VENTURA, Calif., March 31, 2014 (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 fourth quarter and fiscal year ended December 31, 2013.
Highlights for the fourth quarter are as follows:
- Revenue of $15.2 million, up 22.6% year over year
- Gross margin of 31.3%, compared to 22.0% for the prior year period
- Operating expenses of $6.0 million include severance and other special charges of $1.2 million
- Net loss of $0.27 per share, compared to net loss of $0.39 per share for prior year period
- Cash and cash equivalents of $3.9 million as of December 31, 2013 versus $6.9 million at the prior year end
"We are pleased with CDTi's overall results for the fourth quarter. We achieved growth in our external Catalyst division sales in excess of 23% and 22% in our Heavy Duty Diesel Systems division," said Nikhil Mehta, Office of the CEO and Chief Financial Officer. "Revenue growth in the quarter was primarily driven by continued strength in catalyst sales to our major OEM customer, Honda, and an increase in sales in the California retrofit market for our Heavy Duty Diesel Systems division. We continued to execute on our core objectives centered on increasing revenue, improving gross margins and reducing net loss."Revenues for the year declined 8.7% from 2012, when we benefitted from significant heavy duty diesel systems retrofit sales under London's LEZ program, which concluded in 2012. Also, our strong 2013 growth in the Catalyst division and gains in the California retrofit market were offset by weakness in retrofit activity in the other 49 States and in our European mining and material handling business. While revenues were lower for 2013, we were pleased to report a more than 300 basis point improvement in gross margins and a 26.5% reduction in net loss as compared to 2012."