IMPCO Technologies Announces Preliminary Fourth-Quarter Financial Information
January 18 2005 - 4:00PM
PR Newswire (US)
IMPCO Technologies Announces Preliminary Fourth-Quarter Financial
Information CERRITOS, Calif., Jan. 18 /PRNewswire-FirstCall/ --
IMPCO Technologies, Inc. (NASDAQ:IMCO) announced today that, based
upon preliminary indications management expects fourth quarter
revenues to be between $27.5 to $28.5 million, within previous
guidance. During the fourth quarter, IMPCO incurred incremental
costs of approximately $1.85 million relating to its Board approved
profit improvement cost reduction and transition plans in
association with its acquisition and integration of BRC, S.r.l.,
non-capitalized costs associated with Sarbanes-Oxley compliance,
year end inventory adjustments, and the proposed offering. The
expected operating loss for the quarter of approximately $1.4
million includes the effect of the additional incremental costs. As
previously reported, the company retired its $20 million 11.25%
senior subordinated secured notes as of December 30, 2004. The
company expects to incur a non-recurring expense of approximately
$6.3 million in regards to the payoff of this debt. Of this
expense, approximately $5.3 million represents a non-cash charge
associated with the acceleration of previously deferred financing
costs. The secured note was paid with proceeds from a $22 million
EURIBOR plus 1.5%, currently 3.7% intercompany loan from an
affiliate of BRC. In combination, a net loss for the fourth quarter
of 2004 of approximately $8.4 million is projected, of which $8.2
million is expected to be non-recurring. Financial Information
Conference Call IMPCO will host a conference call to discuss its
preliminary fourth quarter financial information on Tuesday,
January 18, 2005 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern
Time). All shareholders and other interested parties are invited to
dial into the call, which may be accessed by calling (706)
679-3125. In order to ensure participation, please dial in 5 to 10
minutes prior to the scheduled time. A recording of the call will
be available for 24 hours and can be accessed by calling (800)
642-1687 or (706) 645-9291, reference code #3500238. Note about
Forward Looking Information This press release contains a number of
projections and statements about our expected financial condition,
operating results, business plans and objectives. These statements
reflect management's estimates based on current goals and its
expectations about future developments. Because these statements
describe our goals, objectives, and anticipated performance, they
are inherently uncertain, and some or all of these statements may
not come to pass. Accordingly, they should not be interpreted as
promises of future management actions or financial performance. Our
future actions and actual performance will vary from current
expectations and under various circumstances the results of these
variations may be material and adverse. Among other factors that
may cause actual operating results and financial condition to fall
short of expectations, the statements in this release are qualified
with respect to management's ability to predict accurately our
performance for the entire fourth quarter based upon our
performance over a portion of the period, including their ability
to identify or estimate accurately all of the costs and expenses
associated with fourth-quarter operations or with the anticipated
acquisition of the remaining BRC equity interest. Readers also are
cautioned that these projections are based on operating income and
margins from only a portion of our fourth fiscal quarter, and we
can offer no assurance that the remainder of our fourth-quarter
performance will be in line with our expectations or with our
performance in prior periods. Other factors that may cause us to
deviate from our expectations include those set forth in our
Quarterly Report on Form 10-Q for the period ended September 30,
2004, in the section entitled "Management's Discussion &
Analysis of Financial Condition and Results of Operation - Risks
and Uncertainties." Other issues that may have an adverse and
material impact on our business, operating results, and financial
condition include those risks and uncertainties discussed in our
other filings with the Securities and Exchange Commission.
Forward-looking statements in this release are made only as of the
date shown above, and we cannot undertake to update these
statements. About IMPCO Technologies, Inc. IMPCO designs,
manufactures, markets and supplies advanced alternative fuel
systems and related products for the transportation, industrial and
power generation markets. Headquartered in Cerritos, California,
with its principal affiliate, BRC, S.r.l., located at Cherasco,
Italy, the company has offices in Asia, Europe, Australia and South
and North America. More information can be found at IMPCO's web
side, http://www.impco.ws/ and at BRC's web site,
http://www.brc.it/. The contents of these websites are not
incorporated in this release. For further information, please
contact Mr. Dale Rasmussen, Investor Relations, (206) 315-8242.
DATASOURCE: IMPCO CONTACT: investor relations, Mr. Dale Rasmussen
of IMPCO Technologies, +1-206-315-8242 Web site: http://www.brc.it/
Web site: http://www.impco.ws/
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