SCI Engineered Materials, Inc. Reports Third Quarter 2013 Results
04 Novembre 2013 - 10:24PM
Marketwired
SCI Engineered Materials, Inc. Reports Third Quarter 2013 Results
COLUMBUS, OH--(Marketwired - Nov 4, 2013) - SCI Engineered
Materials, Inc. ("SCI") (OTCQB: SCIA), a global supplier and
manufacturer of advanced materials for PVD thin film applications
that works closely with end users and OEMs to develop innovative,
customized solutions, today reported its financial results for the
three months ended September 30, 2013.
Dan Rooney, Chairman, President and Chief Executive Officer,
stated, "Our third quarter results reflect solid performance in
SCI's core market which includes key customers in the photonics
industry. Third party forecasts indicate the thin film solar market
has bottomed out which further supports our belief this will be a
strong long-term growth market for SCI. We are proceeding with
internally financed investments to develop innovative products for
customers in the solar and glass industries and new products for
transparent electronics. Recently, there have been encouraging
signs from several customers indicating their requirements remain
strong through at least early-2014. Our $3.4 million backlog at
quarter-end represents a 36% increase versus the same date a year
ago and the highest quarter-end backlog in more than three years.
SCI's expanding product portfolio is well-positioned to meet the
growth needs of our target markets. Near term, we anticipate total
revenue will increase for the third consecutive quarter."
Total revenue
Third quarter 2013 total revenue of $1,810,044 was the highest
quarterly amount this year. For the same period in 2012, total
revenue was $1,982,403. The year-over-year difference was
attributable to no third quarter sales to a customer who was
acquired earlier this year and the Company's contract research was
completed in the second quarter of 2013.
Gross profit
Gross profit was $416,836 for the third quarter 2013 compared to
$562,176 a year ago. This decrease was principally due to lower
total revenue and change in product mix. As a percentage of total
revenue, gross profit was 23.0%, representing the highest quarterly
amount in 2013, compared to 28.4% for the third quarter 2012.
Operating expense
Operating expense (marketing and sales, general and
administrative, and R&D expenses) was $469,179 for the third
quarter 2013 compared to $449,497 the prior year. Higher internally
funded research and development expense to develop new products for
the solar and glass industries and innovative transparent
electronics applications was partially offset by lower marketing
and sales expense compared to the third quarter 2012.
(Loss) Income Applicable to Common Stock
There was a loss of $76,322, or $0.02 per share, for the third
quarter 2013 versus income of $84,711, or $0.02 per share, for the
third quarter 2012.
EBITDA
EBITDA (Earnings before interest, income taxes, depreciation and
amortization) was $81,754 for the third quarter 2013 versus
$258,257 for the same period in 2012. Adjusted EBITDA, which
excludes non-cash stock based compensation, was $113,110 for the
three months ended September 30, 2013, versus $289,673 a year
ago.
About SCI Engineered Materials, Inc.
SCI Engineered Materials is a global supplier and manufacturer
of advanced materials for PVD thin film applications that works
closely with end users and OEMs to develop innovative, customized
solutions. Additional information is available at
www.sciengineeredmaterials.com.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbors
created thereby. Those statements include, but are not limited to,
all statements regarding intent, beliefs, expectations,
projections, customer guidance, forecasts, and plans of the Company
and its management, and specifically include statements concerning
SCI's belief that thin film solar will be a strong long-term growth
market, several customers' indications that their requirements
remain strong through into 2014, SCI's expanding product portfolio
is well-positioned to meet the growth needs of SCI's target
markets, the Company's anticipation that total revenue will
increase for the third consecutive quarter during the final three
months of 2013. These forward-looking statements involve numerous
risks and uncertainties, including, without limitation, other risks
and uncertainties detailed from time to time in the Company's
Securities and Exchange Commission filings, including the Company's
Annual Report on Form 10-K for the year ended December 31, 2012.
One or more of these factors have affected, and could in the future
affect, the Company's projections. Therefore, there can be no
assurances that the forward-looking statements included in this
press release will prove to be accurate. In light of the
significant uncertainties in the forward-looking statements
included herein, the inclusion of such information should not be
regarded as a representation by the Company, or any other persons,
that the objectives and plans of the company will be achieved. All
forward-looking statements made in this press release are based on
information presently available to the management of the Company.
The Company assumes no obligation to update any forward-looking
statements.
