NORTHVILLE, Mich., March 12, 2012 /PRNewswire/ -- Amerigon
Incorporated (NASDAQ-GS: ARGN), a global developer and marketer of
innovative thermal management technologies for a broad range of
heating and cooling and temperature control applications, today
announced its financial results for the fourth quarter and year
ended December 31, 2011.
On May 16, 2011, Amerigon closed
the previously announced acquisition of a majority interest in
W.E.T. Automotive Systems AG, a publicly-traded German automotive
thermal control and electronic components company. As a
result, the 2011 fourth quarter includes a full quarter of
operating results of W.E.T. and the twelve-month period includes
seven and one-half months of W.E.T. operations. Also,
included in the 2011 results are fees and expenses associated with
the W.E.T. acquisition, which are detailed in the Acquisition
Transaction Expenses, W.E.T. Purchase Accounting Impacts and Other
Effects table accompanying the release.
President and CEO Daniel R. Coker
said, "2011 was a year of significant accomplishments for the
Company as we took steps to transform Amerigon into a much larger,
more global company. We completed our twelfth year of
producing and selling our popular Climate Control Seat™ (CCS™)
systems and have now shipped more than 8.8 million units in total.
The continued penetration of CCS, W.E.T. revenues and a much
improved automotive market in 2011 resulted in strong
year-over-year growth in revenues. We experienced solid
demand for our heated and cooled cup holder, which was launched in
late 2010, and we saw increasing progress for our heated and cooled
luxury mattress line as well. Additionally, we made
considerable advances in the development of our innovative
thermoelectric generator (TEG) that has the potential to improve
passenger car fuel efficiency by as much as five percent by
converting waste heat from gas exhaust into electric power.
The TEG technology was recently featured in Car &
Driver as one of 2012's 10 most promising future
technologies.
"The most important accomplishment for the year was, of course,
the acquisition of W.E.T.," added Coker. "The combined
companies are working well together despite anticipated delays with
the registration of the domination agreement in the German courts.
We are working to establish cooperation agreements between
W.E.T. and Amerigon until the domination agreement is approved, and
we are looking forward to continued growth and advancement in
2012."
Year-End Financial Highlights
For 2011, product revenues increased to $369.6 million, up from $112.4 million in the prior year. Amerigon
historical revenue, as presented in an accompanying table,
increased 18 percent to $132.3
million in 2011 from $112.4
million in 2010. The W.E.T. revenues included in the
Company's 2011 revenues include the effects of the first Amerigon
vehicle program to be produced in a W.E.T. facility, which totaled
$9.3 million. The 2011 revenues
include revenues from W.E.T. beginning May
16, 2011, net of $5.2 million
in non-cash amortization of W.E.T.'s customer relationships.
Gross margin as a percentage of revenue for 2011 was 26
percent compared with 29 percent in 2010, largely reflecting lower
margins on W.E.T. revenue, higher raw material costs and an
unfavorable product mix. W.E.T.'s gross margin of 24.4
percent was reduced by 2.2 percentage points because of non-cash
acquisition accounting amortization expense.
The Company reported net income attributable to common
shareholders for 2011 of $2.1
million, or $0.09 per basic
and diluted share. Included in the 2011 results are fees and
expenses associated with the W.E.T. acquisition and non-cash
purchase accounting amortization and adjustments for inventory
revaluation, which are detailed in the Acquisition Transaction
Expenses, W.E.T. Purchase Accounting Impacts and Other Effects
table accompanying the release. In total, these have
decreased the Company's net income attributable to common
shareholders for 2011 by $13.0
million net of tax benefit, or $0.58 per basic and $0.56 per diluted share.
Adjusting for these, Amerigon would have reported net income
attributable to common shareholders of $15.2
million, or $0.67 per basic
and $0.65 per diluted share.
The twelve-month results also include convertible preferred
stock dividends of $8.2 million,
which reduced net income attributable to common shareholders by
$0.36 per basic and $0.35 per diluted share. Adjusting for all
of these effects, Amerigon would have reported net income
attributable to common shareholders of $23.4
million, or $1.03 per basic
and $1.00 per diluted share compared
with net income attributable to common shareholders in the prior
year of $10.0 million, or
$0.46 per basic and $0.44 per diluted share.
