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[April 2006]
Superconductive Components Reports Improved Fourth Quarter Results
Superconductive Components Inc (Columbus, OH, USA), which manufactures ceramics and metals for advanced applications including optical systems, thin film batteries and superconductors, has announced results for the three months ended 31 December 2005.
Fourth quarter 2005 highlights included:
-- Total revenues more than doubled to US$1.1474 million from US$551,087 for the fourth quarter 2004.
-- Gross margin on product revenues increased to 24.1% from 13.7% the prior year.
-- The loss applicable to common shares declined to US$38,810, or US$0.01 per share, versus a loss applicable to common shares of US$213,163, or US$0.08 per share, for the fourth quarter 2004.Dan Rooney, Chairman, President and Chief Executive Officer, commented, "Our fourth quarter 2005 performance, led by record product revenues and improved gross profit margin, underscored the Company’s strong finish for 2005. During the year, we added key customers in the advanced photonic/optical market as a direct result of achieving ISO 9001:2000 registration in the second quarter and expanded sales activities in key markets. Additionally, manufacturers in the emerging thin-film battery market continue to move from prototype stage toward commercialization of their products. Further progress is anticipated during 2006, which is expected to especially benefit 2007 revenues."
Mr. Rooney continued, "We entered 2006 with a solid backlog and sales momentum. The capital we raised during the second half of 2005 positions us to achieve improved financial results this year."
Q4 2005 product revenues increased 124% to a record US$1.1036 million from US$493,016 the prior year, principally due to higher sales to existing customers coupled with customers added during 2005. Contract research revenues were US$43,756 for Q4 2005 versus US$58,071 for the same period last year.
The company’s gross profit increased to US$263,940, or 23% of total revenues, for the Q4 2005 from US$69,561, or 12.6% for the same period last year. Q4 2005 results benefited from higher production levels and improved operating efficiencies compared to Q4 2004.
General and administrative expense increased slightly to US$226,423 for Q4 2005 from US$216,399 a year ago, primarily due to incentive compensation. Selling expense increased to US$70,051 for Q4 2005 from US$51,123 for the same period last year due to the increase in commissions and incentive compensation compared to last year.
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