IMPCO Reports Net Fiscal First Quarter Loss.(Brief Article)(Statistical Data Included)

IMPCO Technologies, Inc. said it recorded a net loss for its 2003 fiscal first quarter ended July 31, 2002, including its now spun off Quantum Technologies subsidiary, of $2.8 million or 20 cents per share. Comparatively, the net loss in the first quarter of fiscal year 2002 was $5.6 million or 54 cents per share.

Adjusted first quarter fiscal year 2003 results, excluding Quantum, which was spun off on July 23, 2002, were $19.5 million in revenues and $0.1 million in net income from continuing operations as compared to $18.9 million in revenues and $0.8 million in net income from continuing operations in the same period in the prior fiscal year.

The fiscal year 2003 first quarter results include spin-off expenses of $0.2 million for the discontinued Quantum operation. Gross margins were less in the first quarter fiscal year 2003 versus the first quarter fiscal year 2002 due to the increased percentage of sales into the lower margin transportation markets versus into the higher margin industrial markets.

In comparison to the prior fourth quarter of fiscal year 2002, IMPCO's first quarter of fiscal year 2003 revenues increased $2.7 million from $16.7 million, a 16.4 percent increase.

Net income from continuing operations increased $1.3 million from a net loss of $1.2 million in the fourth quarter of fiscal year 2002.

Robert M. Stemmler, CEO and Chairman, said, "On a sequential basis, IMPCO product revenue has increased three consecutive quarters from the third quarter of fiscal year 2002 through the first quarter of fiscal year 2003 due to the high growth in our transportation markets in Mexico, South America and India. Our more economic dependent industrial markets, particularly in the United States, have stabilized and we are starting to see a rebound.

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