Adjusted EBITDA (which is described in the tables that follow)
for 2011 was $50.3 million compared
with Adjusted EBITDA of $13.7 million
for 2010.
Historical Amerigon financial results and Adjusted EBITDA for
2011 (which are non-GAAP measures) are provided to help
shareholders understand Amerigon's results of operations due to the
acquisition of W.E.T. These non-GAAP financial measures
should be viewed in addition to, and not as an alternative for,
Amerigon's reported results prepared in accordance with GAAP.
The Company's balance sheet as of December 31, 2011, had total cash and cash
equivalents of $23.8 million, total
assets of $377.8 million, and
shareholders' equity of $107.7
million. Total debt was $76.2
million, and the book value of the unredeemed Series C
Convertible Preferred Stock was $50.1
million as of December 31,
2011.
Fourth Quarter Summary
Revenues for the 2011 fourth quarter increased to $131.0 million from $28.9
million in the prior year period. The increase in
revenues primarily reflects additional W.E.T. revenue of
$96.9 million. Amerigon
historical revenue for the 2011 fourth quarter, as presented in an
accompanying table, increased 18 percent to $34.1 million from $28.9
million in 2010. Some portion of the increase, the
Company believes, represented pull ahead of some orders from the
2012 first quarter by certain of Amerigon's customers in
Asia. The W.E.T. revenues
include the positive effects of the first Amerigon vehicle program
to be produced in a W.E.T. facility, which totaled $4.9 million.
Revenues in the fourth quarter of 2011 increased 4.3 percent
from $125.6 million in the 2011 third
quarter, which sequentially is the first two full quarters of
operations that include W.E.T. results.
The 2011 fourth quarter showed net income attributable to common
shareholders of $6.0 million, or
$0.26 per basic and $0.25 per diluted share, which reflected the
significant impact of acquisition-related write-offs and one-time
charges related to the acquisition and related financing totaling
$2.1 million net of tax benefit, or
$0.09 per basic and diluted share.
These effects detailed in the attached table, importantly
include amortization of the portion of the acquisition price
assigned to intangibles and the write-off of acquisition costs and
debt retirement expenses. Excluding these non-cash charges,
Amerigon would have earned $8.1
million, or $0.35 per basic
and $0.34 per diluted share.
Net income attributable to common shareholders for the 2010
fourth quarter was $3.3 million, or
$0.15 per basic and diluted
share.
The 2011 fourth quarter results also include convertible
preferred stock dividends of $2.5
million, which reduced net income attributable to common
shareholders by $0.11 per basic and
$0.10 per diluted share.
Adjusting for all of these effects, Amerigon would have
reported net income attributable to common shareholders of
$10.6 million, or $0.45 per basic and $0.44 per diluted share as compared with net
income attributable to common shareholders in the prior year period
of $3.3 million, or $0.15 per basic and diluted share.
Gross margin as a percentage of revenue for the 2011 fourth
quarter was 26 percent, compared with 30 percent in the fourth
quarter of 2010 (for Amerigon alone). The decrease primarily
reflects W.E.T.'s lower gross margin on sales (25.4 percent), and
for Amerigon, higher raw material costs and an unfavorable mix of
products sold. The W.E.T. gross margin is significantly
impacted by acquisition accounting. The write-off of the
purchase price allocated to customer relationships amounted to
$2.1 million in the fourth quarter,
which reduced W.E.T.'s gross margin by 1.6 percentage points.
Adjusted EBITDA for the 2011 fourth quarter was $14.8 million compared with Adjusted EBITDA of
$2.8 million for the prior year
period.
Interest Expense and Revaluation of Derivatives
Interest expense for the 2011 fourth quarter and full year was
$1.1 million and $3.5 million, respectively, compared with
$16,000 and $25,000 in interest income for the prior year
periods. Approximately $1.3
million in interest expense was related to the debt of
W.E.T., and the balance resulted from financing used to fund a
portion of the W.E.T. acquisition.
