This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Fuel Systems Solutions Reports Fourth Quarter And Year End 2012 Results

Stocks in this article: FSYS

Fourth Quarter Revenue of $98.0 Million Full Year 2012 Revenue of $393.9 Million Records $22.0 million Non-Cash Goodwill and Asset Impairment Charge in Fourth Quarter Fourth Quarter Net Income, Excluding Charge, of $0.2 Million

NEW YORK, March 8, 2013 (GLOBE NEWSWIRE) -- Fuel Systems Solutions, Inc. (Nasdaq:FSYS) reported results for its fourth quarter and year ended December 31, 2012.

Mariano Costamagna, Fuel Systems' CEO, said, "On an operational basis, Fuel Systems' 2012 results were in line with our revised outlook. We recorded a fourth quarter asset impairment charge primarily to reflect adjustments we made over the past few quarters to our expectations for US Automotive operations and the AFS acquisition. Fuel Systems continues to enjoy solid demand for gaseous and bi-fuel solutions, with OEMs around the world looking increasingly for cleaner and more cost-efficient methods for powering automotive and industrial engines. Continued pressure on end-market growth from a stagnant global economy is resulting in increased competition, with some players now seeking lower prices. Therefore, as a uniquely positioned leader in both the aftermarket and with OEMs, our 2013 focus is on execution and profitability while continuing to extend our technological innovation and market leadership. We are working closely with our existing OEM partners, forging new OEM relationships around the world, and making key technological investments to maintain our edge in order to emerge an even stronger leader in a tighter marketplace."

Fourth Quarter 2012 Financial Results

Revenue for the fourth quarter of 2012 was $98.0 million compared to $111.0 million in the fourth quarter of 2011. Automotive revenue decreased $13.6 million primarily reflecting decreases in the US automotive and Latin America markets partially offset by a modest increase in Europe. Industrial revenue was up slightly. Included in the above results is foreign exchange, which negatively impacted revenues by $2.5 million in the fourth quarter of 2012.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,390.32 +194.90 1.13%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,629.3560 +63.2180 1.38%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs