Superconductive Components Announces First Quarter Results
May 29, 2003
Superconductive Components, Inc. recently reported results for the three months ended March 31, 2003. Total revenue declined 16% to $657,879 for the first quarter 2003, compared with $783,379 for the same period last year. The loss applicable to common shares was $103,983, or $0.06 per diluted share, for the first quarter 2003, versus a loss applicable to common shares of $85,575, or $0.05 per diluted share, a year ago. The net loss per common share before cumulative effect of a change in accounting was $0.04 for the first quarters of 2003 and 2002. Net cash provided by operating activities improved to $109,087 for the three months ended March 31, 2003, from $50,489 of net cash utilized in operating activities for the same period last year. The principal factors included lower inventories and accrued expenses. Product revenues were $624,546 for the first quarter 2003, versus $714,148 a year ago, due to the weak national economy. Contract research revenue declined to $33,333 for first quarter 2003 from $69,231 for the same period last year, following the expiration of a Phase II SBIR grant from the National Science Foundation.
Additional information is available at http://www.sciengineeredmaterials.com .