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[December 2007]
SCI Engineered Materials Reports Third Quarter 2007 Results
SCI Engineered Materials Inc (Columbus, OH, USA) has announced results for the three months ended 30 September 2007.
Dan Rooney, Chairman, President and CEO, commented: “We are pleased with our performance for the three months ended September 30, 2007, the fifth consecutive quarter of profitability. The results included higher revenues and also reflected upfront investment in marketing, research, and manufacturing capabilities to enable expansion into new markets.
“SCI was an exhibitor at two tradeshows for the solar and semiconductor industries during the third quarter of 2007, which increased our visibility in both domestic and international markets. During the past year we achieved significant revenue growth and added approximately $1 million of production equipment, a portion of which was for new product development. We also increased staffing in key areas. The initiatives are focused on leveraging SCI’s core competencies and are anticipated to lead to increased diversification of our customer base and markets served. These investments complement our strategy of reinvesting in the business and are expected to benefit SCI’s performance in future quarters.”
Total revenues increased 25% to US$2,589,938 for Q3 2007 from US$2,064,497 Q3 2006. This was principally due to higher sales of Photonics products and Thin Film Battery products versus the third quarter 2006. The Q3 2007 revenues were also influenced by increased prices for a high value raw material used in certain Photonics products versus the same period a year ago. The company’s backlog was US$2.3 million at 30 September 2007.
Gross profit rose to US$489,633 for Q3 2007 from US$469,007 for Q3 2006. The company’s gross profit margin declined to 18.9% of total revenues for the third quarter 2007 from 22.7% for the same period in 2006. This was due to product mix of certain higher value products that have lower gross margins compared to SCI’s other products.
SCI Engineered Materials Inc manufactures ceramics and metals for advanced applications such as optical, photonics including solar, thin film batteries, and superconductors. SCI Engineered Materials is a global materials supplier with clients in more than 40 countries.
www.sciengineeredmaterials.com
ENDS