Fuel Systems Solutions Inc. (FSYS, Financial) filed Quarterly Report for the period ended 2011-09-30.
Fuel Systems Solutions Inc. has a market cap of $448.5 million; its shares were traded at around $22.44 with a P/E ratio of 38.7 and P/S ratio of 1. Fuel Systems Solutions Inc. had an annual average earning growth of 51.3% over the past 5 years.
The Companys effective tax rate for the three months ended September 30, 2011 was 126.8% compared to an effective tax rate of 29.8% for the three months ended September 30, 2010. The Companys effective tax rate for the nine months ended September 30, 2011 was 65.9% compared to an effective tax rate of 34.4% for the nine months ended September 30, 2010. 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 United States tax rate. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The change in the effective tax rate is primarily a result of the fluctuation of earnings in the various jurisdictions and losses incurred in the United States and certain foreign jurisdictions (loss jurisdictions) for which no tax benefit has been recorded. For the three months ended September 30, 2011 and 2010 the Company incurred a pre-tax loss of approximately $3.3 million and $1.1 million, respectively, in the loss jurisdictions. For the nine months ended September 30, 2011 and 2010, the Company incurred a pre-tax loss of approximately $9.6 million and $2.0 million, respectively, in the loss jurisdictions. The Company continues to believe that the likelihood of recoverability of the net deferred tax assets in the loss jurisdictions is less than the more likely than not threshold, therefore, a valuation allowance is maintained on all domestic and on certain foreign jurisdictions deferred tax assets.
IMPCO Operations. The increase in revenue relates to an increase in demand in the industrial market of approximately $8.1 million which includes approximately $6.0 million from our auxiliary power unit business. Revenue associated with the automotive market decreased approximately $5.4 million due to a decrease in the automotive market in Asia and Europe partially offset by an approximate $2.8 million increase in US automotive market primarily from the IMPCO Automotive Acquisitions. Included in the results discussed above are the strengthening of local currencies compared to the US dollar which positively impacted revenues by approximately $2.3 million for the three months ended September 30, 2011.
IMPCO Operations. The increase in revenue relates to an increase in demand in the industrial market of approximately $30.9 million which includes approximately $17.0 million from our auxiliary power unit business. In addition, the transportation business at IMPCO remained relatively flat compared to the prior year as the decrease in sales in Asian transportation market of approximately $14.0 million was almost entirely offset by the increase in the US automotive market primarily from the IMPCO Automotive Acquisitions of approximately $13.9 million. Included in the results discussed above are the strengthening of local currencies compared to the US dollar which positively impacted revenues by approximately $4.9 million for the nine months ended September 30, 2011.
Our debt to total capitalization ratio at September 30, 2011 decreased approximately 11.1% to 3.2% compared to December 31, 2010 while our total capitalization has increased by approximately $1.8 million or 0.5% compared to December 31, 2010. This was driven mostly by an increase in earnings.
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Fuel Systems Solutions Inc. has a market cap of $448.5 million; its shares were traded at around $22.44 with a P/E ratio of 38.7 and P/S ratio of 1. Fuel Systems Solutions Inc. had an annual average earning growth of 51.3% over the past 5 years.
Highlight of Business Operations:
Amortization expense related to existing technology and customer relationships of $2.3 million and $1.0 million for the three months ended September 30, 2011 and 2010, respectively, and of $5.8 million and $3.0 million for the nine months ended September 30, 20110 and 2010, respectively, is reported as a component of cost of revenue. Amortization expense related to trade name and non-compete agreements of $0.2 million and $0.1 million for three months ended September 30, 2011 and 2010, respectively, and of $0.5 million and $0.4 million for nine months ended September 30, 2011 and 2010, respectively, is reported as a component of operating expenses.The Companys effective tax rate for the three months ended September 30, 2011 was 126.8% compared to an effective tax rate of 29.8% for the three months ended September 30, 2010. The Companys effective tax rate for the nine months ended September 30, 2011 was 65.9% compared to an effective tax rate of 34.4% for the nine months ended September 30, 2010. 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 United States tax rate. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The change in the effective tax rate is primarily a result of the fluctuation of earnings in the various jurisdictions and losses incurred in the United States and certain foreign jurisdictions (loss jurisdictions) for which no tax benefit has been recorded. For the three months ended September 30, 2011 and 2010 the Company incurred a pre-tax loss of approximately $3.3 million and $1.1 million, respectively, in the loss jurisdictions. For the nine months ended September 30, 2011 and 2010, the Company incurred a pre-tax loss of approximately $9.6 million and $2.0 million, respectively, in the loss jurisdictions. The Company continues to believe that the likelihood of recoverability of the net deferred tax assets in the loss jurisdictions is less than the more likely than not threshold, therefore, a valuation allowance is maintained on all domestic and on certain foreign jurisdictions deferred tax assets.
IMPCO Operations. The increase in revenue relates to an increase in demand in the industrial market of approximately $8.1 million which includes approximately $6.0 million from our auxiliary power unit business. Revenue associated with the automotive market decreased approximately $5.4 million due to a decrease in the automotive market in Asia and Europe partially offset by an approximate $2.8 million increase in US automotive market primarily from the IMPCO Automotive Acquisitions. Included in the results discussed above are the strengthening of local currencies compared to the US dollar which positively impacted revenues by approximately $2.3 million for the three months ended September 30, 2011.
IMPCO Operations. The increase in revenue relates to an increase in demand in the industrial market of approximately $30.9 million which includes approximately $17.0 million from our auxiliary power unit business. In addition, the transportation business at IMPCO remained relatively flat compared to the prior year as the decrease in sales in Asian transportation market of approximately $14.0 million was almost entirely offset by the increase in the US automotive market primarily from the IMPCO Automotive Acquisitions of approximately $13.9 million. Included in the results discussed above are the strengthening of local currencies compared to the US dollar which positively impacted revenues by approximately $4.9 million for the nine months ended September 30, 2011.
Our debt to total capitalization ratio at September 30, 2011 decreased approximately 11.1% to 3.2% compared to December 31, 2010 while our total capitalization has increased by approximately $1.8 million or 0.5% compared to December 31, 2010. This was driven mostly by an increase in earnings.
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