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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) April 28, 1997
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AMERIGON INCORPORATED
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(Exact Name of Issuer as Specified in its Charter)
California 0-21810 95-431855-4
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(State or Other (Commission File Number) (IRS Employer
Jurisdiction Identification
of Incorporation Number)
Identification or
Organization)
404 East Huntington Drive, Monrovia, California 91016
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code) (818) 932-1200
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On April 28, 1997, Amerigon Incorporated (the "Company") reported 1997
first quarter results for the period ended March 31, 1997.
Revenues for the first quarter of 1997 decreased by $2,658,000, or
approximately 87%, to $396,000, from $3,054,000 for the quarter ended March
31, 1996. The decrease in revenues is due principally to the fact that the
Company substantially completed work on its major electric vehicle
development contract with Samsung Heavy Industries Co., Ltd., Kihung R&D
Center and its corporate affiliates prior to the first quarter of 1997 and
did not obtain any replacement development contracts during the first quarter
of 1997.
The Company reported a first quarter 1997 net loss of $1,941,000,
or a loss of $.30 per share, compared with a net loss of $620,000, or a loss
of $.15 per share, reported for the year ago first quarter.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
The following exhibits are filed as part of this Report:
99.1 Condensed Balance Sheet of Amerigon Incorporated as of
March 31, 1997 (unaudited), and December 31, 1996; and
99.2. Condensed Statement of Operations (unaudited) of Amerigon
Incorporated for the three months ended March 31, 1997.
2
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: April 28, 1997 AMERIGON INCORPORATED
By /s/ Lon E. Bell
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Its Chairman of the Board and
Chief Executive Officer
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EXHIBIT 99.1
AMERIGON INCORPORATED
(A DEVELOPMENT STAGE ENTERPRISE)
CONDENSED BALANCE SHEET
(IN THOUSANDS, EXCEPT SHARE DATA)
DECEMBER 31, MARCH 31,
1996 1997
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ASSETS (UNAUDITED)
Current Assets:
Cash and cash equivalents $ 203 $11,741
Accounts receivable less allowance of $80 1,188 1,809
Unbilled revenue 1,157 242
Inventories, primarily raw materials 20 20
Prepaid expenses and other assets 744 215
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Total current assets 3,312 14,027
Property and Equipment, net 610 543
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Total Assets $ 3,922 $14,570
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 1,567 $ 509
Deferred revenue 154 239
Accrued liabilities 519 618
Note payable to shareholder 200 -
Loan and Debentures payable 3,000 -
Bank loan payable 1,187 -
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Total current liabilities 6,627 1,366
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Long Term Portion of Lease Liability 43 39
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Shareholders' Equity:
Preferred stock, no par value; 5,000,000 shares
authorized, none issued and outstanding
Common stock:
Class A -no par value; 40,000,000 shares
authorized, 9,542,500, and 4,069,000 issued
and outstanding at March 31, 1997, and
December 31, 1996, respectively
(An additional 3,000,000 shares held
in escrow) 17,321 28,408
Class B -no par value; 3,000,000 shares
authorized, none issued and outstanding
Class A Warrants - 6,767
Contributed capital 3,115 3,115
Deficit accumulated during development stage (23,184) (25,125)
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Total shareholders' equity (2,748) 13,165
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Total Liabilities and Shareholders' Equity $ 3,922 $14,570
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EXHIBIT 99.2
AMERIGON INCORPORATED
(A DEVELOPMENT STAGE ENTERPRISE)
CONDENSED STATEMENT OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
APRIL 23, 1991
THREE MONTHS (INCEPTION)
ENDED MARCH 31, TO MARCH 31,
1996 1997 1997
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(UNAUDITED) (UNAUDITED)
Revenues:
Development contracts and
related grants $3,054 $384 $16,313
Grants - 12 6,168
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Total revenues 3,054 396 22,481
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Costs and Expenses:
Direct development contract and
related grant costs 2,771 869 19,187
Direct grant costs - 28 4,760
Research and development 384 256 9,043
Selling, general and administrative,
including reimbursable expenses 555 794 14,581
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Total Costs and Expenses 3,710 1,947 47,571
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Operating Loss (656) (1,551) (25,090)
Interest Income 36 67 633
Interest Expense (117) (328)
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Net Loss Before Extraordinary Item (620) (1,601) (24,785)
Extraordinary Loss on
Extinguishment of Debt - 340 340
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Net Loss ($620) ($1,941) ($25,125)
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Net Loss Per Share Before
Extraordinary Item ($0.15) ($0.25)
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Net Loss Per Share ($0.15) ($0.30)
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Weighted Average Number
Of Shares Outstanding 4,050 6,488
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