 |
 |
||||||
[March 2009]
Thin Film Solar Promises More for SCI
SCI Engineered Materials Inc, a manufacturer of ceramics and metals for advanced applications in the physical vapour deposition industry, reported income applicable to common shares of $88,787 for the fourth quarter 2008 compared to $120,976 for the same period in 2007.
For the twelve months ended 31 December 2008, income applicable to common shares was $100,177 versus $307,682 in full year 2007. However, the full year 2008 results reflected increased investment in SCI to position the company for future growth, which also included approximately $500,000 in production equipment.
Dan Rooney, Chairman, President and CEO, stated: “2008 marked the third consecutive year of profitable results for SCI. Going forward, we are pleased with the anticipated growth in our markets, particularly Thin Film Solar, and are aggressively implementing plans to address those opportunities.
“During the past year we continued to make substantial investments in our business. Recently, we improved SCI’s financial flexibility through a $1 million business loan agreement with a regional bank that reflects the Company’s improved performance. We anticipate using these funds primarily for working capital as we continue implementing our growth strategy during a period of unprecedented challenges in the global financial markets.
“Following a slow start in the first half of the year we ended 2008 with solid performance, particularly in the midst of fast-changing conditions in the global economy. We improved gross profit 7% year-over-year through improved product mix despite a decline in total revenues compared to 2007. Additionally, we realised further progress in several of our markets during 2008 with particular gains realised in Thin Film Solar due to SCI’s growing product line coupled with increased marketing and sales activities in major markets within Asia, North America and Europe. These efforts also benefited from our participation in additional trade shows specifically focused on our key markets. Trial and qualification orders were shipped to customers in the semiconductor and solar industries during 2008 and further progress is anticipated in 2009.”
www.sciengineeredmaterials.com
ENDS