IMPCO Technologies Reports Strong Year-end Results; Record Revenues and Operating Income.CERRITOS, Calif.--(BUSINESS WIRE)--June 30, 1998-- IMPCO Technologies Inc. (Nasdaq:IMCO In my considered opinion." See digispeak. ) Tuesday announced that net income for its fiscal year ended April 30, 1998, climbed 62 percent to $4.3 million, or $0.60 per diluted share, from $2.6 million, or $0.43 per share, last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the same period rose 47 percent to $7.1 million from $4.9 million in fiscal 1997. Revenues for fiscal 1998 climbed to a record $71.1 million from $61.8 million a year ago. For the fourth quarter, net income increased 45 percent to $1.4 million, or $0.18 per diluted share, from $1.0 million, or $0.15 per diluted share, in the same quarter of fiscal 1997. Operating income for the quarter increased 40 percent to a record $2.1 million from $1.5 million last year. For the same period, revenues increased 16 percent to a record $19.6 million from $17.0 million a year earlier. Robert M. Stemmler, president and chief executive officer, stated, "Results for the year reflect strong growth in IMPCO's materials handling Materials handling The loading, moving, and unloading of materials. The hundreds of different ways of handling materials are generally classified according to the type of equipment used. sector, as well as increased contract revenues from General Motors (NYSE NYSE See: New York Stock Exchange :GM)." He added, "The rapid emergence of the alternative fuels industry will continue over the next several years, with IMPCO benefiting from the significant global growth opportunities." Stemmler highlighted fiscal 1998 as a milestone year for IMPCO, with the signing of a five-year teaming agreement with General Motors Corp. to develop clean gaseous fuel delivery systems for passenger cars and medium- and light-duty trucks. "The teaming agreement with General Motors is expected to be a significant benefit to IMPCO over the next five years, positioning the company as a premier OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and supplier to the 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. ," Stemmler added. He also highlighted the opening of IMPCO's technology center during fiscal 1998, the world's largest facility dedicated to the research and development of systems and products that support the use of clean-burning gaseous fuels in internal combustion engines Internal combustion engine A prime mover, the fuel for which is burned within the engine, as contrasted to a steam engine, for example, in which fuel is burned in a separate furnace. and fuel cells. Located on a five-acre tract of land in Irvine, Calif., the new IMPCO Advanced Technology Center boasts the largest assemblage of alternative fuel engineers and technicians all working together under one 80,000 square-foot facility. In a move to strengthen its European presence and take advantage of rapidly growing opportunities in other segments of the alternative fuel market, IMPCO purchased the remaining 49 percent interest in its European distributor, IMPCO Technologies B.V. (IMPCO Europe). IMPCO Europe is one of the oldest and largest European-based suppliers of alternative fuel products. In other significant transactions, the company acquired the Algas Carburetion division of PGI PGI Protected Geographical Indication PGI Progiciel de Gestion Intégré (French: Enterprise Resource Planning) PGI Phosphoglucose Isomerase PGI Polish Geological Institute (Warsaw, Poland) International, with headquarters in Houston, and the privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. Algas Mexicana, with headquarters in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . "These acquisitions diversify IMPCO's product line and establish a base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army to fully service the growing Mexican and Latin American markets," Stemmler said. As previously announced, in the third quarter of fiscal 1998, the company redeemed its Common Stock Purchase Warrants (Nasdaq:IMCOW). Approximately 2.1 million warrants, representing 99 percent of the outstanding warrants, were exercised, resulting in gross proceeds to the company of approximately $8.5 million. The company used the proceeds to pay down debt under its term and revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facilities. IMPCO Technologies Inc. sells alternative fuel products and services worldwide. With headquarters in Cerritos, the company has additional facilities in Irvine; Detroit; Seattle; Mt. Pleasant, Iowa; Mexico; Australia; the Netherlands; France; Germany; and the United Kingdom. IMPCO is a market leader in the original equipment manufacturer (OEM) marketplace and aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. for gaseous fuel management systems and components that allow internal combustion engines to operate on clean gaseous fuels such as propane and natural gas. IMPCO provides conversion systems for motor vehicles, forklifts, other material handling equipment, and small portable to large stationary engines. Certain matters discussed in this news release contain forward- looking information that involve risks and uncertainties which could cause actual results to differ materially from current trends. These include growth of the alternative fuels market, competition, the company's ability to design and market new fuel management products, the company's ability to meet OEM specifications, and other such risks as cited in the company's 1997 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. and other documents filed with the Securities and Exchange Commission. -0-
IMPCO Technologies, Inc.
Consolidated Financial Summary
(In thousands, except for per share amounts)
Three Months Ended 12 Months Ended
April 30, April 30,
1998 1997 1998 1997
Net revenue $19,638 $16,974 $71,083 $61,828
Operating income 2,074 1,480 7,118 4,850
Net income before dividends 1,539 1,105 4,865 3,225
Net income applicable
to common stock $ 1,391 $ 959 $ 4,270 $ 2,644
Net income per share:
Basic $ 0.20 $ 0.17 $ 0.67 $ 0.46
Diluted $ 0.18 $ 0.15 $ 0.60 $ 0.43
Number of shares used in
per share computation:
Basic 7,076 5,734 6,334 5,722
Diluted 8,769 7,291 8,133 6,131
CONTACT: IMPCO Technologies Inc. Dale Rasmussen, 206/575-1594 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 Gary S. Maier/Mike Pollock, 310/207-9300 |
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