For the 2011 fourth quarter and full year, the Company recorded
losses related to the revaluation of derivative financial
instruments totaling $545,000 and
$6.1 million, respectively. The
twelve-month amount included losses from the derivatives of W.E.T.
totaling $8.7 million offset
partially by $2.6 million of gains
from revaluation of derivatives for Amerigon. W.E.T.'s
derivative losses stem from its Cash Related Swap (CRS) contract
and portfolio of currency derivative instruments. The
Amerigon revaluation gain resulted from two derivatives embedded in
its Series C Convertible Preferred Stock. These two
derivatives, which were valued as liabilities totaling $2.6 million when the Series C Convertible
Preferred Stock was issued, related to terms in which the Series C
Preferred Stockholders would have received a redemption premium and
certain warrants if the W.E.T. acquisition had not been completed.
The carrying value of these derivatives was adjusted to zero
upon consummation of the W.E.T. acquisition.
Research and Development, Selling, General and Administrative
Expenses
The 2011 fourth quarter and full year results include a
year-over-year increase in net research and development expenses of
$7.4 million and $18.8 million, respectively. The increase
for the 2011 fourth quarter was due to net research and development
expenses from W.E.T. totaling $7.7
million. For 2011, the increase was due to the net
research and development expenses from W.E.T. totaling $18.8 million.
Selling, general and administrative (SG&A) expenses for the
2011 fourth quarter and full year increased $12.5 million and $31.2
million, respectively. The increase for the 2011
fourth quarter and full year was primarily due to the SG&A
expenses of W.E.T. (totaling $11.8
million and $27.7 million,
respectively), a full year's worth of expenses at Amerigon's
China office, an increase in
employees in Amerigon's Korea office, certain costs related to
integration activities of the W.E.T. acquisition and higher bad
debt expense related to certain receivable balances. Higher
compensation expense from employee merit and headcount increases
also contributed to the higher historical Amerigon SG&A
expenses. For 2011, the selling, general and administrative
expenses of W.E.T. include amortization of the fair value of
W.E.T.'s customer order backlog totaling $3.0 million.
Guidance
The Company expects combined revenues of Amerigon/W.E.T. in the
2012 first quarter to be flat compared with the 2011 fourth quarter
($131.0 million), reflecting the pull
ahead of certain orders in the fourth quarter of 2011. In
spite of this, barring unforeseen economic turbulence, 2012 appears
to be a strong year for the combined companies. Amerigon is
expecting revenue growth for the full year in the range of 10
percent over the combined Amerigon/W.E.T. 2011 revenues (which were
$502.2 million on a full year
proforma basis).
Conference Call
As previously announced, Amerigon is conducting a conference
call today to be broadcast live over the Internet at 11:30 AM Eastern Time to review these financial
results. The dial-in number for the call is 1-877-941-4774.
The live webcast and archived replay of the call can be
accessed in the Events page of the Investor section of Amerigon's
website at www.amerigon.com.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Adjusted
EBITDA and historical Amerigon financial results, may be considered
non-GAAP financial measures. Amerigon believes this
information is useful to investors because it provides a basis for
measuring Amerigon's available capital resources, the operating
performance of Amerigon's business and Amerigon's cash flow that
would normally be included in the most directly comparable measures
calculated and presented in accordance with Generally Accepted
Accounting Principles. Amerigon's management uses these non-GAAP
financial measures along with the most directly comparable GAAP
financial measures in evaluating Amerigon's operating performance,
capital resources and cash flow. Non-GAAP financial measures should
not be considered in isolation from, or as a substitute for,
financial information presented in compliance with GAAP.
Reconciliation between net income and EBITDA is provided in
the financial tables at the end of this news release.
About Amerigon
Amerigon (NASDAQ-GS:ARGN) is a global developer and marketer of
innovative thermal management technologies for a broad range of
heating and cooling and temperature control applications.
