|
New
Release -- Superconductor Week does not edit or endorse the following
news release:
Superconductive Components Inc. Announces
Improved Fourth Quarter Results
Columbus, OH, Mar 27: Superconductive Components,
Inc. (OTCBB: SCCI),
which manufactures ceramics and metals for advanced applications including
optical systems, thin film batteries, and superconductors, today announced
results for the three months and twelve months ended December 31, 2005. Fourth
quarter 2005 highlights included:
- Total revenues more than
doubled to $1,147,377 from $551,087 for the fourth quarter 2004.
- Gross margin on product
revenues increased to 24.1% from 13.7% the prior year.
- The loss applicable to
common shares declined to $38,810, or $0.01 per share, versus a loss
applicable to common shares of $213,163, or $0.08 per share, for the fourth
quarter 2004.
Dan Rooney, Chairman, President and Chief
Executive Officer, commented, “Our fourth quarter 2005 performance, led by
record product revenues and improved gross profit margin, underscored the
Company’s strong finish for 2005. During the year, we added key customers in
the advanced photonic/optical market as a direct result of achieving ISO
9001:2000 registration in the second quarter and expanded sales activities in
key markets. Additionally, manufacturers in the emerging thin-film battery
market continue to move from prototype stage toward commercialization of their
products. Further progress is anticipated during 2006, which is expected to
especially benefit 2007 revenues.”
Mr. Rooney continued, “We entered 2006 with a
solid backlog and sales momentum. The capital we raised during the second half
of 2005 positions us to achieve improved financial results this year.”
Fourth Quarter Results
Product revenues increased 124% to a record
$1,103,621 for the fourth quarter 2005 from $493,016 the prior year, principally
due to higher sales to existing customers coupled with customers added during
2005. Contract research revenues were $43,756 for the fourth quarter 2005
versus $58,071 for the same period last year.
The Company’s gross profit increased to $263,940,
or 23.0% of total revenues, for the fourth quarter 2005 from $69,561, or 12.6%
for the same period last year. The fourth quarter 2005 results benefited from
higher production levels and improved operating efficiencies compared to the
fourth quarter 2004.
General and administrative expense increased slightly to $226,423 for the fourth
quarter 2005 from $216,399 a year ago, primarily due to incentive compensation.
Selling expense increased to $70,051 for the fourth quarter 2005 from $51,123
for the same period last year due to the increase in commissions and incentive
compensation compared to last year.
2005 Results
Total revenues increased 59% to $3,457,182 for
the twelve months ended December 31, 2005 from $2,172,864 for 2004. The
Company’s growing customer base and increased sales to existing customers
represented the most significant factors in the year-over-year increase.
Product revenue increased 65% to $3,167,743 for 2005 from $1,915,732 the prior
year. Contract research revenue increased to $289,439 for the year 2005
compared to $257,132 a year ago as a result of two Small Business Innovation
Research awards to determine the feasibility of the initial production of
cost-effective, long length round wires for very high field magnet applications.
Gross profit improved to $741,310, or 21.4% of
total revenues, for 2005 from $226,372, or 10.4% of total revenues for 2004.
This increase was due to higher volume and revenue mix for 2005 compared to the
prior year, which contributed to operating efficiencies. Gross margin on
product revenue improved to 23.5% for 2005 from 12.5% for 2004 as a result of
the increase in sales volume of higher margin products.
General and administrative expenses declined
approximately 13% to $770,600 for 2005 from $884,000 last year. This decrease
was primarily due to $80,863 of one-time expenses related to the Company’s move
to a new facility in 2004. Selling expense remained relatively flat at $237,569
for 2005 versus $236,235 for 2004.
The loss applicable to common shares declined to
$358,405, or $0.14 per share, for 2005 from a loss of $1,125,007, or $0.51 per
share, for 2004.
Return
to industry news releases |
