SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
.
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported): February 20, 2001
___________________
AMERIGON INCORPORATED
(Exact name of registrant as specified in its charter)
___________________
California 0-21810 95-4318554
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation or
organization)
5462 Irwindale Avenue
Irwindale, California 91706
(626) 815-7400
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
___________________
Item 5. Other Events.
On February 20, 2001, the Company issued a press release
announcing its financial results for the quarter and fiscal
year ended December 31, 2000. Attached as Exhibit 99.1 are
the Company's unaudited consolidated statements of operations
for the three months and the year ended December 31, 2000 and
the Company's unaudited consolidated balance sheet as of
December 31, 2000.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(c) Exhibits
Exhibit
No. Description
- ------- -----------
99.1 Unaudited financial information for Amerigon
Incorporated for the three months and the year
ended December 31, 2000.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto
duly authorized.
AMERIGON INCORPORATED
By: /s/ Craig Newell
------------------------
Craig Newell
Vice President, Finance
Date: February 20, 2001
EXHIBIT 99.1
AMERIGON INCORPORATED
STATEMENT OF OPERATIONS
(In thousands, except per share data)
Ended December 31, Ended December 31,
------------------ ------------------
2000 1999 2000 1999
-------- -------- -------- --------
Product sales $ 3,209 $ 289 $ 6,886 $ 336
Product cost 2,992 715 6,274 778
Gross Margin 217 (426) 612 (442)
Operating expenses:
Research and development 1,101 960 4,099 3,721
Selling, general and administrative 2,045 956 6,088 3,481
Total costs and expenses 3,146 1,916 10,187 7,202
Operating loss (2,929) (2,342) (9,575) (7,644)
Interest income 49 34 201 135
Interest expense - (5) (2,607) (30)
Loss on disposal of assets - (17) - (36)
Loss before extraordinary item (2,880) (2,330) (11,981) (7,575)
Extraordinary gain from extinguishment - - 707 -
of debt
Net loss $(2,880) $(2,330) $(11,274) $(7,575)
======== ======== ========= =========
Net loss available to common $(2,880) $(2,330) $(11,274) $(15,842)
shareholders ======== ======== ========= =========
Basic and diluted net loss per share:
Loss before extraordinary gain $(0.65) $(1.22) $(3.65) $(8.29)
Extraordinary gain from - - 0.22 -
extinguishment of debt
Net loss $(0.65) $(1.22) $(3.43) $(8.29)
======== ======== ========= =========
Weighted average number of common 4,428 1,910 3,283 1,910
shares outstanding
AMERIGON INCORPORATED
BALANCE SHEET
(In thousands)
December 31, December 31,
ASSETS 2000 1999
------------ ------------
Current Assets:
Cash & cash equivalents (1) $ 2,852 $ 1,647
Accounts receivable less allowance of $55 1,375 282
and $58, respectively
Inventory 1,478 490
Prepaid expenses and other assets 487 251
------- -------
Total current assets 6,192 2,670
Property and equipment, net 1,383 1,051
Deferred exclusivity fee 1,170 -
------- -------
Total assets $ 8,745 $ 3,721
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable $ 1,376 $ 592
Accrued liabilities 1,446 597
Deferred Revenue 170 -
------- -------
Total current liabilities 2,992 1,189
Long term portion of capital lease 5 11
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Total liabilities 2,997 1,200
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Mandatorily redeemable preferred stock:
Series A - Preferred Stock - no par value;
redeemable and convertible; 9 shares
authorized, none and 9 issued and outstanding
at December 31, 2000 and 1999 - 8,267
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Shareholders' equity (deficit):
Preferred Stock:
Series A - no par value; convertible; 9
shares authorized, 9 and none issued and
outstanding at December 31, 2000 and 1999;
liquidation preference of $9,945 8,267 -
Common Stock;
No par value; 20,000 shares authorized,
4,428 and 1,910 issued and outstanding at
December 31, 2000 and 1999 37,947 28,149
Paid-in capital 14,689 10,059
Deferred compensation (1) (74)
Accumulated deficit (55,154) (43,880)
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Total shareholders' equity (deficit) 5,748 (5,746)
------- -------
Total liabilities and shareholders' $ 8,745 $ 3,721
equity (deficit) ======= =======
(1) At December 31, 2000, includes $1,000,000 returned from
escrow originally opened on October 20, 2000 and subsequently
terminated.