Amerigon reports 1996 fourth quarter/year-end 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. , CA--(BUSINESS WIRE)--April 1, 1997-- Proposed joint venture partnership with Yazaki Corporation in its interactive voice navigation Using voice recognition to select options from a menu. business moves forward Letter of intent provides for $2 million in additional funding subject to definitive agreement Amerigon Inc. (Nasdaq: ARGNA and ARGNW) today reported that revenues in the 1996 fourth quarter declined to $946,000 compared to $3,003,000 in the comparable year ago period, while revenues in 1996 decreased to $7,447,000 from $7,809,000 in 1995. As anticipated and previously announced, the fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results reflect the completion of a major electric vehicle development contract and an end of revenues associated with it. The company reported a fourth quarter net loss of $3,752,000, or $0.92 per share, compared to a net loss of $277,000, or $0.08 per share in the similar year ago period. For the full year, the company reported a net loss of $9,997,000, or $2.46 per share, compared to a net loss of $3,237,000, or $0.98 per share in 1995. The year-end results include previously announced losses associated with the company's electric vehicle contracts. The total dollar amount of these losses in 1996 is $2.85 million. Lon E. Bell, chairman and chief executive officer, commented, "The fourth quarter and year-end financial results reflect an ongoing transition for the company. Amerigon is progressing from dependence on grant funding and R&D programs to focus its financial and R&D resources on the development, production and commercialization of its climate control seat and 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. technologies." The company also announced that it entered into a non-binding letter of intent with Yazaki Corp., a privately held Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and automotive company, to form a joint venture to develop and market the company's Interactive Voice System (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)) product, a voice activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. navigation system A GPS-based electronic system in a car or truck that provides a real time map of the vehicle's current location as well as step-by-step directions to a programmed destination. See GPS and vehicle tracking. . Under the letter of intent, Yazaki Corp. would provide up to $1 million in support funding for the company pending completion of the joint venture. This funding reimburses company costs and is subject to return under certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Under the basic terms of the joint venture, Amerigon would contribute to the joint venture substantially all of its assets relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the IVS(TM) and would retain an equity interest in the venture. Amerigon would also receive $2 million in cash from the joint venture within one year of the parties' execution of a definitive joint venture agreement. Completion of the joint venture is subject to a number of conditions and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and there can be no assurance that Amerigon will receive all or any of the support payments or that the joint venture will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . "The proposed joint venture with this strong partner would be integral to our continuing development of IVS(TM)" Bell added. "And our recent successful stock and warrant offering has provided us important financial resources to carry out our plans to bring the seat and radar technologies to the commercial marketplace quickly and efficiently." The company recently completed an approximately $20.1 million public offering of common stock and warrants ($17.7 million in total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). ) which was used to repay approximately $4.1 million in debt and the remainder will be used for operations. The company sold 19,550 units in the offering, each unit consisting of 280 shares of Class A Common Stock and 280 Class A Warrants at $1,030 per unit. Founded in 1991, Amerigon develops high-tech products for the commercial automotive and emerging electric vehicle markets. N.B. Except for historical information contained herein, the matters set forth in this news release are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those described under the caption "Risk Factors" in Item 1 of the company's Annual Report on 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 period ended Dec. 31, 1996. -0-
AMERIGON INCORPORATED
(A Development Stage Enterprise)
CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Year Ended Three Months Ended
Dec. 31, Dec. 31, (unaudited)
1995 1996 1995 1996
Revenues:
Development
contracts and
related grants $ 7,290 $ 7,115 $ 2,964 $ 733
Grants 519 332 39 213
Total revenues 7,809 7,447 3,003 946
Costs and expenses:
Direct development
contract and
related
grant costs 5,332 11,533 1,437 2,391
Direct grant
costs 339 210 (51) 109
Research and
development 2,367 2,128 582 584
Selling, general
and administrative,
including
reimbursable
administrative
expenses 3,135 3,410 1,315 1,572
Total costs
and expenses 11,173 17,281 3,283 4,656
Operating Loss (3,364) (9,834) (280) (3,710)
Interest income 127 48 3 6
Interest expense -- (211) -- (48)
Net loss ($3,237) ($9,997) ($277) ($3,752)
Net loss per share ($0.98) ($2.46) ($0.08) ($0.92)
Weighted average
number of shares
outstanding 3,306 4,062 3,317 4,069
CONTACT: Amerigon Inc. Lon Bell, Chairman 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. 818/932-2080 or Fleishman-Hillard Peter Stack/Bob Cavosi 212/265-9150 |
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