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[May 2009]
SCI Engineered Materials Reports Q1 2009 Results
SCI Engineered Materials Inc (Columbus, OH, USA), a manufacturer of ceramics and metals for advanced applications in the physical vapour deposition industry, reported an 11% increase in total revenue for the three months ended 31 March 2009 compared to the same period last year. The Q1 2009 results were significantly impacted by US$348,116 of non-cash expenses, including US$231,290 of stock-based compensation in accordance with the provisions of SFAS No 123R “Share Based Payment” and US$116,826 of depreciation and amortisation. The loss applicable to common shares was US$313,427 in Q1 2009 versus a loss of US$78,368 for the same period last year.
Dan Rooney, Chairman, President and CEO, said: “The increase in total revenue for the first quarter 2009 benefited from research revenue including an Ohio Department of Development Third Frontier Advanced Energy Program grant to accelerate commercialisation of sputtering targets used to produce thin film solar cell panels.
“Additionally, Thin Film Solar sales increased in the first quarter 2009 compared to a year ago. We are actively pursuing strategies to increase our presence in this fast-growing market through SCI’s core manufacturing capabilities combined with expanded global marketing and sales initiatives. These efforts are helping to diversify our customer base while also enabling us to respond to attractive growth opportunities.
“Our first quarter 2009 financial results reflect the impact of significant noncash expenses and increased investment we have made in our business during the past two years to position SCI for accelerated long-term growth and profitability. Specifically, the payback from investments in Thin Film Battery and Thin Film Solar is increasing and partially offset weakness in other markets in the first quarter 2009. Some of our Thin Film Battery customers recently announced new products and increased market applications, which bodes well for this product line. During the first quarter 2009 we shipped Thin Film Solar products to current and new customers for their trial and evaluation. This is expected to lead to additional orders this year.”
SCI Engineered Materials manufactures ceramics and metals for advanced applications such as photonics, thin film solar, thin film batteries and semiconductors.
www.sciengineeredmaterials.com
ENDS