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[August 2009]
Increased Optimism at SCI Engineered Materials
SCI Engineered Materials Inc (Columbus, OH, USA), a manufacturer of ceramics and metals for advanced applications in the physical vapour deposition industry, has reported results for the three months ended 30 June 2009.Dan Rooney, Chairman, President and CEO, stated: “We exited the second quarter with increased optimism based on preliminary indications that SCI’s business had bottomed out and conditions in our end markets have stabilised. While challenges remain among customers serving the automotive market, we are gaining increased traction in the thin film solar market. In June 2009 we received an order for $1 million of thin film solar products to be shipped by year-end. This is the first significant order SCI has received for these products and it represents an important step toward establishing our presence in this market.
“Trial orders have been shipped and qualifications are currently underway with several other thin film solar customers which may result in additional product orders this year. Thin film solar orders received in the second quarter 2009 exceeded shipments of thin film solar products for the entire year 2008.
“Our financial results during the first half of 2009 have been impacted by the difficult global economic environment and significant non-cash expenses that are primarily related to stock based compensation. While the year-to-date results are below the prior year on a GAAP and non-GAAP basis, we believe adjusted EBITDA is a useful measure of SCI’s performance. The quarterly non-cash stock based compensation expense for the remainder of this year is expected to be similar to the amount reported in the second quarter 2009.
“These ongoing noncash expenses will continue through 2010 and then decline beginning in the first quarter of 2011. Recent encouraging signs in our business should lead to improved performance during the second half of 2009.”
www.sciengineeredmaterials.com
ENDS