Interim Results
August 13 2003 - 2:30AM
UK Regulatory
RNS Number:6120O
Clean Diesel Technologies, Inc
13 August 2003
Clean Diesel Technologies, Inc.
300 Atlantic Street, Suite 702, Stamford, CT 06901-2522 Tel: (203) 327-7050
Fax: (203) 323-0461
NEWS RELEASE for August 13, 2003 at 7:30 AM GMT (London) & 2:30 AM EDT
Contact: Allen & Caron Inc or Clean Diesel Technologies, Inc.
Jay F. McKeage (investors) James M. Valentine, President
(212) 691-8087 David W. Whitwell, CFO
jay@allencaron.com (203) 327-7050
Len Hall (media)
(949) 474-4300
len@allencaron.com
CLEAN DIESEL TECHNOLOGIES REPORTS
2003 SECOND-QUARTER RESULTS
STAMFORD, CT (August 13, 2003) ... Clean Diesel Technologies, Inc. (CDT) (EBB:
CDTI & AIM:CDT/CDTS) today reported an increase in revenue in the second quarter
of 2003 and year-to-date over prior year periods. Total revenue for this year's
second quarter was $283,000 with a net loss of $585,000, or $0.05 loss per
share. This compares to total revenue of $19,000 and a net loss of $860,000 or
$0.08 loss per share for the same period in 2002. For the first six months
ended June 30, 2003, total revenue was $379,000 and a net loss of $1,492,000 or
$0.12 loss per share. In the comparable 2002 period, revenue was $90,000 and a
net loss of $1,523,000 or $0.14 loss per share. CDT's increased revenue was
generated from both increased sales of its Platinum Plus(R) fuel-borne catalyst
(FBC) and ARIS(R) license, sales and royalty income. ARIS sales and royalty
payments were primarily the result of orders from Mitsui's Denox Inc. group for
stationary power generation diesels in Japan, and prototype mobile systems for
several truck manufacturers.
President and Chief Operating Officer James M. Valentine commented, "Orders for
the Company's Platinum Plus FBC have increased significantly over the last
several months. Since receiving authorization from the Mining Safety & Health
Administration (MSHA) in January 2003, the combination of CDTs Platinum Plus FBC
and our partner CleanAir Systems' specially catalyzed filter is being used in
over a dozen mines. The CDT-CleanAir Systems FBC/filter was accepted by MSHA
for use in the mines as a result of the 85 percent particulate matter (PM)
reduction without increasing NO2 (a strong lung irritant produced from heavily
catalyzed systems). The CDT-CleanAir Systems FBC/filter is the only
precious-metal catalytic system accepted by MSHA for use in underground mines."
The Company expects significant sales from the mining industry as more mines
complete their required emission reduction programs.
Valentine also noted, "The Company has seen growth in FBC sales in several other
categories as well, including on-highway applications for fuel economy
performance, and in power generation and off-road applications for emissions
reductions."
MORE-MORE-MORE
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 SECOND-QUARTER RESULTS
Page 2-2-2
Also during the quarter, the Company completed verification testing with both
the EPA and California Air Resources Board (CARB) of the Platinum Plus Purifier
System, consisting of CDT's patented Platinum Plus FBC and a lightly-catalyzed
diesel oxidation catalyst (DOC). Tests at Southwest Research Institute (SwRI)
showed 45-53 percent reduction in particulate emissions, nearly double that of
other verified oxidation systems. The Purifier system is now listed on the
EPA's verified technologies website, with the final reduction percentages
expected to be added in the next 30 to 60 days, after EPA reviews all data. The
Company is marketing the low cost Purifier system for application to school bus
fleets, delivery vehicles, refuse trucks and "SmartWay Transport" program
members. The SmartWay program is a voluntary commitment by large fleets to work
with EPA to reduce emissions and fuel consumption from diesel fleets.
CDT also completed screening and durability tests of a new, low-cost catalyzed
wire mesh filter supplied by Mitsui PUREarth under an earlier Memorandum of
Understanding. Testing at SwRI showed reductions of PM in excess of 65 percent.
A number of these systems are in commercial operation in California and Texas
on refuse and delivery vehicles to support CARB and EPA verification.
Finally, CDT is close to completing negotiations with a strategic partner and
co-investment by certain shareholders to secure additional working capital.
While sales have increased, the Company needs additional funds in the near term
to complete verification and commercial rollout and to cover its other operating
expenses. Although the Company believes it will be successful in securing
additional capital, there is no assurance that it will be able to raise such
funds on acceptable terms.
Full financial information is included in the Company's Form 10-Q filed with the
Securities and Exchange Commission (www.SEC.gov).
About Clean Diesel Technologies, Inc.
Clean Diesel Technologies, Inc. is a specialty chemical 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 (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. 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 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.
TABLES FOLLOW
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 SECOND QUARTER RESULTS
Page 3-3-3
CLEAN DIESEL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
_________ _________ _________ _________
Revenue:
Product revenue $ 123 $ 15 $ 210 $ 76
License and royalty revenue 160 4 169 14
_________ _________ _________ _________
Total revenue 283 19 379 90
Costs and expenses:
Cost of sales 64 12 120 55
General and administrative 636 577 1,338 1,135
Research and development 170 300 419 412
Patent filing and maintenance -- -- -- 27
_________ _________ _________ _________
Loss from operations (587) (870) (1,498) (1,539)
Interest income 2 10 6 25
Interest expense -- -- -- (9)
_________ _________ _________ _________
Net loss $ (585) $ (860) $ (1,492) $ (1,523)
_________ _________ _________ _________
Basic and diluted loss per common share $ (0.05) $ (0.08) $ (0.12) $ (0.14)
========= ========= ========= =========
Weighted average number of common shares
outstanding - basic and diluted 11,976 11,241 11,972 11,228
========= ========= ========= =========
MORE-MORE-MORE
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 SECOND QUARTER RESULTS
Page 4-4-4
CLEAN DIESEL TECHNOLOGIES, INC.
BALANCE SHEET
(in thousands except share data)
June 30, December 31,
2003 2002
___________ ___________
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 552 $ 2,083
Accounts receivable 233 284
Inventories 285 314
Other current assets 112 76
___________ ___________
Total current assets 1,182 2,757
Patents, Net 239 114
Other assets 115 108
___________ ___________
Total assets $ 1,536 $ 2,979
___________ ___________
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 249 $ 223
___________ ___________
Total current liabilities 249 223
Deferred compensation and pension benefits 441 418
___________ ___________
Total long term liabilities 441 418
Stockholders' Equity:
Preferred stock, par value $.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
30,000,000 and 15,000,000 shares, issued and
outstanding 11,985,419 and 11,968,387 shares 599 598
Additional paid-in capital 28,518 28,519
Accumulated deficit (28,271) (26,779)
___________ ___________
Total stockholders' equity 846 2,338
___________ ___________
Total liabilities and stockholders' equity $ 1,536 $ 2,979
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This information is provided by RNS
The company news service from the London Stock Exchange
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