Clean Diesel Technologies Announces Record Sales
Clean Diesel Technologies, Inc, the cleantech emissions reduction company, today announced financial results for the first quarter ended March 31, 2008.
Recent Highlights:
* Total revenue of $2.6 million in the first quarter of 2008 compared to $216,000 in the first quarter of 2007, driven by strong sales of Purifier(TM: 101.35, -0.26, -0.25%) System particulate matter emission control solutions
* First quarter 2008 product sales exceed full year 2007 product sales
* Phase-in of London Low Emission Zone compliance deadlines driving demand for Clean Diesel; next compliance deadline - July 2008
* Signed licensing agreement with Headway Machinery Co., Ltd, the largest commercial diesel engine exhaust company in China
* Skanska orders catalyzed wire mesh filter technology for cranes in New York City’s largest public works project
* Lake Champlain Transportation Company chose Clean Diesel Platinum Plus(R: 73.19, +0.64, +0.88%) to provide significant cost-savings and improved environmental benefits to its ferry fleet.
Dr. Bernhard Steiner, President and CEO of Clean Diesel Technologies, commented, “Our top line growth in the first quarter was driven by strong product sales in the U.K., which exceeded our total worldwide product sales for all of 2007. This was a direct result of our strategic decision to obtain certification for the London Low Emission Zone (LEZ) program designed to reduce particulate matter in the region. Our Purifier(TM: 101.35, -0.26, -0.25%) System particulate matter emission control solutions are being installed in commercial vehicles to reduce harmful diesel emissions by up to 95%. Our technologies not only aid fuel economy but also eliminate the need for fleet operators to replace vehicles or pay a daily charge of GBP200 for non-compliance with the LEZ rules. The phase-in of LEZ compliance deadlines for various types of vehicles will create additional opportunities for installation of our technologies. July 2008 is the next LEZ compliance deadline for vehicles greater than 3.5 metric tons. As other cities around the world establish low emission zones, we plan to emulate the success we’ve achieved in London. Already, we have obtained the certification to provide our solutions in Scotland’s national low emission zone.”
Dr. Steiner continued, “Our signing of a licensing agreement for our Wire Mesh Filter (WMF) technology with Headway Machinery was a major achievement for Clean Diesel during the first quarter. Environmental concerns, new regulatory requirements and escalating energy prices are the catalysts for growth in our business. In early 2008, China implemented legislative measures to help bring its pollution standards in line with the Euro IV particulate matter emission standards. Headway’s decision to utilize our technology for its light and medium duty trucks has opened up a significant market for us. Headway’s initial testing of our filters is in progress and is expected to be completed in the second half of 2008, after which, we plan to supply our wire mesh filters and our Platinum Plus fuel-borne catalyst.”
“We are pleased to be involved with New York City’s largest public works project through the deployment of our patented catalyzed wire mesh filter technology on Skanska’s cranes for the construction of a new water filtration project in Croton, NY. With the use of our filters, particulate matter will be reduced by up to 75% and there is no need to shut down the cranes to regenerate the system. This factor was an important distinction versus conventional filters that enabled Clean Diesel to obtain this business because avoiding the shut down of crane engines for regeneration greatly reduced safety risks,” Dr. Steiner concluded.
First Quarter 2008 Financial Results
Total revenue for the first quarter of 2008 was $2.6 million compared to $216,000 in the first quarter of 2007. The increase in the first quarter was primarily due to sales of the company’s Purifier(TM: 101.35, -0.26, -0.25%) System as an emission reduction solution to meet standards mandated for the London Low Emission Zone. Net loss for the first quarter of 2008 was $1.6 million or $0.20 per share compared to $1.8 million or $0.30 per share in the comparable period in 2007. Net loss for the quarter included non-cash stock option and warrant fair value charges of $530,000. The company also recorded an unrealized loss of $586,000 that reduced the value of its investments in auction rate securities with a corresponding reduction in stockholders’ equity.
Source: FoxBusiness
Tags: Clean Diesel, incoming rising, oil price, revenue