Automotive products based on technologies developed by Amerigon and
its majority-owned subsidiary, W.E.T. Automotive Systems AG,
include actively heated and cooled seat systems and cup holders,
heated and ventilated seat systems, heated seat and steering wheel
systems, cable systems and other electronic devices. Its advanced
technology team is developing more efficient materials for
thermoelectrics and systems for waste heat recovery and electrical
power generation for the automotive market that may have
far-reaching applications for consumer products as well as
industrial and technology markets. Amerigon has more than 5,000
employees in facilities in the U.S., Germany, Mexico, China, Canada, Japan, England, Korea and the Ukraine. For more information, go to
www.amerigon.com.
Certain matters discussed in this release are forward-looking
statements that involve risks and uncertainties, and actual results
may be different. Important factors that could cause the
Company's actual results to differ materially from its expectations
in this release are risks that sales may not significantly
increase, additional financing, if necessary, may not be available,
new competitors may arise and adverse conditions in the automotive
industry may negatively affect its results. The liquidity and
trading price of its common stock may be negatively affected by
these and other factors. Please also refer to Amerigon's
Securities and Exchange Commission filings and reports, including,
but not limited to, its Form 10-K for the year ended December 31, 2011.
|
|
AMERIGON
INCORPORATED
|
|
|
|
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
|
|
(In
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
|
Twelve
Months Ended
|
|
|
December
31,
|
December
31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Product revenues
|
$ 131,016
|
$ 28,917
|
$ 369,588
|
$ 112,403
|
|
Cost of sales
|
97,170
|
20,330
|
274,841
|
79,664
|
|
Gross
margin
|
33,846
|
8,587
|
94,747
|
32,739
|
|
Operating expenses:
|
|
|
|
|
|
Research and
development
|
10,451
|
2,764
|
29,372
|
11,922
|
|
Research and development
reimbursements
|
(351)
|
(76)
|
(932)
|
(2,269)
|
|
Net research
and development expenses
|
10,100
|
2,688
|
28,440
|
9,653
|
|
Acquisition transaction
expenses
|
(64)
|
–
|
5,316
|
–
|
|
Selling, general and
administrative
|
16,018
|
3,506
|
42,110
|
10,955
|
|
Total
operating expenses
|
26,054
|
6,194
|
75,866
|
20,608
|
|
Operating income
|
7,792
|
2,393
|
18,881
|
12,131
|
|
Interest income
(expense)
|
(1,060)
|
16
|
(3,511)
|
25
|
|
Debt retirement
expense
|
(190)
|
–
|
(1,160)
|
–
|
|
Revaluation of
derivatives
|
(545)
|
–
|
(6,118)
|
–
|
|
Foreign currency gain
|
5,794
|
–
|
9,207
|
–
|
|
Loss from equity
investment
|
(243)
|
–
|
(243)
|
(22)
|
|
Other income
|
(394)
|
36
|
(114)
|
145
|
|
Earnings before income
tax
|
11,154
|
2,445
|
16,942
|
12,279
|
|
Income tax expense
(benefit)
|
936
|
(690)
|
5,053
|
2,921
|
|
Net income
|
10,218
|
3,135
|
11,889
|
9,358
|
|
(Income)
loss attributable to non-controlling interest
|
(1,720)
|
167
|
(1,545)
|
592
|
|
Net income attributable to
Amerigon, Inc.
|
8,498
|
3,302
|
10,344
|
–
|
|
Convertible preferred stock
dividends
|
(2,490)
|
–
|
(8,228)
|
–
|
|
Net income
(loss) attributable to common shareholders
|
$
6,008
|
$
3,302
|
$
2,116
|
$
9,950
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share
|
$
0.26
|
$
0.15
|
$
0.09
|
$
0.46
|
|
Diluted earnings (loss) per
share
|
$
0.25
|
$
0.15
|
$
0.09
|
$
0.44
|
|
|
|
|
|
|
|
Weighted average number of
shares – basic
|
23,361
|
21,937
|
22,606
|
21,717
|
|
Weighted average number of
shares – diluted
|
23,986
|
22,710
|
23,455
|
22,496
|
|
|
|
|
|
|
|
|
|
|
AMERIGON
INCORPORATED
|
|
|
|
RESULTS
EXCLUDING W.E.T.
