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CDTi Reports Third Quarter Fiscal Year 2013 Financial Results

VENTURA, Calif., Nov. 12, 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 third quarter and nine months ended September 30, 2013. Highlights of the 2013 third quarter (all comparisons versus prior year quarter, unless otherwise noted) include:
  • Revenue of $14.2 million, down 1.4%
  • Gross margin improved 320 basis points to 30.1%
  • Total operating expenses declined 17.4%
  • Operating income of $0.1 million versus operating loss of $1.2 million
  • Net loss of $0.12 per share, versus a net loss of $0.24
  • Cash used in operations of approximately $80,000 for Q3 2013
  • Cash and cash equivalents of $4.6 million as of September 30, 2013

"Our stable top line performance combined with continued operational progress, strong gross margin expansion and cost control drove a significant improvement in our bottom line for a third consecutive quarter," said Craig Breese, President and Chief Executive Officer of CDTi. "Solid revenue growth from our Catalyst division reflected continued strength in our sales to our major OEM customer, Honda. Our Heavy Duty Diesel Systems division benefited from a substantial increase in sales in the California retrofit market which helped offset slower retrofit activity in the other 49 States and expected softness in this division from reduced sales to our mining and material handling customers in Europe. The positive signs we began to see in the second quarter of 2013 in the California retrofit market are continuing and we expect to see stronger growth from this market in the fourth quarter of 2013. Also encouraging in the third quarter was the significant expansion in our gross margin due to continued improvements in our product mix and other operational improvements across our facilities.

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