Clean Diesel Technologies Reports 2003 First Quarter Results.Energy Editors/Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--May 14, 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 revenue in the first quarter of 2003 compared with the prior year period. Total revenue for this year's first quarter was $96,000 with a net loss attributable to common stockholders of $907,000, or a $0.08 loss per share. This compares with total revenue of $71,000 and a net loss attributable to common stockholders of $662,000 or a $0.06 loss per share for the same period in 2002. Total expenses in the 2003 first quarter increased from the first quarter of 2002 as a result of field testing and verification expenses and higher sales and marketing costs for the company's fuel borne catalyst (FBC See fully buzzword compliant. ). President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. James M. Valentine commented: "There have been a series of significant developments for the company and its technologies during the first quarter. Looking forward, the US diesel retrofit emission-reduction market is beginning to open up for CDT. "CARB has requirements which begin phasing in at the end of 2003, for retrofitting California's 1.2 million diesel engines for reductions in diesel particulate emissions. CARB recently issued a technology assessment for refuse trucks, highlighting CDT's Platinum Plus(R) FBC and flow through filter as one of the systems likely to be applicable to a wide range of vehicle types and operating conditions." "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 is also gaining momentum with the recent announcement of specific diesel emission-reduction programs by the EPA," Valentine said. "These include programs such as the `Smartway Transport Program' for major corporate fleets and the `Clean School Bus' initiative that targets the retrofit of 290,000 school buses. The company's approach of using Platinum Plus FBC and lightly catalyzed aftertreatment devices reduces the cost and improves the performance of diesel retrofits." CDT recently announced a partnership with Coca-Cola Enterprises Coca-Cola Enterprises NYSE: CCE is the largest bottler by volume in the Coca-Cola System. It is the anchor bottler for North America and parts of Europe. The company is the bottler of Coca-Cola and its other soft drink products, and in some areas a few other soft drink (CCE CCE Cornell Cooperative Extension CCE Corporate and Continuing Education CCE Coca-Cola Enterprises Inc. CCE Commission de Coopération Environnementale CCE Centre for Continuing Education CCE College of Continuing Education CCE Certified Computer Examiner ), a charter member of the Smartway Transport Program, to complete engine and field trials of CDT's patented and EPA registered FBC with specially catalyzed aftertreatment devices to reduce diesel emissions on CCE's delivery fleets. The CCE engines are the same as those widely used in delivery fleets, refuse trucks and school buses. The company is proceeding with its first verification under CARB and EPA test protocols for its Platinum Plus FBC and an aftertreatment device. Field durability testing was recently completed on one of several systems and CDT expects to complete the final engine verification test later in the second quarter assuming engine test cell availability. In conjunction with New Mexico-based CleanAIR Systems, the company is actively marketing to the mining industry its Platinum Plus FBC in combination with a specially catalyzed filter that reduces particulates in underground mines by 85 percent without increasing NO2. CDT and CleanAIR Systems recently received formal acceptance from the Mining Safety Health Administration (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) ) for the FBC and specially catalyzed filter. 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. Traditional heavily catalyzed systems cause a large increase in NO2 emissions. Their use has recently been prohibited in mines. MSHA has mandated a reduction in particulates in mines, with commitments for compliance required by July 2003. As previously announced, during the first quarter, testing of the Platinum Plus FBC with a proprietary diesel particulate filter “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. supplied by Mitsui and PUREarth was conducted at SouthWest Research Institute Southwest Research Institute (SwRI), headquartered in San Antonio, Texas, is one of the oldest and largest independent, nonprofit, applied research and development (R&D) organizations in the United States. Founded in 1947 by Thomas Slick, Jr. . The results showed dramatic emission reductions while meeting CARB NO2 limits. The parties expect to have further announcements in the near future on the joint technology. Power generation applications for the FBC were expanded from stationary utility diesels to offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. platforms and home heating oil-fired furnaces for the control of soot and opacity Refers to being "opaque," which means to prevent light from shining through. For example, in an image editing program, the opacity level for some function might range from completely transparent (0) to completely opaque (100). . The company continues to add 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) licensees for its urea 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. (SCR (Sequence Control Register) See program counter. ) technology. In April, CDT announced a mobile ARIS retrofit license for the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with Monroe, Conn.-based Combustion Component Associates Inc. under which CDT received an upfront license fee of $150,000 plus royalties on systems sold. In addition, late last year, CDT completed an exclusive license agreement with Mitsui Co. Ltd. for the mobile application of CDT's ARIS technology in Japan. Mitsui has previously licensed the stationary ARIS technology for Japan. The company is also 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. . The company's patented exhaust gas Exhaust gas is flue gas which occurs as a result of the combustion of fuels such as natural gas, gasoline/petrol, diesel, fuel oil or coal. It is discharged into the atmosphere through an exhaust pipe or flue gas stack. recirculation/selective catalytic reduction (EGR/SCR) combination can already achieve NOx limits for new engines that are required in 2007. Full financial information is included in the company's Form 10-Q Form 10-Q See 10-Q. 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, and the ARIS(R) 2000 urea injection systems for selective catalytic reduction of NOx. Note to Editors: Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies Inc. 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 Ended
March 31,
2003 2002
Revenue:
Product revenue $ 88 $ 60
License and royalty revenue 8 11
Total revenue 96 71
Costs and expenses:
Cost of sales 57 44
General and administrative 692 556
Research and development 248 111
Patent filing and maintenance 10 28
Loss from operations (911) (668)
Interest income (4) (15)
Interest expense -- 9
Net loss attributed to common stockholders $ (907) $ (662)
Basic and diluted loss per common share $ (0.08) $ (0.06)
Weighted average number of common shares
Outstanding -- basic and diluted 11,968 11,214
CLEAN DIESEL TECHNOLOGIES INC.
BALANCE SHEET
(in thousands except share data)
March 31, Dec. 31,
2003 2002
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 1,409 $ 2,083
Accounts receivable 76 284
Inventories 295 314
Other current assets 125 76
Total current assets 1,905 2,757
Other assets 285 222
Total assets $ 2,190 $ 2,979
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 328 $ 223
Total current liabilities 328 223
Deferred compensation and pension benefits 431 418
Total long-term liabilities 431 418
Stockholders' Equity:
Preferred stock, par value $0.05 per share,
authorized 80,000 shares, no shares
issued and outstanding -- --
Series A convertible preferred stock, par value
$0.05 per share, $500 per share
liquidation preference, authorized
20,000 shares, no shares issued and
outstanding -- --
Common stock, par value $0.05 per share,
authorized 15,000,000 shares,
issued and outstanding 11,968,387
and 11,976,903 shares 598 598
Additional paid-in capital 28,519 28,519
Accumulated deficit (27,686) (26,779)
Total stockholders' equity 1,431 2,338
Total liabilities and stockholders' equity $ 2,190 $ 2,979
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