Amerigon Incorporated Reports Third Quarter 1997 Results.IRWINDALE, Calif.--(BUSINESS WIRE)--Oct. 27, 1997--Amerigon Incorporated (Nasdaq: ARGNA), a development stage company for components and systems for the commercial automotive market, today, reported financial results for the three and nine months ended September September: see month. 30, 1997. The Company showed improved per share data as a result of disciplined programs instituted in the two prior quarters of 1997. The Company reported third quarter 1997 net income of $675,000 or $0.07 per share compared to a net loss of $1,066,000 or $0.26 per share in the prior year. Year to date loss for the nine month period 1997 was $3,637,000 or $0.43 per share compared to a net loss of $6,245,000 or $1.54 per share in the prior comparable period. The decrease in the net loss in both the three and nine month periods was a result of the gain on sale of assets related to the formation of the IVS ivs - INRIA Videoconferencing System. A video-conferencing tool for the Internet based on the H.261 video compression standard. http://zenon.inria.fr:8003/rodeo/personnel/Thierry.Turletti/ivs.html. (TM) joint venture, previously announced. Revenues in the third quarter 1997 were $399,000, compared to $1,887,000 in the prior year and $1,146,000 for the first nine months of 1997 compared to $6,501,000 in the prior year. Revenues decreased in both comparative periods because of the completion of a major electric vehicle development contract with no replacement revenues. Lon E. Bell, Chairman and Chief Executive Officer, commented, "We are on track with our previously announced strategy of forming strategic alliances which enhance shareholder value. We completed the joint venture to form IVS(TM), Inc. on July July: see month. 24, 1997 and are pursuing partners for the electric vehicle business. Expenditures have been reduced in the electric vehicle program and along with the IVS(TM) transaction our total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have decreased from the second quarter 1997 and we expect they will continue to decrease into the fourth quarter of this fiscal year. We are currently in a period of concentrated development of our seat and radar products and have decided not to pursue significant grant or development contracts in the near future. This strategic business decision will decrease our revenue levels significantly for the near future but we expect will result in a stronger product line for the Company." "The Company expects to continue to expend ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. substantial funds on its development efforts and to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. losses for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. However, we remain extremely excited about the market for both the seat and radar products and continue to receive positive reactions from potential customers." Certain matters discussed in this release, including the Company continuing to allocate To reserve a resource such as memory or disk. See memory allocation. funds toward development, a reduction in the expected expense levels and expected losses for the foreseeable future, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. Please also refer to the Company's Securities and Exchange Commission reports, including but not limited to the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1996. Founded in 1991, Amerigon Incorporated is a development stage company for high technology products in the commercial automotive market. The Company is based in Irwindale, California Irwindale is a city in Los Angeles County, California, United States. The population was 1,446 at the 2000 census. With relatively few residents, Irwindale consists mostly of rock quarries, which are the major revenue source for the city. . -0-
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months
Ended September 30,
-------------------------- ---------------------- -----------
1996 1997
------------- ------------- ---------- ----------- ----------
Revenues:
Development Contracts
and Related Grants $1,768 $399
Grants 119 --
-----------------------------------------
Total Revenue 1,887 399
-----------------------------------------
Costs and Expenses:
Direct Development
Contract and
Related Grant Costs 1,567 536
Direct Grant Costs 101 --
Research and Development 545 591
Selling, General and
Administrative, In-
Cluding Reimbursable 657 1,091
Expenses
-------------------------------------------------
Total Costs and
Expenses 2,870 2,218
--------------------- ------- --------
