SCI Engineered Materials, Inc. Reports Third Quarter 2015 Results
(firmenpresse) - COLUMBUS, OH -- (Marketwired) -- 11/02/15 -- SCI Engineered Materials, Inc. ("SCI") (OTCQX: SCIA), a global supplier and manufacturer of advanced materials for physical vapor deposition thin film applications that works closely with end users and OEMs to develop innovative, customized solutions, today reported its financial results for the three months and nine months ended September 30, 2015.
Dan Rooney, President and Chief Executive Officer, said, "Third quarter sales to thin film solar customers were higher than a year ago and are up significantly year-to-date. We look forward to increased orders in the fourth quarter of this year. The future of solar remains strong globally. Thin film solar continues to achieve performance improvements compared to competing technologies and additional manufacturing capacity is being deployed. The company is well-positioned to take advantage of this expected growth. SCI achieved year-over-year sales growth in Asia, where significant growth is expected to continue, and we are implementing plans to gain further access in multiple markets."
Mr. Rooney continued, "During the first nine months of 2015, we further strengthened our balance sheet and positioned the company for improved performance. Total debt outstanding is 26% below year-end 2014 and cash has increased 9% since December 31, 2014. We remain committed to aligning our costs with performance expectations and are implementing cost-savings initiatives that will benefit our future financial results, while we also continue to invest in targeted growth initiatives."
Total revenue
Total revenue for the three months ended September 30, 2015, decreased 16% to $1,464,734 from $1,744,917 for the same period a year ago. Higher sales of thin film solar products were offset by lower revenue related to photonics products due to lower commodity costs which adversely impacted selling prices. For the first nine months of 2015, total revenue decreased 14% to $6,421,227 from $7,435,793 last year. The decrease in total revenue for the third quarter and 2015 year-to-date periods was principally due to lower sales volume of photonics products and lower commodity costs. Total revenue for the fourth quarter 2015 is expected to increase sequentially.
Order backlog was $2.1 million at September 30, 2015 compared to $1.9 million on June 30, 2015.
Gross profit
Gross profit margin increased to 26.7% of net sales for the third quarter 2015 from 23.1% for the same period in 2014 due to higher thin film solar product sales compared to a year ago and more favorable product mix. Gross profit was $390,581 for the three months ended September 30, 2015, versus $402,481 for the same period last year. For the first nine months of 2015, gross profit margin increased to 26.4% from 21.1% a year ago. Gross profit increased 8% to $1,696,673 for the 2015 year-to-date period from $1,569,724 last year. Gross profit and gross profit margin for the nine months ended September 30, 2015, benefited from higher sales of thin film solar products and favorable product mix.
Operating expense
Operating expense (including selling and administrative expense, marketing and sales expense and research and development expense) increased to $561,293 for the third quarter 2015 from $450,494 for the same period in 2014. Research and development expense increased 142% for the third quarter compared to a year ago primarily for sponsored research related to liquid crystal display applications. The year-over-year increase in operating expense also included higher travel expenses plus higher non-cash stock based expense and compensation expense compared to a year ago.
Operating expense for the nine months ended September 30, 2015, was $1,645,671 compared to $1,504,733 for the same period in 2014. The 52% increase in research and development expense for the 2015 year-to-date period was the largest dollar and percentage increase in operating expense for the first nine months of 2015 compared to a year ago. The company continues to invest in development of new products including transparent conductive oxide systems for the liquid crystal display and thin film solar markets.
Loss Applicable to Common Shares
The loss applicable to common shares was $189,478, or $0.05 per share, for the third quarter 2015 compared to a loss of $72,870, or $0.02 per share, a year ago. For the nine months ended September 30, 2015, the loss was $11,950, or $0.00 per share, versus a loss of $7,140, or $0.00 per share, last year.
EBITDA
EBITDA (earnings before interest, income taxes, depreciation and amortization) for the third quarter 2015 was negative $61,075 compared to EBITDA of $65,181 a year ago. Adjusted EBITDA, which excludes non-cash stock based compensation, was negative $4,742 for the third quarter 2015 versus EBITDA of $108,654 last year. For the first nine months of 2015, EBITDA was $386,992 compared to $454,606 for the same period in 2014. Adjusted EBITDA was $548,448 for the 2015 year-to-date period compared to $583,315 a year ago.
Cash and Total Debt Outstanding
Cash provided by operating activities was $508,025 for the first nine months of 2015 versus $746,403 for the same period last year. Cash was $1,105,351 at September 30, 2015, a 9% increase from $1,011,956 at December 31, 2014.
Total debt outstanding was $1,038,377 at September 30, 2015, compared to $1,393,864 at year-end 2014.
About SCI Engineered Materials, Inc.
SCI Engineered Materials is a global supplier and manufacturer of advanced materials for PVD thin film applications that works closely with end users and OEMs to develop innovative, customized solutions. Additional information is available at .
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, customer guidance, forecasts, and plans of the Company and its management, and specifically include statements concerning expectation of increased orders in the fourth quarter of this year, the company is well-positioned to take advantage of expected growth in thin film solar market, implementation of plans to gain further access in multiple markets, significant growth is expected to continue in Asia, commitment to aligning costs with performance expectations and implementing cost-savings initiatives that will benefit our future financial results and fourth quarter 2015 total revenue is expected to increase sequentially. These forward-looking statements involve numerous risks and uncertainties, including, without limitation, other risks and uncertainties detailed from time to time in the Company''s Securities and Exchange Commission filings, including the Company''s Annual Report on Form 10-K for the year ended December 31, 2014. One or more of these factors have affected, and could in the future affect, the Company''s projections. Therefore, there can be no assurances that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other persons, that the objectives and plans of the company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward- looking statements.
Contact:
Robert Lentz
(614) 876-2000
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 02.11.2015 - 15:11 Uhr
Sprache: Deutsch
News-ID 1396196
Anzahl Zeichen: 4711
contact information:
Contact person:
Town:
COLUMBUS, OH
Phone:
Kategorie:
Alternative Energy
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 222 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SCI Engineered Materials, Inc. Reports Third Quarter 2015 Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
SCI Engineered Materials, Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
