2006 Revenue Expected to Increase 30 Percent Over 2005
NORTHVILLE, Mich., Sept. 6 /PRNewswire-FirstCall/ -- Amerigon
Incorporated (Nasdaq: ARGN), a leader in developing products based on
advanced thermoelectric (TE) technologies for a wide range of global
markets and applications, today announced that it is confirming its earlier
guidance at the top of the previously announced range for the year ending
December 31, 2006, with revenue expected to be up by approximately 30
percent from 2005 and strong year over year growth in profitability.
President and CEO Daniel R. Coker said that even though the overall
automotive industry has been faced with difficulties and challenges, 2006
will be an exceptional year for the Company and the outlook for 2007
remains very favorable with year over year increases in revenue for its
proprietary Climate Control Seat(TM) (CCS(TM)) system expected to be 15
percent to 20 percent with continued growth in profitability.
"In spite of the turmoil that still exists in certain sectors of the
automotive industry we expect solid growth in 2007 with even more robust
growth in CCS revenue expected in 2008," Coker said. "Margins should remain
strong and net income should increase substantially in both 2007 and 2008.
Demand for our CCS system from automotive manufacturers and consumers in
the U.S. and Asia continues to be strong and we recently announced the
first vehicle from a European manufacturer to feature CCS, the all new
model year 2007 Range Rover."
The preview of 2008 does not include any potential revenue from
products based on its advanced thermoelectric technologies for automotive
and non-automotive markets being developed for commercial and government
partners by Amerigon's BSST subsidiary.
There are a number of macro economic and geopolitical issues outside
the Company's control, such as the effects of gas price increases and the
uncertainly of the situations in the Middle East and the Gulf Region that
could negatively impact the automotive industry, the overall economy and
Amerigon's results. "Assuming there are no major economic or industry
disruptions, we are very optimistic about 2007 and beyond as we build upon
the greatly expanded base of business we are establishing in 2006," Coker
said.
Coker is meeting with institutional investors and research analysts in
New York this week and he is scheduled to make a presentation at the Roth
Capital Partners 2006 New York Conference today, at 3:00 p.m. Eastern Time.
The conference is being held September 6 - 7 at the Westin New York at
Times Square in New York City.
A live webcast of the Company's presentation will be available via a
link provided at http://www.wsw.com/webcast/roth8/argn/. An archive will
begin shortly after the presentation time and will be available for 90
days.
About Amerigon
Amerigon (Nasdaq: ARGN) develops products based on its advanced,
proprietary, efficient thermoelectric (TE) technologies for a wide range of
global markets and heating and cooling applications. The Company's current
principal product is its proprietary Climate Control Seat (CCS(TM)) system,
a solid-state, TE-based system that permits drivers and passengers of
vehicles to individually and actively control the heating and cooling of
their respective seats to ensure maximum year-round comfort. CCS, which is
the only system of its type on the market today, uses no CFCs or other
environmentally sensitive coolants. Amerigon maintains sales and technical
support centers in Los Angeles, Detroit, Japan, Germany and England.
Certain matters discussed in this release are forward-looking
statements that involve risks and uncertainties, and actual results may be
different. Important factors that could cause the Company's actual results
to differ materially from its expectations in this release are risks that
sales may not significantly increase, additional financing, if necessary,
may not be available, new competitors may arise and adverse conditions in
the automotive industry may negatively affect its results. The liquidity
and trading price of its common stock may be negatively affected by these
and other factors. Please also refer to Amerigon's Securities and Exchange
Commission filings and reports, including but not limited to its Form 10-Q
for the period ending June 30, 2006 and its Form 10-K for the year ended
December 31, 2005.
SOURCE Amerigon Incorporated
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Related links:
http://www.wsw.com/webcast/roth8/argn/
CONTACT:
Investors, Jill Bertotti,
jill@allencaron.com, or Media, Len Hall, len@allencaron.com, both
of Allen & Caron Inc, +1-949-474-4300, for Amerigon Incorporated
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