RNS Number:7650H
Clean Diesel Technologies, Inc
15 November 2007
Press Release 15 November 2007
Clean Diesel Technologies, Inc.
Third Quarter Results for Period Ended September 30, 2007
Stamford, CT - November 15, 2007 - Clean Diesel Technologies, Inc. ("Clean
Diesel" or the "Company") (NASDAQ: CDTI; AIM: CDT/CDTS; XETRA: CDI), provider of
innovative technologies and solutions that reduce emissions, conserve fuel and
improve engine performance, today announced its results for the three and nine
months ended September 30, 2007.
Highlights
- First-ever quarterly net profit of $651,000 (EPS of $0.09)
- Q-3 revenue increased 626% to $2.5 million from third quarter of 2006
- Strong cash and short-term investment position of approximately $13.1 million
at September 30, 2007
Significant Developments
- In October, Clean Diesel began trading on The NASDAQ Capital Market
- Clean Diesel granted a worldwide, non-exclusive license to Tenneco for the
ARIS(R) system and related emission control technologies
- London Low Emission Zone (LEZ) certification received for Purifier, Clean
Diesel's particulate matter emission control technology
Dr. Bernhard Steiner, President and CEO, commented: "We have continued to
perform ahead of our expectations. Over the last nine months we have worked hard
to focus on revenue generation and profitability. The September licensing deal
with Tenneco adds another industry-leading partner. In May, we granted a similar
worldwide, non-exclusive license to Bosch for our ARIS selective catalytic
reduction (SCR) technology for control of oxides of nitrogen (NOx) emissions."
"Furthermore, gaining certification for the London Low Emission Zone has opened
up a large market for our Purifier retrofit solutions. This certification will
give us a competitive advantage in low emission zones planned throughout
Europe."
"Both our first profitable quarter and our NASDAQ listing are significant and
evidence the success of our global business strategy," Dr. Steiner added. "We
are well positioned for future sustainable growth."
Clean Diesel reported total revenue for the quarter of $2,460,000 compared to
$339,000 in the 2006 quarter. The increase in revenue is due primarily to higher
technology licensing fees and royalties of $2.2 million in the 2007 third
quarter, which included license fees from new (Tenneco) and amended license
agreements. Clean Diesel reported a net profit of $651,000, or $0.09 per share,
in the three months ended September 30, 2007, compared to a net loss of $1.1
million for the same period in 2006, or ($0.21) per share.
In the nine months ended September 30, 2007, total revenue increased 341.8%, to
$3,919,000, from $887,000 in the same 2006 period. Net loss for the nine months
ended September 30, 2007, was $1.7 million compared to $3.9 million for the same
period in 2006. The nine months ended September 30, 2007 included $733,000
non-cash stock option expense compared to $155,000 in the 2006 nine-month
period.
During the third quarter 2007, the Company made progress in its ongoing strategy
to complete technology licensing agreements with leading manufacturers and
component suppliers. In September, Clean Diesel entered into a worldwide,
non-exclusive licensing agreement with Illinois-based Tenneco (NYSE:TEN), to
combine Tenneco's proprietary products and technologies with Clean Diesel's ARIS
(R) airless reagent injection system and related technologies to control oxides
of nitrogen (NOx) through SCR. The license also supports other NOx and
particulate matter emission control strategies. The agreement licenses Tenneco
for the Original Equipment Manufacturers (OEMs) market as Tier One supplier and
systems integrator for emissions solutions, as well as for retrofit markets.
Tenneco is a global leader in emissions and ride control with nearly 80
manufacturing facilities and 14 engineering centers located in 24 countries on
six continents.
At September 30, 2007, Clean Diesel had cash and cash equivalents of $1,251,000
and investments of $11,825,000.
About Clean Diesel Technologies, Inc.
Clean Diesel Technologies, Inc., together with its wholly-owned subsidiary,
Clean Diesel International, LLC, is a clean energy and environmental technology
company that provides innovative solutions to reduce harmful engine emissions
and conserve energy. Clean Diesel Technologies' patented technologies, products
and solutions enable cost effective reduction of harmful emissions from internal
combustion engines while also improving fuel economy and power. Products include
Platinum Plus(R) fuel-borne catalysts, the Platinum Plus Purifier Systems, the
ARIS(R) urea injection system for selective catalytic reduction of NOx, diesel
particulate filter and biofuels technologies. The products are in commercial use
around the world.
For more information, visit Clean Diesel at www.cdti.com or contact the Company
directly. The Company's Quarterly Report on Form 10-Q is available at the SEC's
website (http://www.sec.gov).
Certain statements in this news release constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known or unknown risks, including those
detailed in the Company's filings with the US 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.
