Fuel Systems Solutions Inc. (FSYS): Becker Drapkin Management Boosts Stake To Nearly 8%

Becker Drapkin Management, managed by Matthew Drapkin and Steven R. Becker, has upped its position in Fuel Systems Solutions Inc. (NASDAQ:FSYS). The hedge fund holds 1.58 million shares of Fuel Systems Solutions Inc. (NASDAQ:FSYS), up from 1.30 million shares the fund held previously. The stake is equal to 7.9% of common stock outstanding.


Fuel Systems Solutions Inc. (NASDAQ:FSYS) is engaged in designing and manufacturing of proven, cost-effective alternative fuel components and systems for use in transportation and industrial applications. The company has a market cap of around $200 million.

Fuel Systems Solutions Inc. (NASDAQ:FSYS) reported a net loss of $44.2 million, or $2.20 per diluted share, for its second quarter ended June 30, 2014. This net loss includes impairment and long-lived asset charge of $43.2 million, or $2.15 per share. Excluding this charge, the company’s net loss of $1.0 million, or $0.05 per diluted share, compared to net income of $2.6 million, or $0.13 per diluted share, in the same quarter of 2013. Its revenue was $87.4 million, down from $111.1 million in a year-ago period.

Fuel Systems Solutions Inc. (NASDAQ:FSYS) revised its outlook for full-year 2014. Now, the company expects its full-year revenue to be in the range of between $335 million to $355 million.

Other hedge funds holding big stakes in Fuel Systems Solutions Inc. (NASDAQ:FSYS) include Royce & Associates, run by Chuck Royce, which holds 781,200 shares, and Renaissance Technologies, led by Jim Simons, which owns 120,322 shares of the company. Another hedge fund, Cliff Asness‘ AQR Capital Management, which reported ownership of 71,800 shares of Fuel Systems Solutions Inc. (NASDAQ:FSYS).

Dallas, Texas-based Becker Drapkin Management was founded in 2004. The hedge fund focuses on small-cap value situations in the U.S. equity markets. In its latest 13F filing, the market value of the fund’s equity portfolio for the second quarter of 2014 amounted to $162.1 million. Comverse Inc. (NASDAQ:CNSI) is represented as the largest holding, in which the fund disclosed ownership of 1.45 million shares, with a reported value of $38.6 million. Second most valuable holding is XO Group Inc. (NYSE:XOXO), in which Becker Drapkin reported owning 1.94 million shares, worth $23.7 million.

Disclosure: none

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