TIDMCDT TIDMCDTI
RNS Number : 9874O
Clean Diesel Technologies, Inc
17 March 2009
CLEAN DIESEL TECHNOLOGIES, INC. (CDTI) REPORTS 2008 RESULTS
BRIDGEPORT, CT - March 17, 2009 - Clean Diesel Technologies, Inc. (Nasdaq:
CDTI), the cleantech emissions reduction company, today announced its operating
results for the fourth quarter and year ended December 31, 2008.
Business Highlights
* Michael L. Asmussen replaced Dr. Bernhard Steiner as President, Chief Executive
Officer and Director early in 2009 primarily to increase focus on
commercialization of Clean Diesel's patented technologies both internationally
and in the Americas.
* While below forecasted targets for the year 2008, total revenue was $7.5 million
compared to $4.9 million for the year 2007. Net loss for 2008 was $9.4 million,
or $1.15 per share, compared to $4.5 million, or $0.66 per share, for 2007.
* Sales of the Company's retrofit solution to the London Low Emission Zone
provided the bulk of Clean Diesel's 2008 sales; the results proved a major
success and enhanced the Company's position as a key player in the developing
Low Emission Zone (LEZ) market.
* During 2008, Clean Diesel completed licenses to Headway Machine Co., Ltd., the
largest engine exhaust company in China, and both Eaton Corporation and Hilite
International, Inc. in the U.S. These license agreements extend Clean Diesel's
global reach and continue the Company's policy of granting non- exclusive
licenses.
Management's Comments
"While far from content with the overall results, increased revenues during 2008
reflect the evolution of the marketplace and indicate continued adaptation of
emission reduction strategies which can be met by our technologies. Indeed, we
are well placed to take advantage of profitable growth opportunities in the
future," stated the new CEO of Clean Diesel Technologies, Michael Asmussen.
"During the past year, we saw increased international demand for Clean Diesel's
technologies and solutions as compliance requirements become increasingly
stringent worldwide and LEZs are enacted in major cities. By using our
intellectual property to create products which demonstrate how our retrofit
expertise can meet the needs of LEZs, we've been able to move from license fees
to products."
"There are over 63 million diesel engines on the roads today and over 11 million
new engines going into service annually, so diesel will continue to play a major
role in on-road markets. As the call for worldwide regulatory emission controls
grows, and current legislation such as the U.S. EPA 2010 limits and California's
Off-Road Equipment Rule takes effect, our market will continue to expand."
"Inevitably, we have been impacted by the current economic climate and downturn
in the automotive industry. Recognizing this, we are taking a "building block"
approach to transforming the Company. Decisions will be data-driven and we will
build a process orientation. We are making structural changes for greater
operational efficiency. We are implementing a formal strategic planning process
and instituting greater management performance accountability. We will focus
sharply on those opportunities with the greatest revenue potential in order to
achieve earlier profitability."
"In sum, our market window appears to be moving closer and we need to focus on
those technologies best suited for that window. With the tightening regulatory
environment now creating a near-term need for emission reduction products based
on our intellectual property estate, our revitalized business model and
corporate structure should enable us to capitalize on appropriate business
opportunities and enable greatest shareholder value to be earned for Clean
Diesel," concluded Mr. Asmussen.
Financial Results
Total revenue for the fourth quarter of 2008 was $0.7 million compared to $1.0
million in the same quarter in 2007. As expected, the decrease corresponded with
the successful completion of the London Low Emission Zone July 2008 compliance
deadline. Net loss for the fourth quarter of 2008 was $3.3 million, or $0.40 per
share, compared to $2.9 million, or $0.38 per share, in the comparable period in
2007. Net loss for the fourth quarter of 2008 included $0.4 million non-cash
charges for the fair value of stock options compared to $1.5 million in the
fourth quarter of 2007. The Company recorded a loss on the fair value of its
investment in auction rate securities which was offset, in part, by a gain
recognized for the fair value of the auction rate securities right to receive
par value for the securities from June 30, 2010, resulting in a $0.2 million,
net charge to operations.
