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Stock Market & Financial Investment News

News Breaks
January 22, 2013
06:32 EDTFSYSFuel Systems reaffirms FY12 revenue outlook
News For FSYS From The Last 14 Days
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September 2, 2015
16:12 EDTFSYSKevin Douglas reports 14.8% stake in Fuel Systems
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September 1, 2015
10:21 EDTFSYSWestport, Fuel Systems resume trading after merger announcement
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09:53 EDTFSYSWestport and Fuel Systems reiterate respective revenue outlooks
Westport expects consolidated revenue to be between $110 million and $125 million for the year vs. consensus $113.95M. Fuel Systems expects consolidated revenue to be in the range of $270 to $280 million for the year vs. consensus of $271.63M. This results in a combined range from $380 to $405 million projected for the year ended December 31, 2015. The companies expect the transaction to be accretive to the combined company's adjusted EBITDA and earnings in 2016, excluding one-time costs, through approximately $30 million of annual pre-tax savings and merger synergies fully realized by calendar year 2018. Included in the $30 million per year is $15 million in annualized benefits expected to be generated by Fuel Systems' restructuring program in 2016 and beyond and Westport's initiatives to reach positive adjusted EBITDA by mid-2016 and through a combination of reductions in corporate management costs, manufacturing costs, and operating expenses as a result of the merger. Westport has a publicly stated goal of reaching break even by the middle of 2016 and the merger would only strengthen the company's ability to meet this goal. The combined company will also benefit from a strengthened balance sheet and enhanced liquidity and will be positioned for continued investment and long-term financial stability. The combined companies reported approximately $117 million in cash and short term investments as of June 30, 2015.
09:51 EDTFSYSWestport and Fuel Systems announce intention to merge
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09:50 EDTFSYSWestport and Fuel Systems announce intention to merge

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