Clean Diesel Technologies reports $23.5 million net loss
Clean Diesel Technologies reported a $23.5 million net loss March 31, equal to $3.84 per share, for its fiscal year 2016, on revenues of $36.8 million, down 7 percent from $39.7 million in 2015.
Fourth quarter revenues for the Oxnard maker of vehicle products fell from $9.7 million in 2015 to $8.6 million in 2016, and operating expenses grew from $5.5 million to $9.3 million for the same periods. Net loss for the quarter was $7.6 million, or 69 cents per share, compared to less than $1 million during the fourth quarter of 2015.
“In 2016, we completed a comprehensive financial and operational reorganization of CDTi, creating the foundation for our advanced materials and high-value catalyst business,” CEO Matthew Beale said in a news release, highlighting growth in emissions control for its North America, China and India markets. “In addition, we secured core commercial partnerships that will drive profitable revenue growth.”
The company expects revenues to decrease slightly in 2017 to between $32 million and $35 million and targets the second half of the year to break even on income from continuing operations.
The company had $7.8 million in cash on hand for the year ended Dec. 31, up from $2.96 million in 2015, with total liabilities of $16.2 million, down from $24.7 million. Shares for Clean Diesel ended at $2.69 on March 31, up 25 percent year to date.
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