Clean Diesel Technologies Reports Third Quarter Results and Arranges a $1 Million Line of Credit.Business Editors and High-Tech Writers STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 14, 2000 Clean Diesel Technologies Inc. (EEB EEB European Environmental Bureau EEB Encefalopatía Espongiforme Bovina (Spanish: Bovine Spongiform Encephalopathy) EEB Entry-Level Electronics Bay (computer hardware) :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 ) Tuesday reported results for the third quarter and nine months ended Sept. 30, 2000. For the third quarter, CDT reported increases in sales and licensing revenue and a net loss attributable to common stockholders of $682,000, or $0.26 loss per share, compared with a net loss of $2.4 million, or $0.94 loss per share, for the year-earlier period. For the nine months ended Sept. 30, CDT reported a net loss of $2 million, or $0.75 loss per share, compared with a net loss of $3.8 million, or $1.48 loss per share for the prior year's nine-month period. Included in the 1999 third quarter and nine-month results was a one-time imputed Attributed vicariously. In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's non-cash preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $1.8 million, or $0.68 per common share. Without the one-time imputed non-cash preferred dividend, CDT's net loss attributable to common stockholders for the third quarter and nine months ended Sept. 30, 1999, would have been $679,000 or $0.26 loss per common share, and $2 million, or $0.80 loss per common share, respectively. Clean Diesel Technologies 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 D. Peter-Hoblyn said, "The quarterly results indicate continued progress in marketing our products as well as the growing impact of our licensing strategy." Peter-Hoblyn also announced that the company has arranged a $1 million, 18-month term loan, from several of the company's existing preferred shareholders. The company is able to draw down on up to $1 million as needed as needed prn. See prn order. , providing it more flexibility as it negotiates with potential licensees. Revenue for the 2000 third quarter and nine months was $112,000 and $477,000, respectively, versus $41,000 and $100,000 in the comparable 1999 periods. Clean Diesel Technologies' increase in general and administrative expenses of $76,000 and $242,000 for this year's third quarter and nine months as compared with the 1999 prior periods reflect increased marketing and sales activity. In addition, the higher administrative expense was offset by a reduction of research and development of $87,000 and $234,000 for this year's third quarter and nine months as compared with the 1999 periods. The company's strategy is to make its technologies widely available through licensing and through appointing marketing partners. The company is currently in negotiation with four different companies for licenses and earlier this year completed a license with the RJM RJM Resistojet Module RJM Religious of Jesus and Mary (France) (religious order) Corp. for stationary use of 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 2000 technology for larger diesel engines primarily used in power generation. The company expects substantial license income followed by ongoing royalty income to be generated from these licenses. This income flow is expected to start in the next few months, and the company expects income from licenses, royalties and product sales to build through 2001. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , RJM is reporting strong orders and an increasing level of inquiry. The market for the ARIS 2000 for mobile applications has been given increased impetus from the announcements in California and Texas for retrofit programs to take place in 2001 and 2002 and negotiations for licenses are underway for the mobile sector. The company's Platinum Plus technology is in test marketing 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. and Europe. The product gives fuel economy improvement whilst substantially reducing emissions of particulates which have been declared "probably carcinogenic carcinogenic having a capacity for carcinogenesis. ." The product is also used to regenerate 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. for which a worldwide market is developing. California recently announced a regulation to retrofit more than 1 million engines with particulate controls starting in 2001. 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. 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.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
Revenue:
Sales $ 52 $ 41 $ 137 $ 100
License Revenue 60 -- 340 --
Total Revenue 112 41 477 100
Costs and expenses:
Cost of sales 41 19 88 57
General and administrative 448 372 1,366 1,124
Research and development 110 197 415 649
Patent filing and maintenance 20 32 97 84
Loss from operations 507 579 1,489 1,814
Interest income (11) (9) (34) (31)
Interest expense 1 1 2 2
Net loss before preferred stock
dividend 497 571 1,457 1,785
Preferred Stock dividend 185 1,858 516 2,012
Net loss attributed to common
stockholders $ 682 $ 2,429 $ 1,973 $ 3,797
Basic and diluted loss per
common share $ 0.26 $ 0.94 $ 0.75 $ 1.48
Average number of common shares
outstanding 2,662 2,592 2,622 2,574
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