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TheStreet Open House

CDTi Reports Fourth Quarter And Fiscal Year 2012 Financial Results

Stocks in this article: CDTI

VENTURA, Calif., March 15, 2013 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company"), a cleantech emissions control company, announced today its financial results for the fourth quarter and fiscal year ended December 31, 2012. The highlights are as follows:

  • Fourth quarter revenue of $12.4 million, down 41.8%
  • Retrofit sales in California sequentially stronger but below expectations
  • Prior fourth quarter retrofit sales included over $6 million for the London LEZ
  • Continued strength in catalyst sales to Honda
  • Fiscal year 2012 revenue of $60.5 million, down 1.7% year over year
  • Net loss of $1.34 per diluted share for fiscal year 2012 compared to net loss of $1.31 per share for prior year
  • Cash used in operating activities of $0.2 million for fiscal year 2012 versus $14.6 million used in the prior year
  • Cash and cash equivalents of $6.9 million as of December 31, 2012 versus $3.5 million for the year ago period

"Disappointedly, we did not achieve our financial objectives in 2012 and the fourth quarter was a challenging one for the Company. We expected greater retrofit sales under the California Truck and Bus mandate and believe that the late and weak regulation enforcement coupled with a delayed product approval were contributing factors," said Craig Breese, Chief Executive Officer of CDTi. "We're guardedly optimistic that with a full suite of verified retrofit solutions, the strengthening of our team with experienced industry veterans and the exit of a significant competitor, Cleaire, from the market, we will see increased sales momentum driven by more vigorous CARB enforcement. While we expect improvement in our retrofit sales from state-sponsored initiatives, we are continuing to make progress expanding our Heavy Duty Diesel Systems sales from non-retrofit sources that represent a more sustainable OEM and aftermarket business. Our recently announced joint venture with a subsidiary of Pirelli Group to sell emissions control products in Europe is an excellent example of a more strategic approach to growing our OEM and aftermarket business.

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