|
|
|
|
The following tables present
select operations data for the periods as reported, amounts for
W.E.T. operations and amounts for Amerigon less the W.E.T. amounts
representing the historical portion of Amerigon. These Historical
Amerigon financial results for the three- and twelve-month periods
ended December 31, 2011, which are non-GAAP measures, are provided
to help shareholders understand Amerigon's results of operations in
light of the acquisition of W.E.T. These non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, Amerigon's reported results prepared in accordance with
GAAP.
|
|
|
|
|
Three month
period ended December 31,
|
|
|
2011
|
2010
|
|
|
As
Reported
|
Less:
W.E.T.
|
Historical
Amerigon
|
|
|
(In
Thousands)
|
|
Product revenues
|
$ 131,016
|
$ 96,948
|
$ 34,068
|
$ 28,917
|
|
Cost of sales
|
97,170
|
72,332
|
24,838
|
20,330
|
|
Gross margin
|
$ 33,846
|
$ 24,616
|
$ 9,230
|
$ 8,587
|
|
Gross margin
percent
|
25.8%
|
25.4%(2)
|
27.1%
|
29.7%
|
|
Operating expenses:
|
|
|
|
|
|
Net research and
development expenses
|
10,100
|
7,739
|
2,361
|
2,688
|
|
Acquisition transaction
expenses
|
(64)
|
(245)
|
181
|
–
|
|
Selling, general and
administrative expenses
|
16,018
|
11,835
|
4,183
|
3,506
|
|
Operating
income
|
$ 7,792
|
$ 5,287
|
$ 2,505
|
$ 2,393
|
|
Earnings (loss) before income
tax
|
11,154
|
9,403
|
1,751
|
2,445
|
|
|
|
|
Twelve month
period ended December 31,
|
|
|
2011
|
2010
|
|
|
As
Reported
|
Less:
W.E.T.(1)
|
Historical
Amerigon
|
|
|
(In
Thousands)
|
|
Product revenues
|
$ 369,588
|
$ 237,248
|
$ 132,340
|
$ 112,403
|
|
Cost of sales
|
274,841
|
179,374
|
95,467
|
79,664
|
|
Gross margin
|
$ 94,747
|
$ 57,874
|
$ 36,873
|
$ 32,739
|
|
Gross margin
percent
|
25.6%
|
24.4%(2)
|
27.9%
|
29.1%
|
|
Operating expenses:
|
|
|
|
|
|
Net research and
development expenses
|
28,440
|
18,793
|
9,647
|
9,653
|
|
Acquisition transaction
expenses
|
5,316
|
468
|
4,848
|
–
|
|
Selling, general and
administrative expenses
|
42,110
|
27,747
|
14,363
|
10,955
|
|
Operating
income
|
$ 18,881
|
$ 10,866
|
$ 8,015
|
$ 12,131
|
|
Earnings before income
tax
|
16,942
|
9,050
|
7,892
|
12,279
|
|
|
|
(1) Only represents W.E.T.'s
results for the period from May 16, 2011, the acquisition date,
through December 31, 2011.
(2) Includes inventory
re-evaluation and customer relationship amortization expense which
reduced W.E.T.'s gross margin percent for the three and twelve
month periods by 1.6 percent and 2.2 percent,
respectively.