For additional information contact:
Clean Diesel Technologies Dr. Bernhard Steiner, CEO +1 203 327-7050
Ann Ruple, CFO aruple@cdti.com
JMFinn Capital Markets Matthew Robinson Tel: +44 (0) 207 600 1658
matthew.robinson@jmfinn.com
Abchurch Communications (financial Justin Heath +44 20 7398 7700
press enquiries)
Franziska Boehnke franziska.boehnke@abchurch-group.com
Matter Communications Jacqueline Volovich +1 978-499-9250 x236
(technical press inquiries) jackie@matternow.com
-- Tables Follow --
Condensed Consolidated Statements of Operations
(Unaudited; in thousands of dollars, except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2007 2006 2007 2006
$ $ $ $
Revenue:
Product sales 223 235 567 648
Technology licensing fees and royalties 2,237 48 3,352 50
Consulting and other - 56 - 189
Total revenue 2,460 339 3,919 887
Costs and expenses:
Cost of revenue 167 206 388 478
Selling, general and administrative 1,659 1,157 4,957 3,872
Research and development 100 52 292 447
Patent amortization and other expense 86 53 262 146
Operating costs and expenses 2,012 1,468 5,899 4,943
Income (loss) from operations 448 (1,129) (1,980) (4,056)
Other income (expense):
Interest income 204 8 298 56
Other income (expense) (1) 7 (1) 113
Income (loss) before provision/benefit
for income taxes 651 (1,114) (1,683) (3,887)
Provision/benefit for income taxes - - - -
Net income (loss) 651 (1,114) (1,683) (3,887)
Income (loss) per common share:
Basic 0.09 (0.21) (0.25) (0.75)
Diluted 0.09 (0.21) (0.25) (0.75)
Weighted-average number of common
shares outstanding:
Basic 7,377 5,232 6,685 5,197
Diluted 7,580 5,232 6,685 5,197
Condensed Consolidated Balance Sheets
(in thousands of dollars, except share data)
September 30, December 31,
2007 2006
$ $
(Unaudited)
Assets
Current assets:
Cash and cash equivalents 1,251 5,314
Investments 11,825 -
Accounts receivable, net of allowance of $49
and $34, respectively 1,899 100
Inventories, net 726 365
Other current assets 124 96
Subscriptions receivable, net - 2,412
Total current assets 15,825 8,287
Patents, net 765 603
Fixed assets, net of accumulated depreciation of $400
and $350, respectively 112 91
Other assets 37 37
Total assets 16,739 9,018
Liabilities and stockholders' equity
Current liabilities:
Accounts payable 174 330
Accrued expenses 708 740
Total current liabilities 882 1,070
Stockholders' equity:
Preferred Stock, par value $0.01 per share; - -
authorized 100,000 shares; no shares issued and
outstanding
Common Stock, par value $0.01 per share;
authorized 12,000,000 shares; issued and outstanding 74 60
7,390,829 and 5,964,493 shares, respectively
subscribed and to be issued 0 and 667,998 - 7
shares, respectively
Additional paid-in capital, net of subscriptions receivable 62,429 52,854
of $0 and $1,901, respectively
Accumulated other comprehensive income 14 4
Accumulated deficit (46,660) (44,977)
Total stockholders' equity 15,857 7,948
Total liabilities and stockholders' equity 16,739 9,018
Condensed Consolidated Statements of Cash Flows
(Unaudited; in thousands of dollars)
Nine Months Ended
September 30,
2007 2006
$ $
Operating activities
Net loss (1,683) (3,887)
Adjustments to reconcile net loss to cash used for
operating activities:
Depreciation and amortization 100 116
Provision for doubtful accounts, net 28 26
Compensation expense for stock options 733 155
Changes in operating assets and liabilities:
Accounts receivable (1,827) (76)
Inventories (361) (149)
Other current assets and other assets (28) (31)
Accounts payable and accrued expenses (47) 196
Net cash used for operating activities (3,085) (3,650)
Investing activities
Purchases of investments (11,825) -
Patent costs (212) (93)
Purchase of fixed assets (71) (20)
Net cash used for investing activities (12,108) (113)
Financing activities
Proceeds from issuance of common stock, net 4,313 488
Proceeds from exercise of warrants, net 6,867 -
Proceeds from exercise of stock options 83 14
Stockholder-related charges (143) -
Net cash provided by financing activities 11,120 502
Effects of exchange rate changes on cash and cash 10 -
equivalents
Net decrease in cash and cash equivalents (4,063) (3,261)
Cash and cash equivalents at beginning of the period 5,314 4,513
Cash and cash equivalents at end of the period 1,251 1,252
Supplemental non-cash activities:
Payment of accrued directors' fees in common stock 140 94
-Ends-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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