Clean Diesel Technologies, Inc. Reports Second Quarter 2012 Financial Results

VENTURA, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi"), a cleantech emissions control company, announced today its financial results for the second quarter and six months ended June 30, 2012. Highlights were as follows:
  • Second quarter revenue of $16.7 million, up 45% year over year  
  • Second quarter net loss of $0.31 per diluted share compared to net loss of $0.89 for second quarter last year
  • Year to date cash used in operating activities of $0.8 million versus $5.0 million used for the same period last year

Second Quarter 2012 Financial Results

Total revenue for the second quarter of 2012 was $16.7 million, an increase of $5.2 million, or 45.0%, from $11.5 million for the prior year second quarter. Revenue for CDTi's Heavy Duty Diesel Systems division for the quarter ended June 30, 2012 increased $1.4 million, or 15.0%, to $11.0 million from $9.6 million for the same prior year quarter. Revenue, excluding intercompany sales, for CDTi's Catalyst division for the quarter ended June 30, 2012 increased $3.8 million, or 191.8%, to $5.7 million from $1.9 million for the same prior year quarter. Intercompany sales to its Heavy Duty Diesel Systems division were $0.7 million for the quarter ended June 30, 2012 compared to $1.9 million for the same prior year quarter. 

Total operating expenses for the second quarter of 2012 were $6.1 million, compared to $6.9 million in the prior year second quarter.

Net loss for the second quarter of 2012 was $2.3 million, or $0.31 per share, compared to net loss of $3.6 million, or $0.89 per share, in the prior year second quarter. Net loss for the second quarter of 2012 included a charge for severance expense of $0.3 million. Net loss also included non-cash expense of approximately $0.1 million related to stock based compensation expense and $0.4 million related to depreciation and amortization of intangible assets, for a total of approximately $0.5 million compared to $0.9 million and $0.4 million, respectively, for a total of approximately $1.3 million in the net loss for the same period in 2011. Weighted average common shares outstanding were 7,221,000 in the current quarter compared to 4,009,000 in the same quarter a year ago, with the increase in the number of shares due principally to the public offering completed on July 5, 2011.

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