|
|
|
|
|
|
|
|
Reconciliation of Adjusted
EBITDA to Net Income
|
|
(Unaudited,
in thousands)
|
|
|
|
|
Three Months
Ended
December 31,
|
Twelve
Months Ended
December 31,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net Income
|
$ 10,218
|
$ 3,135
|
$ 11,889
|
$ 9,358
|
|
Add Back:
|
|
|
|
|
|
Income tax
expense
|
936
|
(690)
|
5,053
|
2,921
|
|
Interest
expense (income)
|
1,060
|
(16)
|
3,511
|
(25)
|
|
Depreciation
and amortization
|
7,500
|
354
|
22,455
|
1,360
|
|
Adjustments:
|
|
|
|
|
|
Acquisition
transaction expense
|
(64)
|
–
|
5,316
|
–
|
|
Debt
retirement expenses
|
190
|
–
|
1,160
|
–
|
|
Unrealized
currency (gain) loss
|
(5,611)
|
15
|
(3,756)
|
56
|
|
Unrealized
revaluation of derivatives
|
544
|
–
|
4,685
|
–
|
|
Adjusted EBITDA
|
$
14,773
|
$
2,798
|
$
50,313
|
$
13,670
|
|
|
|
|
|
|
|
|
Use of Non-GAAP Financial Measures
In evaluating its business, Amerigon considers and uses Adjusted
EBITDA as a supplemental measure of its operating performance.
The Company defines Adjusted EBITDA as earnings before
interest, taxes, depreciation and amortization, and deferred
financing cost amortization, less transaction expenses, debt
retirement expenses, unrealized currency (gain) loss and unrealized
revaluation of derivatives. Management believes that Adjusted
EBITDA is a meaningful measure of liquidity and the Company's
ability to service debt because it provides a measure of cash
available for such purposes. Management provides an Adjusted EBITDA
measure so that investors will have the same financial information
that management uses with the belief that it will assist investors
in properly assessing the Company's performance on a
period-over-period basis.
The term Adjusted EBITDA is not defined under GAAP, and is not a
measure of operating income, operating performance or liquidity
presented in accordance with GAAP. Adjusted EBITDA has
limitations as an analytical tool, and when assessing the Company's
operating performance, investors should not consider Adjusted
EBITDA in isolation, or as a substitute for net income (loss) or
other consolidated income statement data prepared in accordance
with GAAP. Amerigon compensates for these limitations by
relying primarily on its GAAP results and using Adjusted EBITDA
only supplementally.
|
|
AMERIGON
INCORPORATED
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In
thousands, except share data)
|
|
|
|
|
December
31,
|
|
ASSETS
|
2011
|
|
2010
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash & cash
equivalents
|
$ 23,839
|
|
$ 26,584
|
|
Short-term
investments
|
–
|
|
9,761
|
|
Accounts
receivable, less allowance of $1,247 and $545,
respectively
|
82,395
|
|
18,940
|
|
Inventory
|
46,344
|
|
6,825
|
|
Derivative
financial instruments
|
2,675
|
|
–
|
|
Deferred income tax
assets
|
12,732
|
|
4,905
|
|
Prepaid expenses
and other assets
|
9,685
|
|
1,421
|
|
Total current assets
|
177,670
|
|
68,436
|
|
Property and
equipment, net
|
44,794
|
|
4,197
|
|
Goodwill
|
24,245
|
|
–
|
|
Other intangible assets, net of
accumulate amortization of $14,388 and $706,
respectively
|
108,481
|
|
4,653
|
|
Deferred financing
costs
|
2,441
|
|
–
|
|
Deferred income tax
assets
|
11,402
|
|
1,279
|
|
Other non-current
assets
|
8,774
|
|
857
|
|
Total assets
|
$
377,807
|
|
$
79,422
