IMPCO Announces Q2 and Six-Month Financial Results
20 November 1997
IMPCO Announces Second Quarter and Six-Month Financial Results; Record Revenues and Income Reported
CERRITOS, Calif., Nov. 20 -- IMPCO Technologies, Inc.
(Nasdaq: IMCO, IMCOW) today announced results for its second fiscal quarter
and six-month periods ended October 31, 1997.
Net revenues for the second fiscal quarter increased 24% to $18,162,000
from $14,647,000 last year. Operating income for the quarter rose 62% to
$1,734,000 from $1,071,000 a year earlier. The company reported net income of
$991,000, or $0.15 per share, compared with $495,000, or $0.09 per share, for
the same period last year.
For the six months ended October 31, 1997, net revenues increased 16% to
$34,452,000, compared to $29,795,000 for the same period last year. Operating
income rose 41% to $3,049,000 from $2,164,000 last year. Net income was
$1,682,000, or $0.26 per share, compared with $1,063,000, or $0.19 per share,
for the same period a year earlier.
Robert M. Stemmler, IMPCO's president and chief executive officer, said,
"Results for the second fiscal quarter reflect increased development contract
revenue and improved sales in the materials handling sector of our business.
The recent $10 million expansion of our credit facility with Bank of America
provides continued financial flexibility to take advantage of acquisitions and
new product development during this rapid growth period in the alternative
fuels industry."
Stemmler added that, "The company is on schedule to realize revenues in
the second half of the fiscal year from the sale of General Motors' clean-
burning, gaseous-fueled vehicles developed jointly by GM and IMPCO."
IMPCO Technologies, Inc. sells alternative fuel products and services
worldwide. Headquartered in Cerritos, CA, the company has additional
facilities in Irvine, CA; Detroit, MI; Seattle, WA; Mt. Pleasant, IA;
Australia, the Netherlands, France, Germany and the United Kingdom. IMPCO is
a market leader in the Original Equipment Market (OEM) and aftermarket 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 press release contain forward looking
information that involves 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 Original
Equipment Manufacturer (OEM) specifications, and other such risks as cited in
the company's 1997 annual report on form 10-K and other documents filed with
the Securities and Exchange Commission.
IMPCO Technologies, Inc.
Financial Summary
(in thousands, except for per share amounts)
Three Months Ended Six Months Ended
October 31, October 31,
1997 1996 1997 1996
Net revenue $18,162 $14,647 $34,452 $29,795
Operating income 1,734 1,071 3,049 2,164
Net income 991 495 1,682 1,063
Net income per share
Primary $0.15 $0.09 $0.26 $0.19
Fully Diluted $0.15 $0.09 $0.25 $0.19
Number of shares
used in per
share computation
Primary 6,812,122 6,754,392 6,803,027 6,755,780
Fully Diluted 6,812,122 6,754,392 6,803,027 6,755,780
SOURCE IMPCO Technologies, Inc.
