Clean Diesel Technologies Reports 2006 Second Quarter Results.STAMFORD, Conn. -- Clean Diesel Technologies, Inc. ("Clean Diesel" or "The Company") (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 & XETRA Xetra Deutsche Borse electronic trading platform that commenced operation in 1997. : CDI CDI compact disc interactive: a system for storing a mix of software, data, audio, and compressed video for interactive use under processor control ), a developer of technological solutions to reduce harmful engine emissions, today announces its results for the 2006 second quarter. Clean Diesel's Platinum Plus fuel borne catalyst (FBC See fully buzzword compliant. ) revenue increased 60% in the second quarter 2006 and 60% for the six months year to date, versus the comparable 2005 periods. The Company is expanding its customer and distributor base particularly in the UK and Europe. Overall revenue is up slightly for the quarter as the increase in revenue from additives and other revenue including a market assessment project was mostly offset by a decrease in hardware revenue. For the first half of 2006 overall revenue increased 19% as compared to 2005. Dr. Bernhard Steiner, President 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. , commented: "Clean Diesel's investment in international sales and marketing is beginning to generate the anticipated revenue increase. As a result of this growing European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. demand for the Platinum Plus Fuel Borne Catalyst, the Company has upgraded its UK Representative office to a UK Branch office which will continue to operate as Clean Diesel International LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . In addition, Clean Diesel has established a local UK-based blending and warehousing facility to better service our expanding customer and distributor base". Revenue for the second quarter 2006 was $279,000 with a net loss of $1,190,000 ($0.05 loss per share), compared to revenue of $268,000 in the second quarter of 2005 with a net loss of $1,286,000 ($0.07 loss per share). For the six months ended June 30, 2006, revenue was $548,000 with a net loss of $2,774,000 ($0.11 loss per share), compared to $460,000 of revenue and a net loss of $2,477,000 ($0.14 loss per share) in 2005. Expenses in the second quarter of 2006 were up slightly in comparison to 2005 as a result of higher patent costs, increased European professional expenses, increased R&D and non-cash compensation expense ($53,000) for stock options, partially offset by the lower compensation expense relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the first quarter severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when charge for the departure of the former 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. . For the first six months of 2006, expenses are up versus 2005 due to: higher R&D related to increased testing of the Mitsui acquired wire-mesh filter technology, non-cash compensation expense ($106,000) for stock options; and severance recognized in the first quarter of 2006. As now required under 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. Financial Accounting Standard 123R, the fair value of options granted must be calculated and the expense recognized over the vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: term of the option. Dr. Steiner also noted: "Clean Diesel's 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. and related technologies continue to generate substantial interest for both new vehicle and retrofit ret·ro·fit v. ret·ro·fit·ted or ret·ro·fit, ret·ro·fit·ting, ret·ro·fits v.tr. 1. To provide (a jet, automobile, computer, or factory, for example) with parts, devices, or equipment not in applications. The Company expects to announce the first of several original equipment manufacturer license agreements for its 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 Selective Catalytic Reduction technology in the near future." About Clean Diesel Technologies, Inc. Clean Diesel Technologies, Inc. and its UK Branch office, Clean Diesel International LLC, is a developer of technological solutions to reduce harmful engine emissions. Clean Diesel Technologies has patented products that reduce emissions from combustion combustion, rapid chemical reaction of two or more substances with a characteristic liberation of heat and light; it is commonly called burning. The burning of a fuel (e.g., wood, coal, oil, or natural gas) in air is a familiar example of combustion. engines while simultaneously improving fuel economy and power. Products include Platinum Plus(R) fuel-borne catalysts (FBC), the Platinum Plus Purifier System, catalyzed wire mesh wire mesh, wire netting n → tela metálica 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. technologies and the ARIS(R) injection systems for selective catalytic reduction of NOx. Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies, Inc. For more information, visit CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT at www.cdti.com or contact the Company directly. Certain statements in this news release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" .
CLEAN DIESEL TECHNOLOGIES, INC.
STATEMENT OF OPERATIONS
(Unaudited)
(in thousands,
except share data)
Three Months Ended Six Months Ended
June 30, June 30,
2006 2005 2006 2005
Revenue:
Additive revenue $ 145 $ 91 $ 296 $ 186
Hardware revenue 73 166 117 258
License, royalty and other
revenue 61 11 135 16
---------- ---------- ---------- ----------
Total revenue 279 268 548 460
Costs and expenses:
Cost of revenue 156 161 272 271
General and administrative 1,186 1,210 2,715 2,375
Research and development 177 88 395 147
Patent amortization and
other patent expense 50 25 93 64
---------- ---------- ---------- ----------
Loss from operations (1,290) (1,216) (2,927) (2,397)
Other income (expense):
Foreign currency exchange
gain (loss) 79 (75) 93 (94)
Interest income 21 5 48 14
Miscellaneous income 0 0 12 0
---------- ---------- ---------- ----------
Net Loss $ (1,190) $ (1,286) $ ( 2,774) $ (2,477)
========== ========== ========== ==========
Basic and diluted loss per
common share $ (0.05) $ (0.07) $ (0.11) $ (0.14)
========== ========== ========== ==========
Weighted average number of
common shares outstanding 26,111 17,171 26,098 17,168
========== ========== ========== ==========
CLEAN DIESEL TECHNOLOGIES, INC.
BALANCE SHEETS
(in thousands,
except share data)
June 30, December 31,
2006 2005
(Unaudited)
------------ ------------
ASSETS
Current Assets
Cash and cash equivalents $ 2,501 $ 4,513
Accounts receivable, net of allowance of $18
and $11 in 2006 and 2005, respectively 172 125
Inventories 452 285
Other current assets 128 94
Subscription receivable, net 0 488
------------ ------------
Total current assets 3,253 5,505
Patents, net 593 567
Fixed assets, net of accumulated
depreciation of $307
And $259 in 2006 and 2005, respectively 118 175
Other assets 37 27
------------ ------------
Total assets $ 4,001 $ 6,274
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Deferred revenue $ 0 $ 9
Accounts payable and accrued expenses 775 487
------------ ------------
Total current liabilities 775 496
STOCKHOLDERS' EQUITY:
Preferred Stock, par value $0.05 per share,
100,000 shares authorized, no shares issued
and outstanding -- --
Common Stock, par value $0.05 per share,
authorized 30,000,000 shares, issued and
outstanding 26,162,459 and 25,369,358
shares respectively 1,308 1,268
Common Stock, par value $0.05 per share,
subscribed and to be issued; 705,113 shares
in 2005 0 35
Additional paid-in capital 44,285 44,068
Accumulated deficit (42,367) (39,593)
------------ ------------
Total stockholders' equity 3,226 5,778
------------ ------------
Total liabilities and stockholders' equity $ 4,001 $ 6,274
============ ============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion