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Amerigon Reports 2010 Fourth Quarter, Year-End Results

NORTHVILLE, Mich. Feb. 17, 2011 December 31, 2010

$112.4 million $60.9 million

Daniel R. Coker North America Japan

North America Europe Germany

Gross margin as a percentage of revenue for 2010 was 29 percent compared with 26 percent in 2009.  The year-over-year increase was primarily attributable to a favorable shift in the mix of products sold, lower raw material costs and higher coverage of fixed cost at the higher volume levels.

$10.0 million $0.46 $0.44 $723,000 $0.03

$2.9 million $1.4 million $325,000

December 31, 2010 $28.9 million $21.6 million

$3.3 million $0.15 $1.4 million $0.07 $0.06

Amerigon’s proprietary heated and cooled cup holder made its debut at the end of 2010 in the 2011 Dodge Charger.  The dual cup holder, which provides separate temperature settings in each holder allowing the driver and passenger to individually maintain a heated or cooled beverage, requires low power consumption and incorporates proven automotive grade ruggedness, reliability and drink retention features.  The Company anticipates that at least one additional vehicle will adopt this product in 2011.

Austin, Texas Texas September 24 through October 17

Coker added, "While CCS is currently our only high volume product, we expect the heated and cooled cup holder and heated and cooled mattress will begin to contribute more meaningful product revenues during 2011."

The Company continues to work towards expanding its TE technology to other major market arenas.  The Company’s objective is for its unique technology to occupy an important place in the value chain of a new class of solid state energy conversion systems that replace existing electromechanical devices in a number of potentially large market sectors, including other automotive applications, stationary temperature management, aerospace and defense, individual comfort, waste heat harvesting and primary power generation.

December 31, 2010 $36.3 million $79.4 million $57.5 million

CCS systems are currently offered as an optional or standard feature on 54 automobile models produced by Ford, General Motors, Toyota, Nissan, Hyundai, Kia and Jaguar/Land Rover.  New vehicles equipped with CCS systems and launched during 2010 included the Ford F-250, Ford Explorer, Infiniti QX56, Nissan Patrol, Kia Sonata, Kia Sportage, Kia Optima, Hyundai Tucson and the Hyundai Veracruz.

December 31, 2010

$1.3 million $3.7 million March 2010

$968,000 $2.1 million Germany South Korea Europe China $607,000 $500,000

Guidance

$24.2 million

Conference Call

11:30 AM Eastern Time www.amerigon.com

About Amerigon

Southern California Southeast Michigan Japan Germany England www.amerigon.com

December 31, 2010

Contact:

Allen & Caron Inc

Jill Bertotti (investors)

[email protected]

Len Hall (media)

[email protected]

(949) 474-4300

TABLES FOLLOW

AMERIGON INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2010

2009

2010

2009

Product revenues

$  28,917

$  21,598

$  112,403

$  60,925

Cost of sales

20,330

15,333

79,664

45,166

Gross margin

8,587

6,265

32,739

15,759

Operating expenses:

Research and development

2,764

1,824

11,922

8,097

Research and development reimbursements

(76)

(472)

(2,269)

(2,103)

Net research and development expenses

2,688

1,352

9,653

5,994

Selling, general and administrative

3,506

2,538

10,955

8,857

Total operating expenses

6,194

3,890

20,608

14,851

Operating income

2,393

2,375

12,131

908

Interest income (expense)

16

(9)

25

10

Loss from equity investment

(369)

(22)

(492)

Other income

36

53

145

183

Earnings before income tax

2,445

2,050

12,279

609

Income tax expense (benefit)

(690)

750

2,921

325

Net income

3,135

1,300

9,358

284

Plus: Loss attributable to non-controlling interest

167

97

592

439

Net income attributable to Amerigon Inc.

$  3,302

$  1,397

$  9,950

$  723

Basic earnings per share

$  0.15

$  0.07

$  0.46

$  0.03

Diluted earnings per share

$  0.15

$  0.06

$  0.44

$  0.03

Weighted average number of shares – basic

21,937

21,479

21,717

21,402

Weighted average number of shares – diluted

22,710

22,155

22,496

21,771

AMERIGON INCORPORATED

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

December 31,

ASSETS

2010

2009

Current Assets:

   Cash & cash equivalents

$  26,584

$  21,677

   Short-term investments

9,761

6,704

   Accounts receivable, less allowance of $545 and $292, respectively

18,940

15,073

   Inventory

6,825

2,541

   Deferred income tax assets

4,905

927

   Prepaid expenses and other assets

1,421

780

         Total current assets

68,436

47,702

Equity investment

22

Property and equipment, net

4,197

3,271

Patent costs, net of accumulated amortization of $ 706 and $490, respectively

4,653

3,727

Deferred income tax assets

1,279

7,133

Other non-current assets

857

527

         Total assets

$  79,422

$  62,382

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

   Accounts payable

$  15,275

$  10,222

   Accrued liabilities

5,872

3,738

   Deferred manufacturing agreement – current portion

50

200

         Total current liabilities

21,197

14,160

Pension benefit obligation

688

377

Deferred manufacturing agreement – long term portion

50

         Total liabilities

21,885

14,587

Shareholders’ equity:

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