Gross profit for the fourth quarter of 2012 was $21.3 million, or 21.8% of revenue, compared to $24.2 million, or 21.8% of revenue in the fourth quarter of 2011. The lower gross profit dollars primarily reflect the lower automotive revenue above and increased costs in the industrial segment.The Company recorded a fourth quarter 2012 non-cash goodwill and asset impairment charge of $22.0 million, comprised of a goodwill impairment of $9.9 million and a write-down of long-lived assets of $12.1 million relating to the US Automotive and AFS operations. Operating loss for the fourth quarter of 2012 totaled $20.8 million, or 21.2% of revenue, compared to operating income of $0.7 million, or 0.7% of revenue in the fourth quarter of 2011; excluding the abovementioned non-cash charge, the Company recorded fourth quarter 2012 operating income of $1.3 million, or 1.3% of revenue.
Fuel Systems Solutions Reports Fourth Quarter And Year End 2012 Results
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