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[April 2002]
Superconductive Components Inc Reports Year 2001 Results
Superconductive Components Inc (Columbus, OH, USA) - a manufacturer of advanced ceramics, optical materials and high temperature superconductive and non-superconductive products - reported income applicable to common shares of US$8,821 for the year ended 31 December 2001, versus a net loss of US$226,190 the prior year.
Net income per diluted common share was zero for the year 2001 compared with a net loss of US$0.15 a year ago. Weighted average shares outstanding were 23.9% higher for 2001 versus 2000 due to a private sale of common equity and conversion of debt to equity during the second half of 2000.
Dan Rooney, President and CEO, stated: "Our business was affected by the slowdown that occurred in the national economy in 2001, especially during the fourth quarter. These conditions continued during first quarter 2002; however, we are beginning to see signs of stabilization and the order book is improving. We are positioning the company to maximize our capabilities and market potential beginning in 2002".
Revenue for 2001 improved 14.3% to US$3.6635 million from US$3.205 million in 2000. Product revenue benefitted from increased sales to existing customers, expansion into new markets and continued growth in the ceramic sputtering target business. These gains were partially offset by a 21% decline in contract research revenues versus the prior year.
Gross margin improved to US$1.2 million - or 32.8% of revenue - for 2001 compared with US$771,745 or 24.1% of total revenue last time. Higher sales and better utilisation of production capacity were the principal factors that contributed to the improved gross margin for 2001.
ENDS