Total revenue for the year ended December 31, 2008 was $7.5 million compared to
$4.9 million for the same period in 2007. Net loss for the year ended December
31, 2008 was $9.4 million, or $1.15 per share, compared to $4.5 million, or
$0.66 per share, in the comparable period in 2007. Net loss for the 12 months
ended December 31, 2008 included $1.4 million of non-cash charges for the fair
value of stock options compared to $2.2 million in non-cash stock option
compensation expense in the year ended December 31, 2007. The Company also
recorded a loss on the fair value of its investment in auction rate securities
which was offset, in part, by a gain recognized for the fair value of the
auction rate securities right to receive par value for the securities from June
30, 2010, resulting in a net charge to operations of $0.2 million.
Additional information about the Company's financial results is available in its
Annual Report on Form 10-K filed with the U.S. Securities & Exchange Commission:
http://www.sec.gov. A copy of the 10-K will be posted on the Company's website.
Conference Call
Clean Diesel Technologies will host an investor conference call at 10:00 AM
Eastern Daylight Time (EDT) on Tuesday, March 17, 2009. Mr. Michael Asmussen,
CEO and President, and Ms. Ann Ruple, CFO and Vice President, will host the call
to discuss the Company's operating results for the fiscal year which ended on
December 31, 2008.
In the U.S. and internationally, you can attend the conference call via the web
at: http://investor.cdti.com/events.cfm.
To participate in the conference call, please use the following U.S. toll free
number five minutes before 10:00 AM (EDT): 1-877-675-4753. To participate in the
conference call using an international phone number, use: 1-719-325-4850.
The teleconference will be archived at that location for future reference.
About Clean Diesel Technologies
Clean Diesel Technologies (Nasdaq: CDTI) is a cleantech company providing
sustainable solutions to reduce emissions, increase energy efficiency and lower
the carbon intensity of on- and off-road engine applications. Clean Diesel's
patented technologies and products allow manufacturers and operators to comply
with increasingly strict regulatory emissions and air quality standards, while
also improving fuel economy and power.
The Company's solutions significantly reduce emissions formed by the combustion
of fossil fuels and biofuels (without increasing secondary emissions such as
nitrogen dioxide, NO2), including particulate matter (PM), nitrogen oxides
(NOx), carbon monoxide (CO) and hydrocarbons (HC). As a result, they are
effective for: OEMs, Tier 1 suppliers and retrofit providers; businesses
entering the emissions control market seeking solutions and expertise; operators
requiring compliant emissions solutions; fuel, biofuels and additive suppliers
seeking low emissions and energy efficient products; and regulators creating
public policy. Clean Diesel's solutions, therefore, are ideal for such markets
as: on-road vehicles, construction, mining, agriculture, port/freight handling,
locomotive, marine, and power generation.
Clean Diesel develops and manages intellectual property from original concept to
full-scale commercial deployment. Building on its almost 300 granted and pending
patents, its offerings include ARIS selective catalytic reduction (SCR); the
patented combination of SCR and exhaust gas recirculation (EGR); hydrocarbon
injection for emissions control applications; Platinum Plus Fuel-Borne Catalyst
(FBC); the Purifier(TM) family of particulate filter systems; and its wire mesh
filter particulate filter technologies. The Company was founded in 1995 and is
headquartered in Bridgeport, Connecticut. A wholly-owned subsidiary, Clean
Diesel International, LLC is based in London, England. For more information,
please visit www.cdti.com.
Safe Harbor
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 U.S. 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.
Contact Information
Target 3 Communications
Jerry Cahn, Ph.D., J.D., President
+1-646-290-7664
jerry@target3.com
Clean Diesel Technologies, Inc.
Ann Ruple, CFO, Vice President & Treasurer
+1-203-416-5290
aruple@cdti.com
Charles Stanley Securities
Charles Stanley Securities
Nominated Adviser
Philip Davies (and Freddy Crossley)
+44 20 7149 6457
philip.davies@csysecurities.com
CLEAN DIESEL TECHNOLOGIES, INC.
