Fuel Systems Solutions (FSYS) is down more than 25% after reporting an EPS of just .04/share which missed estimates by .38/share and represents an 87% plunge from the year ago quarter.  Revenues were equally disappointing at $84 million which is nearly flat growth over the year ago quarter.

Executive comments seemed to brush aside the bad quarter, choosing to focus on the overall growth of 2008 and optimism for 2009.  “2008 was a transformational year,” said Mariano Costamagna, Fuel System Solutions’ CEO. “We achieved critical mass and demonstrated the strength of our business model. Fuel Systems Solutions posted record revenues and, more notably in the current economic context, record profitability. Our earnings capacity and our ability to deliver our engineering and manufacturing capabilities across a variety of end-user markets distinguish Fuel Systems in the alternative energy sector.”

The company expects 2009 revenues flat to down from 08 levels and in the range of $330 – $360 million.

Look for a retest of the 08 lows around $10/share in the coming months.