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NEWS RELEASE for March 12, 2012 at 6:00 AM ET
|Contact:||Allen & Caron Inc|
Jill Bertotti (investors)
Len Hall (media)
AMERIGON REPORTS 2011 FOURTH QUARTER, YEAR-END RESULTS;
PRODUCT REVENUES UP SEQUENTIALLY FROM 2011 THIRD QUARTER
NORTHVILLE, MI (March 12, 2012) . . . 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 2012s 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
The following information was filed by Gentherm Inc (THRM) on Tuesday, March 13, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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