This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CDTi Reports Second Quarter Fiscal Year 2013 Financial Results

Stocks in this article: CDTI

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs