IMPCO Technologies Inc. (Cerritos, CA) reported results for its fiscal first quarter ended July 31, 2001.
For the first quarter of fiscal 2002, IMPCO reported a net loss of $5.6 million, or $0.54 per share on revenues of $25.9 million. This compared to a net loss of $0.6 million, or $0.07 per share for the first quarter of fiscal year 2001 on revenues of $29.3 million. During the current quarter, revenues of IMPCO's established core business declined $3.4 million, or 15.1 percent, versus the same period last year due primarily to the slowing worldwide economy.
Robert Stemmler, CEO and chairman, said, "The revenue decline of IMPCO's established core business has stabilized over the last few quarters and we expect the additional new business being obtained from companies such as Scania in the UK, Boss/Jungheinrich in Germany and Ashok Leland in India will yield an increase in revenue towards the second half of this year."
