Fuel Systems Solutions Inc. (FSYS) reported that net loss for the fourth quarter of 2012 was $21.0 million, or $1.05 per share, compared to net income of $1.4 million, or $0.07 per share, in the fourth quarter of 2011.
The company recorded a fourth quarter 2012 non-cash goodwill and asset impairment charge of $22.0 million, comprised of a goodwill impairment of $9.9 million and a write-down of long-lived assets of $12.1 million relating to the US Automotive and AFS operations.
Excluding non-cash charge and its associated tax benefit of $ 0.9 million, the company recorded fourth quarter 2012 net income of $0.2 million or $0.01 per share.
Revenue for the fourth quarter of 2012 was $98.0 million compared to $111.0 million in the fourth quarter of 2011.
On average, 8 analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share on revenues of $89.03 million for the quarter. Analysts' estimates typically exclude special items.
The company expects full year 2013 revenue to be between $400 million and $420 million, 2013 gross margin of 21% to 23%, and 2013 operating margin of 2% to 4%. Analysts expect the company to report revenues of $408.30 million for fiscal 2013.
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