Operating Loss (983) (1,819)
Interest Income 1 131
Interest Expense (84) --
Gain on Disposal of Assets -- 2,363
------- --------------------------- ---------
Income (Loss) Before
Extraordinary Item ($1,066) $675
Extraordinary Loss
From Extinguishment of -- --
Indebtedness
------------------- ----------------------
Net Income (Loss) ($1,066) $675
------------------- ----------------------
Net Income (Loss) Per
Share Before Extraordinary
Item ($0.26) $0.07
=========================================
Net Income (Loss) Per
Share ($0.26) $0.07
============ ============= ============= ============
Weighted Average Number
Of Shares
Outstanding 4,069 9,543
============ ============= ============= ============
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
From April
23, 1991
Nine Months (inception)
Ended September 30, to
September
30,
-------------------------- ---------------------- -----------
1996 1997 1997
------------- ------------- ---------- ----------- ----------
Revenues:
Development Contracts
and Related Grants $6,382 $1,134 $17,063
Grants 119 12 6,168
-----------------------------------------
Total Revenue 6,501 1,146 23,231
-----------------------------------------
Costs and Expenses:
Direct Development
Contract and
Related Grant Costs 9,142 2,424 20,742
Direct grant costs 101 101 28 4,760
Research and Development 1,544 1,303 10,090
Selling, General and
Administrative, In-
Cluding Reimbursable 1,838 3,280 17,067
Expenses
-------------------------------------------------
Total Costs and
Expenses 12,625 7,035 52,659
--------------------- ------- --------
Operating Loss (6,124) (5,889) (29,428)
Interest Income 42 346 912
Interest Expense (163) (117) (328)
Gain on Disposal
Assets -- 2,363 2,363
------- --------------------------- ---------
Income (Loss) Before
Extraordinary Item ($6,245)($3,297) ($26,481)
Extraordinary Loss
From Extinguishment of
Indebtedness -- (340) (340)
------------------- ----------------------
Net Income (Loss) ($6,245)($3,637) ($26,821)
------------------- ----------------------
Net Income (Loss) Per
Share Before
Extraordinary Item ($1.54) ($0.39)
=================== ======================
Net Income (Loss) Per
Share ($1.54) ($0.43)
============ ============= ============= ============
Weighted Average Number
Of Shares 4,060 8,536
Outstanding
============ ============= ============= ============
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED BALANCE SHEET
(In thousands)
December 31, September 30,
ASSETS 1996 1997
(unaudited)
-------------- ------------
Current Assets:
Cash & cash equivalents $ 203 $ 8,865
Short term investments -- 1,321
Accounts receivable less allowance
of $80 1,188 560
Unbilled revenue 1,157 12
Inventory, primarily raw materials 20 --
Prepaid expenses and other assets 744 1,252
-------------- ------------
Total Current Assets 3,312 12,010
Property and equipment, net 610 557
-------------- ------------
Total Assets $ 3,922 $ 12,567
-------------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,567 $ 274
Deferred revenue 154 209
Accrued liabilities 519 844
Note payable to shareholder 200 --
Bridge Notes and debentures payable 3,000 --
Bank loan payable 1,187 --
-------------- ------------
Total Current Liabilities 6,627 1,327
-------------- -----------
Long Term Portion of Capital Lease 43 30
-------------- -----------
Shareholders' Equity:
Preferred stock, no par value; 5,000 shares
authorized, none issued and outstanding
Common Stock;
Class A-no par value; 40,000 shares
authorized, 9,550, and 4,069, issued and
outstanding at September 30, 1997 and
December 31, 1996, respectively. (An
additional 3,000 shared
held in escrow) 17,321 28,149
Class B-no par value; 3,000 shares
authorized, none issued and
outstanding -- --
Class A warrants -- 6,767
Contributed capital 3,115 3,115
Deficit accumulated during development
stage (23,184) (26,821)
---------- ----------
Total Shareholders' Equity (Deficit) (2,748) 10,210
---------- ----------
Total Liabilities and Shareholders'
Equity $3,922 $ 12,567
============== ===============
CONTACTS: Scott Davis Scott Davis is the name of various people:
Chief Financial Officer Amerigon Incorporated (626) 815-7400 or Valerie Name Valerie is a common name for a girl in both English and French. Spelt as "Valery" or "Valeri", it is a common male name in parts of Europe (particularly in France and Russia). It means brave and courageous. Carlson Carl·son , Chester Floyd 1906-1968. American inventor of the xerographic process for copying documents (first patented in 1940). Fleishman-Hilliard (212) 265-9150 |
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