MoreSCI Engineered Materials, Inc. recently reported higher total revenue and increased earnings per share for the three months ended December 31, 2010. Total revenue increased 8% to $2.6 million for the fourth quarter 2009, benefiting from both higher sales revenue and contract research revenue. Income applicable to common shares increased 77% to $157,013 from $88,787 for the fourth quarter of 2008. Net income per common share after dividends on preferred stock increased to $0.04 from $0.02 for the same period a year ago.
“Our operating results for the fourth quarter 2009 reflect further improvement in our business,” said Dan Rooney, chairman, president and CEO. “Total revenue and net income were the highest quarterly amounts of the year. The combination of increased revenue, especially from solar products, higher gross profit, and gradually improving conditions in our core markets contributed substantially to the favorable performance compared to the fourth quarter 2008.
“We are specifically pursuing opportunities to increase our presence in the solar industry’s supply chain and participate in government grants and awards consistent with SCI’s long-term growth strategy. Late in the fourth quarter 2009, we received a large follow-on order for solar products and were also notified of an award to commercialize advanced technology. We exited 2009 with record backlog and look forward to improved performance in 2010.”
Both contract research revenue and solar sales more than tripled compared to the fourth quarter of 2008. Fourth quarter 2009 revenue was adversely impacted by lower prices for a high-value raw material compared to a year ago. Excluding sales attributable to this material, revenue for the fourth quarter 2009 increased 54% vs. the same period last year. Contract research revenue was $308,233 for the fourth quarter 2009, an increase of 356% compared to a year ago. This is directly related to Small Business Innovation Research grants and program awards.
Additional details are available at www.sciengineeredmaterials.com.
“Our operating results for the fourth quarter 2009 reflect further improvement in our business,” said Dan Rooney, chairman, president and CEO. “Total revenue and net income were the highest quarterly amounts of the year. The combination of increased revenue, especially from solar products, higher gross profit, and gradually improving conditions in our core markets contributed substantially to the favorable performance compared to the fourth quarter 2008.
“We are specifically pursuing opportunities to increase our presence in the solar industry’s supply chain and participate in government grants and awards consistent with SCI’s long-term growth strategy. Late in the fourth quarter 2009, we received a large follow-on order for solar products and were also notified of an award to commercialize advanced technology. We exited 2009 with record backlog and look forward to improved performance in 2010.”
Both contract research revenue and solar sales more than tripled compared to the fourth quarter of 2008. Fourth quarter 2009 revenue was adversely impacted by lower prices for a high-value raw material compared to a year ago. Excluding sales attributable to this material, revenue for the fourth quarter 2009 increased 54% vs. the same period last year. Contract research revenue was $308,233 for the fourth quarter 2009, an increase of 356% compared to a year ago. This is directly related to Small Business Innovation Research grants and program awards.
Additional details are available at www.sciengineeredmaterials.com.
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