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SCI ENGINEERED MATERIALS, INC. |
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BALANCE SHEETS |
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ASSETS |
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September 30, |
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December 31, |
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2013 |
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2012 |
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(UNAUDITED) |
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Current Assets |
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Cash |
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$ |
494,124 |
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$ |
630,819 |
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Accounts receivable, less allowance for doubtful
accounts |
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487,488 |
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453,302 |
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Inventories |
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1,193,231 |
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815,075 |
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Prepaid expenses |
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551,874 |
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209,422 |
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Total
current assets |
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2,726,717 |
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2,108,618 |
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Property and Equipment, at cost |
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7,581,287 |
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7,483,480 |
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Less accumulated depreciation |
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(4,676,818 |
) |
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(4,254,302 |
) |
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2,904,469 |
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3,229,178 |
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Other Assets |
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60,097 |
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66,764 |
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TOTAL ASSETS |
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$ |
5,691,283 |
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$ |
5,404,560 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current Liabilities |
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Short term debt |
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$ |
355,262 |
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$ |
537,937 |
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Accounts payable |
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186,407 |
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260,531 |
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Customer deposits |
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1,265,708 |
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313,745 |
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Accrued expenses |
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188,110 |
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194,218 |
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Total
current liabilities |
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1,995,487 |
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1,306,431 |
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Long term debt |
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1,106,420 |
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1,220,435 |
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Total
liabilities |
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3,101,907 |
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2,526,866 |
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Commitments and contingencies |
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Total Shareholders' Equity |
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2,589,376 |
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2,877,694 |
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
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$ |
5,691,283 |
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$ |
5,404,560 |
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SCI ENGINEERED MATERIALS, INC. |
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STATEMENT OF OPERATIONS |
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FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013
AND 2012 |
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(UNAUDITED) |
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THREE MONTHS ENDED SEPT. 30, |
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NINE MONTHS ENDED SEPT. 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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Product revenue |
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$ |
1,810,044 |
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$ |
1,926,040 |
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$ |
4,946,251 |
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$ |
6,387,799 |
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Contract research revenue |
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- |
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56,363 |
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90,170 |
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181,363 |
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1,810,044 |
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1,982,403 |
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5,036,421 |
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6,569,162 |
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Cost of product revenue |
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1,393,208 |
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1,373,258 |
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3,971,147 |
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5,021,258 |
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Cost of contract research revenue |
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- |
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46,969 |
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76,648 |
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147,552 |
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1,393,208 |
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1,420,227 |
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4,047,795 |
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5,168,810 |
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Gross profit |
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416,836 |
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562,176 |
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988,626 |
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1,400,352 |
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Operating expense |
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469,179 |
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449,497 |
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1,370,655 |
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1,448,159 |
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(Loss) income from operations |
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(52,343 |
) |
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112,679 |
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(382,029 |
) |
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(47,807 |
) |
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Other (expense) income |
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(17,941 |
) |
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(20,693 |
) |
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(7,375 |
) |
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(65,254 |
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(Loss) income before provision for income taxes |
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(70,284 |
) |
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91,986 |
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(389,404 |
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(113,061 |
) |
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Income tax (expense) benefit |
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- |
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(1,237 |
) |
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- |
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24,652 |
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Net (loss) income |
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(70,284 |
) |
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90,749 |
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(389,404 |
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(88,409 |
) |
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Dividends on preferred stock |
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(6,038 |
) |
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(6,038 |
) |
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(18,114 |
) |
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(18,114 |
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(LOSS) INCOME APPLICABLE TO COMMON SHARES |
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$ |
(76,322 |
) |
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$ |
84,711 |
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$ |
(407,518 |
) |
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$ |
(106,523 |
) |
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Earnings per share - basic and diluted |
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(Loss) income per common share |
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Basic |
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$ |
(0.02 |
) |
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$ |
0.02 |
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$ |
(0.11 |
) |
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$ |
(0.03 |
) |
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Diluted |
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$ |
(0.02 |
) |
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$ |
0.02 |
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$ |
(0.11 |
) |
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$ |
(0.03 |
) |
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Weighted average shares outstanding |
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Basic |
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3,841,963 |
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3,817,963 |
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3,835,997 |
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3,812,019 |
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Diluted |
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3,841,963 |
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3,827,774 |
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3,835,997 |
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3,812,019 |
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SCI ENGINEERED MATERIALS, INC. |
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CONDENSED STATEMENTS OF CASH FLOWS |
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 AND
2012 |
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2013 |
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2012 |
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CASH PROVIDED BY (USED IN): |
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Operating activities |
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$ |
214,727 |
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$ |
260,622 |
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Financing activities |
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31,658 |
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(563,997 |
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Investing activities |
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(383,080 |
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96,684 |
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NET DECREASE IN CASH |
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(136,695 |
) |
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(206,691 |
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CASH - Beginning of period |
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630,819 |
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798,069 |
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CASH - End of period |
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$ |
494,124 |
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$ |
591,378 |
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SCI ENGINEERED MATERIALS, INC. |
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RECONCILIATION OF GAAP TO NON-GAAP MEASURES |
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FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013
AND 2012 |
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Three months ended Sept. 30, |
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Nine months ended Sept. 30, |
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2013 |
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2012 |
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2013 |
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2012 |
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Net
(loss) income |
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$ |
(70,284 |
) |
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$ |
90,749 |
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$ |
(389,404 |
) |
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$ |
(88,409 |
) |
Interest, net |
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17,650 |
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|
19,843 |
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|
56,772 |
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|
64,404 |
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Income taxes |
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- |
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|
1,237 |
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- |
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(24,652 |
) |
Depreciation and amortization |
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|
134,388 |
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|
146,428 |
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|
437,079 |
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|
435,948 |
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EBITDA |
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|
81,754 |
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|
258,257 |
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|
104,447 |
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|
387,291 |
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Stock
based compensation |
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31,356 |
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31,416 |
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|
101,086 |
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|
102,294 |
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Adjusted EBITDA |
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$ |
113,110 |
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$ |
289,673 |
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$ |
205,533 |
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$ |
489,585 |
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Contact: Robert Lentz (614) 876-2000
Grafico Azioni SCI Engineered Materials (QB) (USOTC:SCIA)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni SCI Engineered Materials (QB) (USOTC:SCIA)
Storico
Da Giu 2023 a Giu 2024