SCI Engineered Materials swings to loss in Q3 2013

Nov 5, 2013 - SCI Engineered Materials (OTC:SCIA), the US maker of ceramics and metals for photonics and thin films, said Monday it had booked a third-quarter loss of USD 76,300 (EUR 57,000) against a profit of USD 84,700 a year earlier.

The result translated into a loss of USD 0.02 per basic and diluted share as compared to a USD-0.02 profit in the year-ago period. Chairman, president and CEO Dan Rooney noted that the firm’s core business, which includes key customers in the photonics segment, had shown good results. "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," he said further. In the near term, Rooney projects that revenue will rise for a third quarter in a row.

Earnings before interest, tax, depreciation and amortisation (EBITDA) in July-September fell to USD 81,800 from USD 258,300. The company's gross margin declined to 23% from 28.4%.

SCI Engineered Materials’ revenues for the period shrank to USD 1.8 million from USD 1.98 million a year before due to the lack of sales to a particular client and lower contract research.

SCI Engineered Materials closed the first nine months of 2013 with a net loss of USD 407,500, expanding from USD 106,500 a year ago. Revenue declined to USD 4.9 million from USD 6.4 million. At the end of September, the firm's order backlog amounted to USD 3.4 million.

(USD 1.0 = EUR 0.741)

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