Amerigon announces first-quarter results.MONROVIA Monrovia, city, Liberia Monrovia (mənrō`vēə), city (1986 est. pop. 465,000), capital of the Republic of Liberia, NW Liberia, a port on the Atlantic Ocean at the mouth of the St. Paul River. , Calif.--(BUSINESS WIRE)--May 6, 1996--Amerigon Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARGNA) Monday Monday: see week. reported revenues for its first quarter ended March 31, 1996, increased more than four fold to $3,854,000 from $897,000 a year ago. For the same period, Amerigon's net loss narrowed to $370,000, or $0.09 per share, from $1,275,000, or $0.39 per share, a year earlier. Dr. Lon E. Bell, chairman and chief executive officer, emphasized that results for the quarter reflect the company's progress in its transition from a development stage company to a commercial enterprise, with an increase in prototype sales and development contracts and reduced dependence on grant revenues. He noted that Amerigon's electric vehicle program contributed a major portion of revenues for the quarter, while the company continued development of its climate control seat and ultra-wideband See UWB. radar technology. The company recently announced that it has signed an agreement in principle with India-based Maini Group to form a joint venture to produce low-cost electric vehicles in Bangalore, India. During the first quarter, the company completed the assembly of two prototypes of the REVA REVA Risa En Voz Alta (Spanish: laugh out loud) REVA Recommended Vehicle Adjustment , designed for the Indian marketplace, and began road testing for speed, range and overall operational efficiency. Amerigon expects to ship one of the vehicles to India for government certification within the next few weeks. In addition, Amerigon began shipping electric vehicle components and frames to another Asian country Noun 1. Asian country - any one of the nations occupying the Asian continent Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" under a major development contract which has been in process since 1995. Bell also noted that during the quarter the company increased to 20 the number of metropolitan areas available on compact disk, which is utilized by Amerigon's voice-activated navigation product. As previously announced, Kenwood, Alpine ALPINE Antihypertensive Treatment and Lipid Profile in a North of Sweden Efficacy Evaluation (drug trial) ALPINE Advanced Logistics Program Integration and Engineering , Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. and Fujitsu-Ten/Eclipse began distribution of the Interactive Voice System Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator to their dealer networks in the first quarter of 1996 and also initiated promotion programs. Founded in 1991, Amerigon designs and manufactures proprietary, high-margin products for the commercial automotive and emerging electric vehicle markets. -0-
AMERIGON INC.
(A Development Stage Enterprise)
STATEMENT OF OPERATIONS
(In thousands except for per-share data)
(Unaudited)
Three Months
Ended March 31,
1996 1995
Revenues:
Development contracts and
related grants $ 3,854 $ 671
Grants -- 226
Total revenues 3,854 897
Costs and expenses:
Direct development contract and
related grant costs 3,321 623
Direct grant costs -- 172
Research and development 384 655
Selling, general and administrative
including reimbursable expenses 555 789
Total costs and expenses 4,260 2,239 Operating loss (406) (1,342) Interest income 36 67 Net loss $ (370) $(1,275) Net loss per share $ (0.09) $ (0.39) Weighted average number of shares outstanding 4,050 3,300 CONTACT: Amerigon Inc., Monrovia John Hamman, 818/932-2080 or Pondel Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. & Wilkinson, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Gary S. Maier, 310/207-9300 |
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion