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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Fuel Systems Solutions Reports First Quarter 2013 Results

Stocks in this article: FSYS

About Fuel Systems Solutions

Fuel Systems Solutions (Nasdaq:FSYS) is a leading designer, manufacturer and supplier of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. Fuel Systems' components and systems control the pressure and flow of gaseous alternative fuels, such as propane and natural gas, used in internal combustion engines. These components and systems feature the Company's advanced fuel system technologies, which improve efficiency, enhance power output and reduce emissions by electronically sensing and regulating the proper proportion of fuel and air required by the internal combustion engine. In addition to the components and systems, the Company provides engineering and systems integration services to address unique customer requirements for performance, durability and configuration. Additional information is available at www.fuelsystemssolutions.com. 

 

FUEL SYSTEMS SOLUTIONS, INC.  
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Data)
(Unaudited)
     
  March 31, 2013   December 31, 2012
ASSETS    
Current assets:    
Cash and cash equivalents $ 68,051 $ 75,675
Accounts receivable, less allowance for doubtful accounts of $4,050 and $4,349 at March 31, 2013 and December 31, 2012, respectively  75,872  75,191
Inventories  106,401  104,056
Deferred tax assets, net  8,355  7,999
Other current assets  17,178  14,815
Related party receivables  5,822  5,205
Total current assets  281,679  282,941
Equipment and leasehold improvements, net  56,665  59,368
Goodwill, net  47,780  49,218
Deferred tax assets, net  4,749  5,008
Intangible assets, net  14,015  15,186
Other assets  1,267  861
Long-term investments  12,606  7,236
Total Assets $ 418,761 $ 419,818
     
LIABILITIES AND EQUITY    
Current liabilities:    
Accounts payable $ 51,447 $ 42,483
Accrued expenses  40,261  42,156
Income taxes payable  4,078  2,804
Current portion of term loans and debt  303  308
Deferred tax liabilities, net  163  305
Related party payables  4,019  4,100
Total current liabilities  100,271  92,156
Term and other loans  659  713
Other liabilities  8,263  8,354
Deferred tax liabilities  1,636  1,548
Total Liabilities  110,829  102,771
     
Equity:    
Preferred stock, $0.001 par value, authorized 1,000,000 shares; none issued and outstanding at March 31, 2013 and December 31, 2012  —   — 
Common stock, $0.001 par value, authorized 200,000,000 shares; 20,061,887 issued and 20,053,888 outstanding at March 31, 2013; and 20,061,887 issued and 20,039,020 outstanding at December 31, 2012  20  20
Additional paid-in capital  319,746  319,667
Shares held in treasury, 7,999 shares at March 31, 2013 and December 31, 2012  (294)  (305)
Accumulated Deficit  (1,000)  (275)
Accumulated other comprehensive loss  (10,540)  (2,060)
Total Equity  307,932  317,047
Total Liabilities and Equity $ 418,761 $ 419,818
     

 

FUEL SYSTEMS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Share and Per Share Data)
(Unaudited)
   
  Three Months Ended March 31,  
  2013 2012
Revenue $ 98,600 $ 97,390
Cost of revenue  76,982  74,828
Gross profit  21,618  22,562
Operating expenses:    
Research and development expense  6,525  6,900
Selling, general and administrative expense  13,956  14,620
Total operating expenses  20,481  21,520
Operating income  1,137  1,042
Other expense, net  (335)  (207 )
Interest income, net  16  80
Income from operations before income taxes and non-controlling interest  818  915
Income tax expense  (1,543)  (2,117 )
Net loss attributable to Fuel Systems Solutions, Inc.  (725)   (1,202)
Net loss per share attributable to Fuel Systems Solutions, Inc.:    
Basic $ (0.04) $ (0.06)
Diluted $ (0.04) $ (0.06)
Number of shares used in per share calculation:    
Basic  20,049,428  20,014,318
Diluted  20,049,428  20,014,318

 

FUEL SYSTEMS SOLUTIONS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
   
  Three Months Ended March 31,  
  2013 2012  
Cash flows from operating activities:    
Net loss $ (725) $ (1,202)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and other amortization  2,755  2,588
Amortization of intangibles arising from acquisitions  826  1,955
Provision for doubtful accounts  —   236
Write down of inventory  100  40
Deferred income taxes  (484)  (379)
Unrealized loss (gain) on foreign exchange transactions  795  (95)
Compensation expense related to equity awards  79  301
(Gain) loss on disposal of equipment and other assets  (415)  294
Reduction of contingent consideration  (406)  —
Changes in assets and liabilities, net of acquisitions:    
Increase in accounts receivable  (2,873)  (10,252)
Increase in inventories  (5,482)  (4,021)
(Increase) decrease in other current assets  (2,771)  208
(Increase) decrease in other assets  (640)  83
Increase (decrease) in accounts payable  10,920  (4,420)
Increase (decrease) in income taxes payable  1,433  (599)
(Decrease) increase in accrued expenses  (426)  2,166
Increase (decrease) in long-term liabilities 95      (260)
Receivables from/payables to related party, net  (805)  395
Net cash provided by (used in) operating activities  1,976  (12,962)
Cash flows from investing activities:    
Purchase of equipment and leasehold improvements  (2,330)  (3,811)
Purchase of investments  (12,626)  (11,930)
Sale of investments  6,753  — 
Acquisition, net of cash acquired  —   (5,017)
Amount in restricted cash for acquisition of non-controlling interest  —   2,820
Other  75  37
Net cash used in investing activities  (8,128)  (17,901)
Cash flows from financing activities:    
Decrease in callable revolving lines of credit, net  —   (1,121)
Payments on term loans and other loans  (34)  (39)
Acquisition of non-controlling interest  —   (2,820)
Other  11  18
Net cash used in financing activities  (23)  (3,962)
Net decrease in cash and cash equivalents  (6,175)  (34,825)
Effect of exchange rate changes on cash  (1,449)  1,029
Net decrease in cash and cash equivalents  (7,624)  (33,796)
Cash and cash equivalents at beginning of period  75,675  96,740
Cash and cash equivalents at end of period $ 68,051 $ 62,944

 

FUEL SYSTEMS SOLUTIONS, INC.
OPERATING SEGMENT INFORMATION
(In Thousands)  
(Unaudited)
   
  Three Months Ended March 31,  
Revenue: 2013 2012
FSS Industrial $ 31,946 $ 33,731
FSS Automotive  66,654  63,659
Total $ 98,600 $ 97,390
     
  Three Months Ended March 31,  
Operating Income (Loss): 2013 2012
FSS Industrial $ 2,462 $ 4,630
FSS Automotive  262  (1,368)
Corporate Expenses (1)  (1,587)  (2,220)
Total $ 1,137 $ 1,042
     
(1) Represents corporate expense not allocated to either of the business segments.
FUEL SYSTEMS SOLUTIONS, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATION
(In thousands) (Unaudited)
   
  Three Months Ended
  March 31,
Segment EBITDA: 2013 2012
     
FSS Industrial $2,663 $5,527
FSS Automotive 3,288 2,068
Corporate (1,568) (2,217)
Total EBITDA (Non-GAAP) $4,383 $5,378
     
Reconciliation:    
Interest income, net 16 80
Provision for Income taxes (1,543) (2,117)
Depreciation & Amortization (3,581) (4,543)
Net Loss attributable to Fuel Systems Solutions, Inc ($725) ($1,202)
CONTACT: Company Contact:
         Pietro Bersani, Chief Financial Officer
         Fuel Systems Solutions, Inc.
         (646) 502-7170
         
         Investor Relations Contacts:
         LHA
         Carolyn M. Capaccio
         ccapaccio@lhai.com
         Cathy Mattison
         cmattison@lhai.com (415) 433-3777

company logo

5 of 5

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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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