Amerigon Reports Third Quarter, Nine-Month Results; Comments on Continued Progress in Key Product Areas.IRWINDALE, Calif.--(AutomotiveWire)--Nov. 3, 1999-- Amerigon Inc. (Nasdaq:ARGNA), a development stage company, Wednesday Wednesday: see week. announced results for its third quarter and nine months ended Sept. 30, 1999, and commented on continued progress made in the company's two key product areas. 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 CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a A. Weisbart, the third quarter of this year resulted in important progress toward commercialization of both its Climate Control Seat(TM) (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. )(TM) system and its AmeriGuard(TM) radar-based sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. systems for vehicle maneuvering applications. "We are seeing expanded interest in the CCS system from automobile manufacturers and seat suppliers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
Asia," Weisbart said, "and we are preparing to launch CCS in a
model year 2000 luxury sports utility vehicle sports utility vehicle sport n → véhicule m de loisirs (de type SUV)sports utility vehicle n (esp US) → fuoristrada m inv through our relationship with Johnson Controls Johnson Controls, Inc. (NYSE: JCI) is a United States company, based in Milwaukee, Wisconsin, specializing in the design, manufacturing, and installation of automotive systems, automotive batteries (Optima[1] based in Denver, Colorado) and climate control systems. . "The attainment of this important milestone will give us a strong market entry position to build on as the company ramps up to service other manufacturers in model years 2001 and beyond. "On another important front, our AmeriGuard system, used for such applications as back-up warning and blind spot detection in trucks, buses and automobiles, continued to perform well during the quarter in heavy truck field trials, which are being conducted by the state of New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Department of Transportation." For this year's third quarter, the company reported a net loss of $2 million, or a $1.04 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share, compared with a net loss of $1.7 million, or a $0.90 fully diluted loss per share in the prior year's third quarter. Revenue for this year's third quarter was $102,000, compared with last year's third quarter revenue of $284,000, which was comprised almost solely of development contracts related to its CCS system. In commenting on the most recent development with its AmeriGuard system Weisbart said: "We just completed the delivery of 60 additional Backup Warning Systems to the New Mexico Highway Transportation Department, which will be field tested as the final phase of our joint development program with them. The test is expected to be completed before the end of the first quarter of next year. "We are hopeful that a successful field test will then result in orders for production quantities of the system being placed." For the nine months ended Sept. 30, 1999, the company reported a net loss of $5.3 million, or a $2.76 fully diluted loss per share, compared with a net loss of $5.2 million, or a $2.75 fully diluted loss per share for the first nine months of the prior year. Revenue for this year's first nine months was $514,000, compared with revenue of $603,000 for the first nine months of 1998. The company's balance sheet at Sept. 30, 1999, shows a current ratio of 4.3-to-1; total assets of $6.1 million, compared with $2.6 million at Dec. 31, 1998; and cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments of $4.1 million, compared with $1.7 million at Dec. 31, 1998. Amerigon, an emerging player in the global automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , 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 Radio detection and ranging (radar) is used to sense angle, range and velocity of (moving) scatterers in the environment [1] [2]. Radar sensor figures of merit include maximum range and solid angle, as well as angular, range and velocity resolution. 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 To reserve a resource such as memory or disk. See memory allocation. 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 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, 1998, and the Form 10-Q Form 10-Q See 10-Q. for the quarter ended Sept. 30, 1999. -0-
AMERIGON INC.
(A Development Stage Enterprise)
STATEMENT OF OPERATIONS
(In thousands, except per-share data)
(Unaudited)
From
April 23, 1991
Three Months Ended Nine Months Ended (inception)
Sept. 30, Sept. 30, to Sept. 30,
1998 1999 1998 1999 1999
Revenues 284 102 603 514 7,625
Costs and
Expenses 1,909 2,181 5,596 5,717 44,476
Operating
loss (1,625) (2,079) (4,993) (5,203) (36,851)
Interest
income,
net 47 84 221 25 1,023
Gain on
disposal
of assets (29) -- 20 (19) 2,363
Net loss
from continuing
operations and
before extraordinary
item (1,607) (1,995) (4,752) (5,178) (33,465)
Loss from
discontinued
operations (108) -- (495) (19) (7,698)
Net loss
before
extraordinary
item (1,715) (1,995) (5,247) (5,197) (41,163)
Extraordinary
loss from
extinguishment
of indebtedness -- -- -- -- (340)
Net loss ($ 1,715) ($ 1,995) ($ 5,247) ($ 5,197) ($41,503)
Net loss
available
to common
shareholders ($ 1,715) ($ 1,995) ($ 5,247) ($ 5,264)
Basic and diluted
net loss per share:
Loss from
continuing
operations ($ 0.84) ($ 1.04) ($ 2.49) ($ 2.75)
Discontinued
operations (0.06) 0.00 (0.26) (0.01)
Available
to common
shareholders ($ 0.90) ($ 1.04) ($ 2.75) ($ 2.76)
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, Sept. 30,
1998 1999
ASSETS
Current Assets:
Cash & cash equivalents $ 1,667 $ 2,253
Short-term investments -- 1,854
Accounts receivable less
allowance of $101 and
$42, respectively 174 202
Inventory 105 488
Prepaid expenses and other assets 136 186
Total current assets 2,082 4,983
Property and equipment, net 562 1,120
Total Assets $ 2,644 $ 6,103
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 363 $ 781
Deferred revenue 44 --
Accrued liabilities 485 366
Total current liabilities 892 1,147
Long-term portion of capital lease 26 12
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 -- 8,267
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) (41,503)
Total shareholders' equity 1,726 4,944
Total Liabilities and
Shareholders' Equity $ 2,644 $ 6,103
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