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts
payable
|
$ 42,533
|
|
$ 15,275
|
|
Accrued
liabilities
|
46,293
|
|
5,922
|
|
Current maturities
of long-term debt
|
14,570
|
|
–
|
|
Derivative
financial instruments
|
5,101
|
|
–
|
|
Deferred tax
liabilities
|
3,218
|
|
–
|
|
Total current liabilities
|
111,715
|
|
21,197
|
|
Pension benefit
obligation
|
3,872
|
|
688
|
|
Other Liabilities
|
1,862
|
|
–
|
|
Long-term debt, less current
maturities
|
61,677
|
|
–
|
|
Derivative financial
instruments
|
17,189
|
|
–
|
|
Deferred tax
liabilities
|
23,679
|
|
–
|
|
Total liabilities
|
219,994
|
|
21,885
|
|
|
|
|
|
|
|
|
|
|
|
Series C Convertible Preferred
Stock
|
50,098
|
|
–
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
Common
Stock:
|
|
|
|
|
No
par value; 55,000,000 shares authorized, 23,515,571 and
22,037,446
|
|
|
|
|
issued and outstanding at
December 31, 2011 and 2010, respectively
|
80,502
|
|
65,148
|
|
Paid-in
capital
|
23,489
|
|
20,128
|
|
Accumulated other
comprehensive income
|
(14,754)
|
|
93
|
|
Accumulated
deficit
|
(25,716)
|
|
(27,832)
|
|
Total Amerigon
Incorporated shareholders' equity
|
63,521
|
|
57,537
|
|
Non-controlling
interest
|
44,194
|
|
–
|
|
Total
shareholders' equity
|
107,715
|
|
57,537
|
|
Total
liabilities and shareholders' equity
|
$
377,807
|
|
$
79,422
|
|
|
|
|
|
|
|
AMERIGON
INCORPORATED
|
|
|
|
ACQUISITION
TRANSACTION EXPENSES, W.E.T. PURCHASE ACCOUNTING
IMPACTS
AND OTHER
EFFECTS
|
|
(In
thousands, except per share data)
|
|
|
|
|
Current
Results
|
Future
Periods (estimated)
|
|
|
3
months
|
12
months
|
2012
|
2013
|
2014
|
Thereafter
|
|
|
|
|
|
|
|
|
|
Transaction related current
expenses
|
|
|
|
|
|
|
|
Acquisition transaction
expenses
|
$
(64)
|
$ 5,316
|
-
|
-
|
-
|
-
|
|
Debt retirement
expense
|
190
|
1,160
|
-
|
-
|
-
|
-
|
|
|
$
126
|
$ 6,476
|
-
|
-
|
-
|
-
|
|
Non-cash purchase accounting
impacts
|
|
|
|
|
|
|
|
Customer relationships
amortization
|
$
2,090
|
$ 5,222
|
$ 7,766
|
$ 7,766
|
$ 7,766
|
$ 47,826
|
|
Technology
amortization
|
876
|
2,190
|
3,257
|
3,257
|
3,257
|
9,387
|
|
Product development costs
amortization
|
440
|
1,002
|
2,101
|
2,150
|
2,150
|
1,267
|
|
Order backlog
amortization
|
-
|
3,032
|
-
|
-
|
-
|
-
|
|
Inventory fair value
adjustment
|
-
|
1,481
|
-
|
-
|
-
|
-
|
|
|
$
3,406
|
$ 12,927
|
$ 13,124
|
$ 13,173
|
$ 13,173
|
$ 58,480
|
|
|
|
|
|
|
|
|
|
Tax effect
|
(835)
|
(4,001)
|
(3,040)
|
(3,051)
|
(3,051)
|
(13,544)
|
|
Net Income effect
|
$
2,697
|
$ 15,402
|
$ 10,084
|
$ 10,122
|
$ 10,122
|
$ 44,936
|
|
Non-controlling interest
effect
|
(621)
|
(2,356)
|
(2,405)
|
(2,414)
|
(2,414)
|
(10,717)
|
|
Net income available to
shareholders effect
|
$ 2,076
|
$ 13,046
|
$ 7,679
|
$ 7,708
|
$ 7,708
|
$ 34,219
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share -
difference
|
|
|
|
|
|
|
|
Basic
|
$
0.09
|
$ 0.58
|
|
|
|
|
|
Diluted
|
0.09
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred Stock
dividend
|
$ 2,490
|
$ 8,228
|
$ 6,711
|
$ 1,622
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share -
difference
|
|
|
|
|
|
|
|
Basic
|
$
0.11
|
$ 0.36
|
|
|
|
|
|
Diluted
|
0.10
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Allen & Caron Inc
Jill Bertotti (investors)
jill@allencaron.com
Len Hall (media)
len@allencaron.com
(949) 474-4300
SOURCE Amerigon Incorporated