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[April 2003]
Revenue Decline at Superconductive Components
Superconductive Components Inc (Columbus, OH, USA) reported a decline in
revenue for the 12 months ended 31 December 2002 of 19.2% from US$3.6634
million to US$2.9585 million. Product sales were US$2.7041 million or 16.8%
below the prior year and contract research revenue declined by 38.7% to
US$254,462. The weak US economy as well as reduced sales of tantalum and
various scrap metal were the primary factors that contributed to the lower
2002 results.The company's gross margin was US$617,815 or 20.9% of total revenue compared
to US$1.1999 million in 2001. This reduction was due to lower sales
compared to 2001 and the non-cash charges. Excluding these one-time
charges, gross margin was 27.3% for 2002.Chairman and CEO Dan Rooney said: "We are disappointed with our reported
results for 2002, but encouraged that the Company was cash flow neutral for
the year. Our performance reflected difficult market conditions; however,
initial contributions from actions taken in the past year to improve the
Company's long-term performance also encourage us."These included organisational changes and additional cost control measures.
Additionally, we recorded $190,881 of non-recurring, non-cash charges in the
fourth quarter. We are positioned to benefit from those actions beginning
in 2003. We are maintaining close contact with our customers. Our number
one priority is sales growth in our target markets."Superconductive Components Inc is a manufacturer of advanced ceramics,
optical materials and high temperature superconductive and
non-superconductive products.
ENDS