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Fuel Systems Solutions Reports First Quarter 2013 Results

EBITDA for the first quarter of 2013 was $4.4 million, or 4.4% of revenue, compared to $5.4 million, or 5.5% of revenue, in the first quarter of 2012, primarily reflecting the abovementioned revenue and cost variances. EBITDA is a non-GAAP measure. See "Non-GAAP Measures" below for a discussion of this metric. 

Income before tax for the first quarter of 2013 was $0.8 million, or 0.8% compared to $0.9 million or 0.9% for the first quarter of 2012. The tax rate for the first quarter of 2013 was 189% compared to 231% in the prior year first quarter. The Company operates in an international environment with significant operations in various locations outside of the United States which have statutory tax rates that are different from the US tax rate. Accordingly the consolidated income tax rate is a composite rate reflecting the earnings in various locations and the applicable rates. The unusually high income tax rates are primarily a result of the fluctuation of earnings in various jurisdictions and losses incurred in the US and certain foreign jurisdictions for which no tax benefits have been recorded. The Company expects its effective tax rate for 2013 to be approximately 54%.

Net loss for the first quarter of 2013 was $0.7 million, or $0.04 per diluted share, compared to net loss of $1.2 million, or $0.06 per diluted share, in the first quarter of 2012.

A table presenting historical reclassified operating segment data can be found in the tables contained at the end of this release.

FSS Automotive Operations

FSS Automotive first quarter 2013 revenue was $66.7 million, compared to $63.7 million from the same quarter a year ago. The impact of foreign exchange on FSS Automotive was a positive $0.4 million; in constant currency, first quarter FSS Automotive revenue increased 4.0%, reflecting DOEM and OEM increases in Europe. FSS Automotive first quarter 2013 operating income was $0.3 million, compared to an operating loss of $1.4 million in the same period a year ago. FSS Automotive first quarter 2013 EBITDA was $3.3 million, compared to $2.1 million a year ago.

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