Amerigon Reports Fourth Quarter, Year-End Results.IRWINDALE, Calif.--(BUSINESS WIRE)--March 10, 1998--Amerigon Inc. (Nasdaq: ARGNA), a development stage company for components and systems for the global automotive market, Tuesday Tuesday: see week. reported financial results for the fourth quarter and year ended Dec. 31, 1997. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Amerigon President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Rick Weisbart, the improved financial results for both periods as compared with the prior year were primarily due to restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). programs instituted during 1997 and the company's decision to focus on its Climate Control Seat (CCS (1) (Common Channel Signaling) A communications system in which one channel is used for signaling and different channels are used for voice/data transmission. Signaling System 7 (SS7) is a CCS system, also known as CCS7. See SS7. ) system and Amerigon Radar Technology (ART). The net loss for this year's fourth quarter narrowed substantially to $1,780,000, or a loss of $0.19 per share, when compared with the loss of $3,752,000, or a loss of $0.92 per share for the fourth quarter of the prior year. The net loss for the 1997 year was $5,417,000, or a loss of $0.62 per share, compared with the prior year's net loss of $9,997,000, or a loss of $2.46 per share. Revenues in the fourth quarter of 1997 were $162,000 compared with revenues of $946,000 in the fourth quarter of the prior year. Revenues for the 1997 year were $1,308,000 compared with revenues of $7,447,000 for the full year ended 1996. Weisbart commented: "Over the past several months we have achieved two significant milestones. By the end of the fourth quarter, we had shipped prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. seats containing the CCS system to more than 20 manufacturers, including most of the major automotive companies. Additionally, during the first quarter of 1998, we started our first production run of the CCS product in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the recently announced completion of our early adopter program with Mark III Mark III can refer to:
Amerigon Chairman and Chief Executive Officer Lon E. Bell, Ph.D. said: "Future efforts and resources will continue to be focused primarily on our CCS system and ART for maneuvering and safety technologies, and the pursuit of strategic and financial partners to help support continued development and marketing for our electric vehicle systems. During 1997 we were successful in completing a joint venture, 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. Inc., (in which the company retains a minority interest) with Yazaki Corp., which resulted from the sale of certain assets and the technology of our voice recognition product. "In fact," Bell added, "IVS Inc. recently announced the launch of its first product, Avstar, for cars and trucks. Avstar is the only navigation navigation, science and technology of finding the position and directing the course of vessels and aircraft. Early Navigational Techniques In ancient times, mariners navigated by the guidance of the sun and stars and landmarks along the coast. product on the market that is entirely voice-interactive, allowing the driver's hands to remain on the wheel and the driver's eyes to remain on the road at all times. It is our goal to form a similar joint venture with respect to our electric vehicle technology," he said. According to Bell, the decrease in revenues in both the fourth quarter and the year were due to the completion of a major electric vehicle development contract in 1997. The improvement in the net loss for the fourth quarter of 1997 was primarily due to a 54 percent reduction in costs and expenses related to the completion of a major vehicle development contract and the elimination of expenses related to the company's Interactive Voice System (IVS) product line, as a result of the formation of a joint venture with Yazaki Corp. The improvement in the net loss for the year was due to the reasons mentioned for the fourth quarter, as well as the gain on sale of assets related to the formation of the IVS joint venture in the third quarter of 1997. Founded in 1991, Amerigon Inc. is a development stage company for high technology products in the commercial automotive market. The company is based in Irwindale. -0- 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 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, 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. 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 Dec. 31, 1996. -0-
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
From April 23,
1991
Three Months Twelve Months (Inception) to
Ended Dec. 31, Ended Dec. 31, Dec. 31,
1996 1997 1996 1997 1997
Revenues:
Development
Contracts
and Related
Grants $733 $147 $7,115 $1,281 $17,210
Grants 213 15 332 27 6,183
Total
Revenue 946 162 7,447 1,308 23,393
Costs and
Expenses:
Direct
Development
Contract and
Related
Grant
Costs 2,391 162 11,533 2,586 20,904
Direct
grant
costs 109 (3) 210 25 4,757
Research
and
Develop-
ment 584 769 2,128 2,072 10,859
Selling,
General and
Administrative,
Including
Reimbursable
Expenses 1,572 1,191 3,410 4,471 18,258
Total Costs
and
Expenses 4,656 2,119 17,281 9,154 54,778
Operating
Loss (3,710) (1,957) (9,834) (7,846) (31,385)
Interest
Income 6 177 48 477 1,043
Interest
Expense (48) -- (211) (71) (282)
Gain on
Disposal
of Assets -- -- -- 2,363 2,363
Loss Before
Extraordinary
Items (3,752) (1,780) (9,997) (5,077) (28,261)
Extraordinary
Loss From
Extinguishment
of Debt -- -- -- (340) (340)
Net Loss ($3,752) ($1,780) ($9,997) ($5,417) ($28,601)
Loss Per
Share ($0.92) ($0.19) ($2.46) ($0.62)
Weighted
Average
Number of
Shares
Outstanding 4,069 9,550 4,062 8,796
-0-
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED BALANCE SHEETS
(In thousands)
ASSETS Dec. 31, Dec. 31,
1996 1997
(unaudited)
Current Assets:
Cash & cash equivalents $203 $6,037
Short term investments -- 2,400
Accounts receivable less
allowance of $80 1,188 255
Receivable due from joint
venture partner -- 1,000
Unbilled revenue 1,157 --
Inventory, primarily raw
materials 20 35
Prepaid expenses and
other assets 744 196
Total Current Assets 3,312 9,923
Property and equipment, net 610 645
Total Assets $3,922 $10,568
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $1,567 $650
Deferred revenue 154 97
Accrued liabilities 519 350
Note payable to
shareholder 200 --
Bridge Notes and
debentures payable 3,000 --
Bank loan payable 1,187 --
Total Current Liabilities 6,627 1,097
Long Term Portion of Capital Lease 43 41
Shareholder's 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, 4,069 and 9,550, issued
and outstanding at Dec. 31, 1996
and Dec. 31, 1997, respectively.
(An additional 3,000 shares held
in escrow) 17,321 28,149
Class B-no par value; 3,000 shares
authorized, none issued and
outstanding
Contributed capital 3,115 3,115
Class A warrants -- 6,767
Deficit accumulated during
development stage (23,184) (28,601)
Total Shareholders' Equity
(Deficit) (2,748) 9,430
Total Liabilities and
Shareholders' Equity $3,922 $10,568
CONTACT: Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. & Caron “Hacek” redirects here. For the group of bacteria, see HACEK organism. A caron ( ˇ ) or háček (pronounced [ˈhɑːʧɛk]; Inc. Damon Da·mon n. A legendary figure who, out of devotion, pledged his life as a guarantee that his condemned friend Pythias would return to face execution. Both were subsequently pardoned. Noun 1. Wright (investors) Owen Daley Da·ley , Richard Joseph 1902-1976. American politician who dominated Chicago politics during his years as mayor (1955-1976). Known as one of the last old-time big city bosses, Daley was also an important figure in the national Democratic Party. (media) 714/252-8440 |
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