Clean Diesel Technologies Reports 2002 Fourth-Quarter, Year-End Results; Mitsui ARIS Mobile License Drives Fourth-Quarter Revenue.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--March 25, 2003 Clean Diesel Technologies Inc. (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT )(EBB:CDTI CDTI Centro Para el Desarrollo Tecnológico Industrial (Spain) CDTI Cockpit Display of Traffic Information CDTI Common rail Diesel Turbo Injection CDTI Commercial Driver Training Institute (Pakistan) )(AIM:CDT/CDTS) today reported an increase in license and royalty revenue in the fourth quarter of 2002, compared with the prior-year period. For the fourth quarter, CDT reported total revenue of $300,000 and a net loss attributable to common stockholders of $403,000, or a $0.04 loss per share. This compares with revenue of $158,000 and a net loss attributable to common stockholders of $1.92 million, or a $0.63 loss per share for the same period in 2001. The 2001 fourth-quarter loss includes a one-time non-cash preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. conversion premium of $1.28 million related to the conversion of all of the company's preferred stock to common stock in December 2001. Excluding the one-time preferred stock conversion premium, the 2001 fourth-quarter loss was $647,000, or a $0.21 loss per share. For the 12 months ended Dec. 31, 2002, CDT reported total revenue of $441,000, with a net loss of $2.6 million, or a $0.23 loss per share, compared with total revenue of $1.6 million with a net loss of $3.0 million, or a $1.08 loss per share for the comparable year- earlier period. Excluding the one-time preferred stock conversion premium, the 2001 year-end loss was $1.7 million, or a $0.62 loss per share. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeremy Peter-Hoblyn commented: "A large U.S. diesel retrofit emission-reduction market is beginning to develop and it is expected to grow substantially in 2003. The California Air Resources Board's (CARB) requirement to retrofit 1.2 million diesel vehicles in California begins phasing in at the end of 2003. "In addition, the Environmental Protection Agency's (EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. ) voluntary retrofit program in the other 49 states has gained momentum with the recent announcement of specific diesel emission-reduction programs by the EPA such as the `Smartway Transport Program' for major corporate fleets and the `Clean School Bus' initiative that targets the retrofit of 300,000 school buses." Peter-Hoblyn also noted that CDT has formally applied for the verification of its patented Platinum Plus(R) fuel borne catalyst (FBC See fully buzzword compliant. ) and low-cost aftertreatment devices with both the EPA and the CARB. The company's new FBC and a Flow through Filter (FTF FTF Face To Face (in person) FTF Freescale Technology Forum FTF Fair Trade Federation FTF First Things First (Chattanooga, TN family strengthening program) FTF First to Find ) combination is designed to provide 50 to 60 percent emission reduction, be very durable and apply to older and dirtier engines. The company has completed its initial pre-verification testing and recently reached the 1,000-hour commercial in-field durability requirement on the first of several vehicles. CDT expects to complete the required verification testing of the first 1,000-hour aged system in the next 60 days. Recently the company announced a partnership with Santa Fe-based CleanAIR Systems to gain the Mining Safety Health Administration's (MSHA MSHA Mine Safety and Health Administration (US government) MSHA Master of Science in Health Administration MSHA Mine Safety and Health Administration MSHA Maison des Sciences de l'Homme d'Aquitaine (French) ) acceptance of the Platinum Plus FBC in combination with a specially catalyzed filter that reduces particulates in underground mines by 85 percent without increasing NO2. This combination is the only catalytic precious metal system accepted for use in underground mines. NO2 is a strong lung irritant ir·ri·tant adj. Causing irritation, especially physical irritation. n. A source of irritation. irritant, n 1. an agent that causes an irritation or stimulation. 2. and both CARB and MSHA have put restrictions on NO2 emissions. In addition, MSHA has mandated a reduction in particulates, with commitments for compliance required by July 2003. Just last week, CDT announced its first commercial order for diesel particulate reduction in underground mines. In the fourth quarter of 2002, CDT completed an exclusive license agreement with Mitsui Ltd. for the mobile application of CDT's ARIS ARIS American Religious Identification Survey ARIS Architecture of Integrated Information Systems ARIS Active Rack Isolation System ARIS Aggregate Route-based IP Switching ARIS Agentia Romana pentru Investitii Straine (R) urea selective catalyst reduction (SCR (Sequence Control Register) See program counter. ) technology in Japan. Mitsui had also previously licensed the stationary ARIS technology for Japan. Under the ARIS mobile license agreement Mitsui paid CDT $250,000 and agreed to invest an additional $200,000 in further development and testing of the ARIS mobile system. CDT also recently announced a letter of intent for a mobile ARIS retrofit license with Monroe, Conn.-based Combustion Component Associates Inc. and the company is in discussions for ARIS licenses with several other U.S. and European companies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of companies from the countries in the European Union. . Full financial information is included in the company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission (www.SEC.gov). About Clean Diesel Technologies Inc. Clean Diesel Technologies is a specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. company with patented products that reduce emissions from diesel engines while simultaneously improving fuel economy. Products include Platinum Plus(R) fuel borne catalysts which reduce engine out emissions of particulate (PM), carbon monoxide carbon monoxide, chemical compound, CO, a colorless, odorless, tasteless, extremely poisonous gas that is less dense than air under ordinary conditions. It is very slightly soluble in water and burns in air with a characteristic blue flame, producing carbon dioxide; (CO) and hydrocarbons (HC), while improving fuel economy and also increasing the regeneration of diesel particulate filters “DPF” redirects here. For plasma focus device, see dense plasma focus. A diesel particulate filter, sometimes called a DPF, is a device designed to remove diesel particulate matter or soot from the exhaust gas of a diesel engine. and the ARIS(R) 2000 urea injection systems for selective catalytic reduction Selective catalytic reduction (SCR) is a means of removing nitrogen oxides, often the most abundant and polluting component in exhaust gases, through a chemical reaction between the exhaust gases, a (reductant) additive, and a catalyst. of NOx. Certain statements in this news release constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
CLEAN DIESEL TECHNOLOGIES INC.
STATEMENT OF OPERATIONS
(In thousands, except per-share data)
Three Months 12 Months
Ended Ended
Dec. 31, Dec. 31,
2002 2001 2002 2001
Revenue:
Product revenue $ 29 $ 23 $ 142 $ 176
License and royalty revenue 271 135 299 1,424
Total revenue 300 158 441 1,600
Costs and expenses:
Cost of sales 13 8 86 117
General and administrative 591 512 2,291 1,858
Research and development 97 111 693 365
Patent filing and maintenance 9 58 43 196
Loss from operations (410) (531) (2,672) (936)
Interest income/(expense) 7 (116) 30 (170)
Net loss before preferred
stock dividend (403) (647) (2,642) (1,106)
Preferred stock dividend
(non-cash) 0 0 0 (621)
Preferred stock conversion
premium 0 (1,276) 0 (1,276)
Net loss attributed to common
stockholders $ (403)$(1,923) $(2,642) $(3,003)
Basic and diluted loss per
common share $ (0.04)$ (0.63) $ (0.23) $ (1.08)
Weighted average number of
common shares outstanding 11,419 3,073 11,419 2,777
Note to Editors: Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies Inc. |
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