CDTI Advanced Materials, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018
April 03, 2018 at 01:35 am IST
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CDTI Advanced Materials, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenues of $4,883,000 compared to $8,555,000 a year ago. Loss from continuing operations was $1,403,000 compared to $8,341,000 a year ago. Loss from operations before income taxes was $1,405,000 compared to $7,366,000 a year ago. Net loss was $1,441,000 or $0.09 per basic and diluted share compared to $7,640,000 or $0.69 per basic and diluted share a year ago.
For the year, the company reported revenues of $28,353,000 compared to $36,839,000 a year ago. Loss from continuing operations was $5,884,000 compared to $15,658,000 a year ago. Loss from operations before income taxes was $5,198,000 compared to $24,432,000 a year ago. Net loss was $5,283,000 or $0.34 per basic and diluted share compared to $23,474,000 or $3.84 per basic and diluted share a year ago.
The company expects 2018 full-year revenue from its baseline, specialty emissions business for retrofit, oil and gas, mining and materials handling applications to be approximately $10 million. Based on the roll-out of current customer programs in China and India, sales of CDTi's materials is expected to increase during the later part of 2018 and management will provide additional information regarding its contribution to 2018 and beyond in the coming months. Gross margin is expected to range between 20% to 30% as the company continues to exit its manufacturing operations in its pursuit of its long-term 40% gross margin target. As CDTi realizes the full benefit of headcount reductions resulting from the sale of Durafit and the exit of the company's high-volume coating activities in the third and fourth quarter of 2017, along with the significant cost-cutting measures completed as part of CDTi's business realignment, the company expects its operating expenses will be approximately $8 million for 2018.
CDTi Advanced Materials, Inc. develops technology and materials for catalyst markets, including emissions, industrial and electrocatalyst applications. The Company is engaged in the catalyst design, engineering, and coating for on and off-road as well as energy storage applications. It develops technology and materials incorporating various base metals that can enhance catalytic performance and reduce the use of platinum group metals (PGMs) in catalyst coatings. It offers complete solutions for heavy and light duty engines, fuel treatment and materials technologies. Its products include exhaust control systems, fuel borne catalyst and catalyst products. Exhaust control systems includes Purifilter, Purifilter Plus M, AZ DOC, DZ DOC, and others. Its fuel borne catalyst include PatFluid, Platinum Plus, and others. The Company delivers its technology to customers through catalyst coatings as well as catalytic material supply and licensing arrangements.
CDTI Advanced Materials, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the Full Year of 2018