Consolidated Balance Sheets
(in thousands, except share data)
+-----------------------------------------------+----+-----------+--+-----------+
| | | December 31, |
+-----------------------------------------------+----+--------------------------+
| | | 2008 | | 2007 |
+-----------------------------------------------+----+-----------+--+-----------+
| Assets | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Current assets: | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Cash and cash equivalents | | $ 3,976 | | $ 1,517 |
+-----------------------------------------------+----+-----------+--+-----------+
| Accounts receivable, net of | | 637 | | 1,927 |
| allowance of $359 and $49, | | | | |
| respectively | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Investments | | 6,413 | | 7,100 |
+-----------------------------------------------+----+-----------+--+-----------+
| Inventories, net | | 974 | | 1,093 |
+-----------------------------------------------+----+-----------+--+-----------+
| Other current assets | | 219 | | 234 |
+-----------------------------------------------+----+-----------+--+-----------+
| Total current assets | | 12,219 | | 11,871 |
+-----------------------------------------------+----+-----------+--+-----------+
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Investments | | 5,127 | | 11,725 |
+-----------------------------------------------+----+-----------+--+-----------+
| Patents, net | | 1,027 | | 817 |
+-----------------------------------------------+----+-----------+--+-----------+
| Fixed assets, net of accumulated | | 296 | | 175 |
| depreciation of $505 and $421, | | | | |
| respectively | | | | |
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Other assets | | 78 | | 75 |
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Total assets | | $ | | $ 24,663 |
| | | 18,747 | | |
+-----------------------------------------------+----+-----------+--+-----------+
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Liabilities and Stockholders' Equity | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Current liabilities: | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Accounts payable | | $ 501 | | $ 757 |
+-----------------------------------------------+----+-----------+--+-----------+
| Accrued expenses | | 534 | | 850 |
+-----------------------------------------------+----+-----------+--+-----------+
| Short-term debt | | 3,013 | | - |
+-----------------------------------------------+----+-----------+--+-----------+
| Customer deposits | | 8 | | 56 |
+-----------------------------------------------+----+-----------+--+-----------+
| Total current liabilities | | 4,056 | | 1,663 |
+-----------------------------------------------+----+-----------+--+-----------+
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Commitments | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Stockholders' equity: | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Preferred stock, par value $0.01 per share: | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| authorized 100,000; no shares issued and | | - | | - |
| outstanding | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Common stock, par value $0.01 per share: | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| authorized 12,000,000; issued and outstanding | | 81 | | 81 |
| 8,138,304 and 8,124,056 shares, respectively | | | | |
+-----------------------------------------------+----+-----------+--+-----------+
| Additional paid-in capital | | 73,901 | | 72,447 |
+-----------------------------------------------+----+-----------+--+-----------+
| Accumulated other comprehensive loss | | (406) | | (16) |
+-----------------------------------------------+----+-----------+--+-----------+
| Accumulated deficit | | (58,885) | | (49,512) |
+-----------------------------------------------+----+-----------+--+-----------+
| Total stockholders' equity | | 14,691 | | 23,000 |
+-----------------------------------------------+----+-----------+--+-----------+
| Total liabilities and stockholders' equity | | $ | | $ 24,663 |
| | | 18,747 | | |
+-----------------------------------------------+----+-----------+--+-----------+
CLEAN DIESEL TECHNOLOGIES, INC.
Consolidated Statements of Operations
(in thousands, except per share amounts)
+-------------------------------------------+----------+--+--+---------+--+--+--+--------+--+
| | |
+-------------------------------------------+-----------------------------------------------+
| | For the years ended December 31, |
+-------------------------------------------+-----------------------------------------------+
| Revenue: | 2008 | | 2007 | 2006 |
+-------------------------------------------+----------+--+---------------+-----------------+
| Product sales | $ | | $ 1,466 | | $ 860 |
| | 7,024 | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Technology licensing fees | 451 | | 3,459 | | 74 |
| and royalties | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Consulting and other | - | | - | | 189 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Total revenue | 7,475 | | 4,925 | | 1,123 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Costs and expenses: | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Cost of product sales | 5,717 | | 1,126 | | 612 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Cost of licensing fees and | - | | - | | - |
| royalties | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Cost of consulting and | - | | - | | 46 |
| other revenue | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Selling, general and | 9,992 | | 8,041 | | 5,278 |
| administrative | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Research and development | 430 | | 428 | | 510 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Patent amortization and | 227 | | 364 | | 235 |
| other expense | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Operating costs and | 16,366 | | 9,959 | | 6,681 |
| expenses | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Loss from operations | (8,891) | | (5,034) | | (5,558) |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Other income (expense): | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Foreign currency exchange | (845) | | (11) | | 104 |
| (loss) gain | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Interest income | 602 | | 509 | | 58 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Other | (239) | | 1 | | 12 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Net loss | $ | | $ (4,535) | | $ (5,384) |
| | (9,373) | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Basic and diluted loss per common share | $ (1.15) | | $ (0.66) | | $ (1.03) |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Basic and diluted | 8,138 | | 6,886 | | 5,212 |
| weighted-average number of | | | | | |
| common shares outstanding | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Consolidated Statements of Comprehensive | | | | | |
| Loss | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| (in thousands) | |
+-------------------------------------------+-----------------------------------------------+
| | For the years ended December 31, |
+-------------------------------------------+-----------------------------------------------+
| | 2008 | | 2007 | | 2006 |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Net loss | $ | | $ (4,535) | | $ (5,384) |
| | (9,373) | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Other comprehensive income (loss): | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Foreign currency | (390) | | (20) | | 4 |
| translation adjustment | | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| Comprehensive loss | $ | | $ (4,555) | | $ (5,380) |
| | (9,763) | | | | |
+-------------------------------------------+----------+--+---------------+-----+-----------+
| | | | | | |
+-------------------------------------------+----------+--+---------------+-----+--------+
| | | | | | |
+-------------------------------------------+----------+--+--+---------+--+--+--+--------+--+
CLEAN DIESEL TECHNOLOGIES, INC.
