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Fuel Systems Solutions Reports Fourth Quarter And Year End 2012 Results

FSS Industrial Operations

Revenue from FSS Industrial was $29.9 million compared to $29.2 million the same quarter a year ago. The impact of foreign exchange on FSS Industrial was insignificant; in constant currency, fourth quarter FSS Industrial revenue increased 2.1%, reflecting increases in the North American and European markets partially offset by declines in Japan. FSS Industrial fourth quarter 2012 operating loss was $3.2 million, including $5.7 million of the non-cash goodwill and asset impairment charge, compared to operating income of $4.1 million in the same period a year ago. FSS Industrial fourth quarter 2012 Adjusted EBITDA was $2.4 million, compared to $4.4 million a year ago, which reflects an increase in material costs.

Full Year Ended December 31, 2012 Financial Results

For the full year ended December 31, 2012, total revenue was $393.9 million compared to $418.1 million for 2011. Foreign exchange negatively impacted revenues by $23.2 million in 2012. Net loss for the year was $15.6 million, or $0.78 per diluted share, compared to net income of $5.2 million, or $0.26 per diluted share, for 2011. Excluding the non-cash goodwill and asset impairment charge, net income for 2012 was $5.5 million, or $0.28 per diluted share reflecting performance consistent with the prior year.

Total FSS Automotive revenue for the full year ended December 31, 2012 was $271.3 million compared to $295.1 million for 2011. Foreign exchange negatively impacted revenues by $20.7 million in 2012. Automotive operating loss was $11.8 million for 2012, including the $16.4 million of the non-cash goodwill and asset impairment charge, compared to operating income of $2.3 million for 2011. FSS Automotive Adjusted EBITDA for 2012 was $17.1 million compared to $18.2 million for 2011.

Total FSS Industrial revenue for the full year ended December 31, 2012 was $122.7 million compared to $123.0 million for 2011. Foreign exchange negatively impacted revenues by $2.5 million in 2012. Industrial operating income was $4.6 million for 2012 including the $5.7 million of the non-cash goodwill and asset impairment charge, compared to $14.7 million for 2011. FSS Industrial Adjusted EBITDA for 2012 was $13.4 million compared to $17.3 million for 2011.

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