After posting losses of more than $55 million over the past four years, IMPCO Technologies Inc., a manufacturer and developer of alternative fuel systems, appears to have turned the corner.

In its 48 years, the company has seen its share of ups and downs. But last week IMPCO recorded a record first-quarter profit of $17.6 million, a 160 percent increase over last year on revenue of $56 million, more than double last year’s first-quarter figures.

IMPCO stock bottomed out at around $2 in March of 2003 as the demand for alternative fuels technology and the markets slumped. The stock has nearly tripled over the past year, up to around $9.20 from $3.33. Rising fuel costs and President Bush’s recent endorsement of alternative fuel development contributed to the gains, but Chief Operating Officer Brad Garner sees another factor driving the resurgence.

He attributes a large part of the turnaround at the company, which does 60 percent of its business in Europe and Asia, to what he calls “the three-legged stool effect.” As Garner explains it, the three legs are the soaring price of crude oil, the willingness of European governments to make conversion to alternative fuels affordable and efforts to find new fuel technologies, like the ones IMPCO produces.

“We’re getting back to our core competencies, which are developing and selling new technologies,” said Garner. “We also shifted management around. That way if the company didn’t turn things around they knew exactly who to come to.”

IMPCO has also been shuffling overseas operations.

The firm chopped overhead by shuttering distribution facilities in Mexico and India in order to leave the ground operations to the experts in those regions. Rising administrative costs at those overseas facilities were stunting profits from the company’s surging sales, which increased more than $100 million between 2003 and 2005, Garner said.

“We’re a technology company, not a logistics company,” he said.

The company added a revenue stream with the acquisition of Italy’s BRC SrL, which makes natural gas and propane fuel systems for cars and busses. That deal added to an already rosy revenue report from across the pond.

“With the price of petrol climbing higher in Europe and with the governments over there making alternative fuels a priority, demand for our systems has increased dramatically,” Chief Financial Officer Tom Costales said.

The same principles are being applied to the domestic operation, said Garner, who doubles as head of IMPCO’s North American operations. The U.S. market accounts for about 40 percent of the company’s business. It specializes in manufacturing and installing propane and natural gas fuel systems for industrial equipment, like forklifts and motor fleets.

“We’re changing the look, feel and culture of the entire company,” Garner added. “A majority of our business comes from blue chip manufacturers like GM and Toyota, so we need to present ourselves in a similar fashion if we plan on expanding business with them.”

The company is moving from its current headquarters in Cerritos to a new 108,000-square-foot facility in Santa Ana. An R & D; facility in Seattle will be shuttered and its operations as well as employees will be shifted to the new site, Garner said. About 160 of the firm’s roughly 500 employees will relocate to the new headquarters.

The company posted revenues of $175 million in 2005, and is projecting $195 million this year. It’s a major independent player in the commercial alternative fuels market, which is dominated by specialty units of larger corporations as well as Asian companies.

The firm’s improved direction has not been lost on shareholders.

“It’s not a question of why the stock is doing well now, it’s a question of why did it take until now for the stock to do well,” Sanjay Shrestha, an analysis with First Albany Capital said. “This company has a lot of great products and is a market leader in just about every sector they are in.”

The company’s executives are bullish on its future.

Costales said that he expects surging markets in Asia and Latin America as well as Europe to drive gains this year. Domestically, U.S. sales are expected to increase with the advent of tighter federal emission standards on what are classified as off-the-road vehicles, mainly industrial equipment like forklifts which are due to take effect in January of next year.

“The worst,” said Garner, “is behind us.”