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[November 2003]
Continued Weakness in US Market Affects Advanced Ceramic Company's Results
SCCI - Superconductive Components Inc (Columbus, OH, USA) saw total revenue for the third quarter drop to US$608,730 from US$863,179 a year ago. Contract research increased to US$119,020 from US$68,376 for Q3 2002. This improvement was offset by lower product revenue, which declined to US$489,710 from US$794,803 in Q3 2002. This big dip was due to lower shipments as a result of the weak US manufacturing economy.
Gross margin was US$114,303 or 18.8% of total revenue versus US$273,156 or 31.6% last time. The quarter-over-quarter decline was attributable to lower product sales as well as product mix.
Chairman and CEO Dan Rooney said: "Our third quarter results were particularly impacted by lower revenues due to continued weakness in the US manufacturing sector. We have taken steps in recent months to bolster future product sales through an experienced industry sales person while also further strengthening relationships with customers.
"On a positive note, since the beginning of the third quarter 2003, we have been awarded a research contract from the US Department of Energy and also received an award from the State of Ohio's Third Frontier Action Fund. The Company's share of these awards is approximately $1.2 million, which will help advance its position in high temperature superconductor and lithium thin film battery markets."
ENDS