001 and forward with other automotive leaders."
The company's balance sheet at June 30, 1999, shows a current ratio of 6.6-to-1; total assets of $8.1 million; cash, cash equivalents and short-term investments of $6.7 million; and shareholders' equity of $7.0 million.
Amerigon, an emerging player in the global automotive industry, develops and markets proprietary products for automotive OEMs. The Climate Control Seat(TM) (CCS(TM)) technology provides active heating, cooling and dehumidification for seat occupants. CCS is expected to debut in a model year 2000 luxury vehicle.
The company's other products include its AmeriGuard(TM) radar sensor systems designed to extend the driver's field of view in such vehicle applications as enhanced parking aids, back-up warning systems and side object detection.
Certain matters discussed in this release, including the company continuing to allocate funds toward development and sales and marketing, consumer demand for its products, expected revenue and revenue growth, expense levels and expected losses for the foreseeable future, are forward-looking statements that involve risks and uncertainties, and actual results may be different. Such risks and uncertainties include the acceptance and performance of the company's products, the company's ability to develop new products successfully and the ability to obtain new sources of financing. Also refer to the company's Securities and Exchange Commission reports, including, but not limited to, the Form 10-K for the year ended Dec. 31, 1998, and the Form 10-Q for the quarter ended June 30, 1999.
AMERIGON INC.
(A Development Stage Enterprise)
STATEMENTS OF OPERATIONS
(In thousands, except per-share data)
(Unaudited)
From
April 23, 1991
Three Months Ended Six Months Ended (inception)
June 30, June 30, to June 30,
1998 1999 1998 1999 1999
Revenues 281 93 319 412 7,523
Costs and
Expenses 1,899 1,663 3,700 3,536 42,295
Operating
loss (1,618) (1,570) (3,381) (3,124) (34,772)
Interest
income,
net 78 (74) 174 (60) 1,316
Gain on
disposal
of assets 62 -- 62 -- 2,363
Net loss
from continuing
operations and
before extraordinary
item (1,478) (1,644) (3,145) (3,184) (31,093)
Loss from
discontinued
operations (197) (19) (387) (19) (7,698)
Net loss
before
extraordinary
item (1,675) (1,663) (3,532) (3,203) (38,791)
Extraordinary
loss from
extinguishment
of indebtedness -- -- -- -- (340)
Net loss ($ 1,675) ($ 1,663) ($ 3,532) ($ 3,203) ($39,131)
Net loss
available
to common
shareholders ($ 1,675) ($ 1,730) ($ 3,532) ($ 3,270) ($39,198)
Basic and diluted
net loss per share:
Loss from
continuing
operations ($ 0.77) ($ 0.90) ($ 1.65) ($ 1.70)
Discontinued
operations (0.10) (0.01) (0.20) (0.01)
Available
to common
shareholders ($ 0.88) ($ 0.91) ($ 1.85) ($ 1.71)
Weighted average
number of shares
outstanding 1,910 1,910 1,910 1,910
AMERIGON INC.
(A Development Stage Enterprise)
BALANCE SHEET
(In thousands)
(Unaudited)
Dec. 31, June 30,
1998 1999
ASSETS
Current Assets:
Cash & cash equivalents $ 1,667 $ 4,895
Short-term investments -- 1,854
Accounts receivable less
allowance of $101 and
$42, respectively 174 185
Inventory, primarily raw materials 105 168
Prepaid expenses and other assets 136 391
Total current assets 2,082 7,493
Property and equipment, net 562 612
Total Assets $ 2,644 $ 8,105
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 363 $ 748
Deferred revenue 44 --
Accrued liabilities 485 386
Total current liabilities 892 1,134
Long-term portion of capital lease 26 20
Shareholders' Equity:
Convertible Preferred Stock;
Series A - no par value;
9,000 shares authorized,
none and 9,000 issued and
outstanding at
Dec. 31, 1998 and
June 30, 1999 -- 8,279
Common Stock;
Class A - no par value;
20,000 shares authorized,
1,910 issued and outstanding at
Dec. 31, 1998 and
June 30, 1999 28,149 28,149
Contributed capital 9,882 10,031
Deficit accumulated during
development stage (36,305) (39,508)
Total shareholders' equity 1,726 6,951
Total Liabilities and
Shareholders' Equity $ 2,644 $ 8,105