We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clean Diesel | LSE:CDT | London | Ordinary Share | COM SHS USD0.01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 117.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
RNS Number:6874R
Clean Diesel Technologies, Inc
05 November 2003
Clean Diesel Technologies Inc
NEWS RELEASE for (November 5, 2003) at 2:30 AM EST and 7:30 AM GMT
Contact: Allen & Caron Inc or Clean Diesel Technologies,Inc.
Jay F. McKeage (US investors) James M. Valentine, President
(212) 691-8087; David W. Whitwell, CFO
jay@allencaron.com (203) 327-7050
Len Hall (US media)
(949) 474-4300;
len@allencaron.com
Bankside Consultants
Simon Bloomfield (UK media/investors)
44 (0)20 7444 4140; simon.bloomfield@bankside.com
CLEAN DIESEL TECHNOLOGIES REPORTS
2003 THIRD-QUARTER RESULTS
STAMFORD, CT (November 5, 2003) ... Clean Diesel Technologies, Inc. (CDT) (EBB:
CDTI & AIM:CDT/CDTS) today reported an increase in revenue for the third quarter
of 2003 and year-to-date over prior year periods. Total revenue for this year's
third quarter was $99,000 with a net loss of $664,000, or $0.05 loss per share.
This compares to total revenue of $51,000 and a net loss of $717,000, or $0.06
loss per share, for the same period in 2002. For the first nine months ended
September 30, 2003, total revenue was $478,000 with a net loss of $2,156,000 or
$0.18 loss per share. In the comparable 2002 period, revenue was $141,000 with a
net loss of $2,240,000 or $0.20 loss per share. The rise in revenue was
generated from both increased sales of its Platinum Plus(R) fuel-borne catalyst
(FBC) and from increased ARIS(R) license, sales and royalty income.
President and Chief Operating Officer James M. Valentine commented, "The
increase in sales is attributable to the many applications of the FBC, including
power generation, off-road and mining machinery, as well as the fuel-economy
product. Early in 2003 the CDT-CleanAir Systems FBC/filter was accepted by
Mining Safety Health Administration (MSHA) for use in underground mines as a
result of the 85 percent particulate matter (PM) reduction without increasing
nitrogen dioxide (NO2 ) which is 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."
In October 2003 CDT announced that its Platinum Plus Purifier System had been
verified by the Environmental Protection Agency (EPA) under the rigorous
Environmental Technology Verification (ETV) program for 40 percent (on normal
No. 2 diesel fuel) to 50 percent (on ultra-low sulfur fuel) reduction in PM
emissions on the retrofit of 1988-1993 diesel engines. The Platinum Plus
Purifier System uses a lightly catalyzed diesel-oxidation catalyst (DOC) and the
Company's patented fuel-borne catalyst (FBC) to deliver twice as much
particulate reduction as a traditional DOC at a lower cost.
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 THIRD-QUARTER RESULTS
Page 2
Valentine also noted, "The Company expects to receive its initial orders for the
verified Platinum Plus System in the next few months. The system is being
marketed to local delivery fleets, school buses, refuse trucks and municipal
fleets with older, dirtier engines. The lower capital cost of the Platinum Plus
Purifier system allows up to five vehicles to be retrofitted at the same cost as
one vehicle retrofit for a traditional, heavily-catalyzed diesel particulate
filter."
CDT intends to supply verified systems directly to end-users and through a
planned network of licensed distributors. The Platinum Plus FBC can be delivered
pre-blended in fuel by licensed fuel suppliers, or added to fuel on site by
end-users using automatic dosing systems. Several on-board dosing systems are
also under development.
Also during the third quarter, the Company completed a $3.9 million private
placement of its common stock with several current non-US shareholders and
PUREarth Inc., a wholly-owned subsidiary of Mitsui & Co. Ltd of Japan.
CDT and PUREarth have been working together for the last year on several
programs to verify the emission reduction performance of PUREarth's catalyzed
wire-mesh filter (CWMF) and CDT's Platinum Plus FBC. Initial testing of the FBC/
CWMF system achieved particulate reductions of 65- 70 percent which would
qualify as a Level 2 reduction with the California Air Resources Board (CARB).
Application for retrofit verification of the FBC/CWMF system has been submitted
to the EPA and CARB. Final durability testing to complete verification testing
requirements is awaiting test cell availability. Mitsui has also exclusively
licensed the Company's ARIS urea selective catalytic NOx reduction technology
for stationary and mobile applications in Japan.
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 matter (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.
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 THIRD-QUARTER RESULTS
Page 3
CLEAN DIESEL TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2002 2003 2002
------ ------ ------ ------
Revenue:
Product $ 81 $ 39 $ 291 $ 115
revenue
License and 18 12 187 26
royalty ---------------- ---------------- ---------------- ----------------
revenue
Total revenue 99 51 478 141
Costs and
expenses:
Cost of sales 47 17 167 72
General and 517 569 1,855 1,704
administrative
Research and 171 185 590 597
development
Patent filing 29 4 29 31
and ---------------- ---------------- ---------------- ----------------
maintenance
Loss from (665) (724) (2,163) (2,263)
operations
Interest 1 7 7 32
income
Interest -- -- -- (9)
expense ---------------- ---------------- ---------------- ----------------
Net loss $ (664) $ (717) $ (2,156) $ (2,240)
=============== =============== ============== ==============
Basic and $ (0.05) $ (0.06) $ (0.18) $ (0.20)
diluted loss per =============== ================ ============== ===============
common share
Weighted average number of common
shares
outstanding - 12,119 11,241 12,021 11,232
basic and ============== ============== ============== ===============
diluted
CLEAN DIESEL TECHNOLOGIES REPORTS 2003 THIRD-QUARTER RESULTS
Page 4
CLEAN DIESEL TECHNOLOGIES, INC.
BALANCE SHEET
(in thousands except share data)
September 30, December 31,
2003 2002
------------ ------------
(Unaudited)
Assets
Current assets
Cash and cash equivalents $ 3,994 $ 2,083
Accounts receivable 151 284
Inventories 299 314
Other current assets 63 76
---------------------- ----------------------
Total current assets 4,507 2,757
Patents, net 230 114
Other assets 114 108
---------------------- ----------------------
Total assets $ 4,851 $ 2,979
====================== ======================
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued $ 363 $ 223
expenses
---------------------- ----------------------
Total current liabilities 363 223
Deferred compensation and 441 418
pension benefits ---------------------- ----------------------
Total long term liabilities 441 418
Stockholders' equity:
Preferred stock, par value - - - -
$0.05 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 $0.05 719 598
per share, authorized
30,000,000 and 15,000,000
shares, issued and
outstanding 14,381,016 and
11,968,387 shares,
respectively.
Additional paid-in capital 32,263 28,519
Accumulated deficit (28,935) (26,779)
-------------------- ---------------------
Total stockholders' equity 4,047 2,338
--------------------- -----------------------
Total liabilities and $ 4,851 $ 2,979
stockholders' equity
================= ================
# # # #
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRTBIBDBBDGGGXS
1 Year Clean Diesel Chart |
1 Month Clean Diesel Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
