IMPCO Automotive OEM And Fuel Cell Division Posts 23% Revenue Gain

Company invested record $27.4 million in automotive fuel cell technology research and development.

Published: 06-Dec-2000

CERRITOS, Calif., Dec. 6 /PRNewswire/ -- IMPCO Technologies (Nasdaq: IMCO) today reported results for its second quarter and six-month period ended October 31, 2000.

For the second quarter of fiscal 2001 IMPCO reported a net loss of $1.38 million or 13 cents per share on revenues of $25.4 million. This compared to net income of $1.5 million or 17 cents per share for the second quarter of fiscal year 2000 on revenues of $27.4 million. During the current quarter, IMPCO invested a record $7.2 million (28.6% of revenue) in research and development, a 100% increase over the second quarter of fiscal year 2000 level. The increased expenditures were associated with the expansion of engineering facilities and staff to support current and anticipated fuel cell and OEM programs in fuel storage, metering and electronic control systems.

For the first half of fiscal year 2001, IMPCO reported a net loss of $1.99 million or 21 cents per share on revenues of $54.6 million. This compared to net income of $3.06 million or 35 cents per share for the same period of fiscal year 2000 on revenues of $55.8 million. Research and development expenses increased by $6.61 million in the comparable six month period of last year.

The decrease in revenues of $2.0 million and $1.2 million in the second quarter and first half of fiscal year 2001, respectively, versus the same periods in the previous year, was primarily due to a tapering off in aftermarket motor vehicle conversion sales in Mexico and an end to the short term increase in sales to the small engine gen-set market related to the Y2k phenomena. The decrease was partially offset by strong Automotive OEM and Fuel Cell Division product revenues which increased 43% during the second quarter compared to the same period of the previous year. The Automotive OEM and Fuel Cell Division experienced revenue growth of over 23% in the second quarter of this fiscal year versus the same period last year. First half revenue growth was 29% greater in this fiscal year versus last year.

Mr. Robert M. Stemmler, Chairman and CEO said that the Company's strategy and plans to establish the leading technology position in fuel storage, metering and control system products in the fuel cell and alternative fuel industry is progressing ahead of schedule. He stated that in the past six months the Automotive OEM and Fuel Cell Division increased its staff by 103 personnel and opened additional facilities in Sterling Heights, Michigan, and in Irvine and Lake Forest, California, to expand its product development, testing and vehicle integration capabilities and capacity. He added that the Company continues to add new development programs with the leaders in its target markets. Among them; Ford, Xcellsis, Ballard, Hyundai, Toyota, Isuzu, Mazda and Mitsubishi, in addition to General Motors in the transportation market, and Honda, Yamaha and Mitsubishi in the power generation market.

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