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VENTURA, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the "Company"), a leader in advanced emissions control solutions, announced today its financial results for the second quarter and six months ended June 30, 2013. The highlights are as follows:
Second quarter revenue of $12.6 million, down 24.9% year-over-year
Second quarter net loss of $0.19 per share, versus a net loss of $0.31 for the prior year
Cash and cash equivalents of $3.2 million as of June 30, 2013
"While our revenue result for the quarter was below our expectation, we are pleased with the continued progress we made in a number of areas. During the quarter, we improved our gross profit margin, made meaningful progress in lowering our operating expenses, and significantly reduced our net loss compared to the second quarter a year ago. The results are encouraging and we are continuing to implement actions to improve operating performance. Our strategy is to complement these advances with a marketing and technology strategy designed to grow sales and further leverage the improvements we've made on the cost side of the business," said Craig Breese, President and Chief Executive Officer of CDTi.
"In our Catalyst division, sales to our major OEM customer, Honda, were solid. In addition to supplying catalysts for the successful new 2013 Honda Accord and the 2008 Acura TSX, our catalysts are now also featured on the new Accord Hybrid and Plug-in Hybrid models. Our Heavy Duty Diesel Systems division saw a decline in sales across a number of market segments compared to last year. We are, however, beginning to see some positive signs in the California retrofit market and when coupled with the strengthening of our sales and marketing team, additions to our distribution system and a full portfolio of verified retrofit solutions in place, we expect to see stronger growth in this division for the remainder of 2013. Our joint venture with Pirelli commenced in April and we are actively working with them to expand business opportunities across Europe.