Clean Diesel Technologies Reports First Quarter Results; Substantial License Receipts Foreseen in Second and Third Quarters.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--May 9, 2001 Clean Diesel Technologies Inc. (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) ) (CDT CDT abbr. Central Daylight Time CDT Central Daylight Time CDT n abbr (US) (= Central Daylight Time) → hora de verano del centro; (BRIT ) today reported results for the first quarter ended March 31, 2001. CDT reported a net loss attributable to Common Stockholders of $760,000, or $0.29 loss per share, compared with a net loss of $462,000, or $0.18 loss per share, for the year-earlier period. The net loss included non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $201,000 and $163,000 for the first quarter of 2001 and 2000, respectively. Revenue for the first quarter of 2001 was $24,000 versus $306,000 in 2000. The 2000 revenue included $260,000 of license revenue from Norwalk, Conn.-based RJM RJM Resistojet Module RJM Religious of Jesus and Mary (France) (religious order) Corp. for the 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 (TM) 2000 NOx reduction system. CDT recently announced $825,000 of ARIS 2000 license revenue payable in the second and third quarters of 2001 from RJM resulting from an amended agreement with RJM that accelerated the ARIS license payment to CDT. Strong demand for the ARIS technology has been based on the growth in new distributed power generation in the Northwest 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 in other parts of the country. The company is pursuing additional ARIS license agreements for mobile applications in 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. , Europe and Asia and stationary applications in Europe and Asia. Clean Diesel Technologies 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. Jeremy Peter-Hoblyn commented, "The company's strategy of gaining widespread distribution of its technologies through strategic licensing and distribution agreements is gaining momentum." CDT recently announced a license agreement with Cleveland-based Lubrizol Corp. for distribution of Platinum Plus(R) fuel borne catalyst with filters in Europe and signed a letter of intent with Northbrook, Ill.-based ValvTect Petroleum Products, a division of RPM (1) (Revolutions Per Minute) With electric and electronics devices, RPM measures the rotational speed of the motor's spindle. Floppy disks rotate at 300 RPM, while hard disks rotate from 3,000 to 15,000 RPM. Inc., for distribution of Platinum Plus fuel borne catalyst to diesel truck fleets and fuel marketers in the United States. CDT expects to announce additional Platinum Plus license distribution agreements in the near term. In April and May 2001, CDT completed the first commercial shipments of Platinum Plus fuel borne catalyst concentrate to Lubrizol and finished product to ValvTect Petroleum Products. CDT expects shipments to increase as Lubrizol and ValvTect build their customer base for Platinum Plus products. 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 advanced catalyst technologies that reduce emissions from diesel engines while simultaneously improving fuel economy and power. Products include Platinum Plus fuel catalysts and ARIS 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. Platinum Plus is a registered trademark of Clean Diesel Technologies Inc. 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.
CLEAN DIESEL TECHNOLOGIES INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
Three Months Ended
March 31
2001 2000
Revenue:
Product revenue $ 13 $ 46
License and royalty revenue 11 260
Total revenue 24 306
Costs and expenses:
Cost of sales 7 22
General and administrative 435 429
Research and development 84 139
Patent filing and maintenance 48 24
Loss from operations 550 308
Interest income (3) (10)
Interest expense 12 1
Net loss before preferred
stock dividend 559 299
Preferred stock dividend
(non-cash) 201 163
Net loss attributed to
common stockholders $ 760 $ 462
Basic and diluted loss
per common share $ 0.29 $ 0.18
Weighted average number
of common shares
Outstanding - basic
and diluted 2,661 2,594
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion