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[August 2007]
Superconductive Components Reports Strong Second Quarter Results
Superconductive Components Inc (Columbus, OH, USA), the manufacturer of high quality sputtering targets for select markets in the physical vapour deposition industry, has announced results for the three months ended 30 June 2007.The second quarter 2007 highlights versus the same period last year
included:-- Total revenues of US$3.4 million, an increase of 194%.
-- Gross profit of US$0.5 million compared to US$0.3 million in 2006.
-- Net income per diluted share after dividends on preferred stock was US$0.02 versus a net loss of US$(0.01).
-- Backlog of US$2.0 million at 30 June 2007.
Dan Rooney, Chairman, President and CEO, commented: “We are pleased with our results for the second quarter of 2007, which marked the fourth consecutive quarter of profitability. Specific strategies continue to be pursued in markets that offer long-term, profitable growth opportunities and also contribute to further diversification of the company's business.
"Solid revenue growth was achieved this past quarter in each of our target markets, led by sales to photonics/optical customers. Particular emphasis is being directed toward: further development of innovative Transparent Conductive Oxide materials for the solar power generation market, scale-up of production for the Thin Film Battery market, and increasing the company's overall manufacturing capabilities.
“We are encouraged by the progress that has been achieved during the first half of 2007. This included strong sales growth, increased penetration of current markets, positive development efforts in complementary markets, and actions taken to increase our manufacturing efficiencies and production capabilities. Our strategic focus remains on long-term growth and increased profitability.”
Total revenues nearly tripled to US$3.404 million for the second quarter 2007 from US$1.158 million a year ago, particularly due to strong growth in sales to photonics/optical customers. A substantial portion of the year-over-year revenue increase was attributable to a high value raw material whose price fluctuates over market cycles. The cost of this raw material is fully reflected in the company's selling prices.
Gross profit increased 83% to US$513,168 for the second quarter 2007 from US$280,540 for the same period in 2006. A portion of the increase reflected a greater amount of higher value product, which has lower gross profit margins than the company's other products. As a result, the company's gross profit margin for the most recent quarter was 15.1% of total revenues compared to 24.2% last year.
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