Consolidated Statements of Cash Flow
(in thousands)
+----------------------------------------------------+---------+--+----------------+--+---------+
| | For the years ended December |
| | 31, |
+----------------------------------------------------+------------------------------------------+
| | 2008 | | 2007 | | 2006 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Operating activities |
+-----------------------------------------------------------------------------------------------+
| Net loss | $ | | $ | | $ |
| | (9,373) | | (4,535) | | (5,384) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Adjustments to reconcile net loss to cash used in | | | | | |
| operating activities: | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Depreciation and amortization | 142 | | 112 | | 138 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Provision for inventory | - | | 22 | | 27 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Provision for doubtful accounts, net | 629 | | 28 | | 23 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Compensation expense for stock options and | 1,444 | | 2,208 | | 304 |
| warrants | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Loss on disposition/abandonment of fixed | 38 | | 58 | | 23 |
| assets/patents | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Loss on investments, net | 185 | | - | | - |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Changes in operating assets and liabilities: | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Accounts receivable | 661 | | (1,855) | | 2 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Inventories | 119 | | (750) | | (107) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Other current assets and other assets | 12 | | (177) | | (12) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Accounts payable and accrued expenses | (572) | | 677 | | 678 |
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Other liabilities | (48) | | 56 | | (9) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Net cash used for operating activities | (6,763) | | (4,156) | | (4,317) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Investing activities | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Sale (purchase) of investments, net | 7,100 | | (18,825) | | - |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Patent costs | (299) | | (313) | | (94) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Purchase of fixed assets | (212) | | (154) | | (20) |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Net cash provided by (used for) | 6,589 | | (19,292) | | (114) |
| investing activities | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Financing activities | | | | | |
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Proceeds from short-term debt | 3,013 | | - | | - |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Proceeds from issuance of common stock, net | - | | 4,313 | | 5,214 |
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Proceeds from exercise of warrants | - | | 15,173 | | - |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Proceeds from exercise of stock options | 24 | | 353 | | 14 |
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Stockholder-related charges | (14) | | (168) | | - |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Net cash provided by financing | 3,023 | | 19,671 | | 5,228 |
| activities | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Effect of exchange rate changes on cash | (390) | | (20) | | 4 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Net increase (decrease) in cash and cash | $ | | $ | | $ 801 |
| equivalents | 2,459 | | (3,797) | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Cash and cash equivalents at beginning of the year | 1,517 | | 5,314 | | 4,513 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Cash and cash equivalents at end of the year | $ | | $ | | $ |
| | 3,976 | | 1,517 | | 5,314 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Supplemental non-cash activities: | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Common stock subscribed, net | $ - | | $ - | | $ |
| | | | | | 4,313 |
+----------------------------------------------------+---------+--+----------------+--+---------+
| Payment of accrued directors' fees in common | - | | 140 | | 94 |
| stock | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
| | | | | | |
+----------------------------------------------------+---------+--+----------------+--+---------+
CLEAN DIESEL TECHNOLOGIES, INC.
Notes
Report Available
Copies of the financial statements for year ended 31 December 2008 will be
available shortly from the Company's registered office and will be posted to
shareholders and on the Company's website
This information is provided by RNS
The company news service from the London Stock Exchange
END
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