SCI Engineered Materials reports company developments tied to its advanced materials manufacturing for physical vapor deposition thin film applications. Company news commonly covers financial results, order activity, product mix, raw-material effects, manufacturing capabilities, specialty services and customer-development efforts in niche advanced-materials markets.
Updates also include governance and management changes, sales and marketing initiatives, trade-show participation, share repurchase authorization and risk-related business events. The company has also described growth initiatives connected to powders used in aerospace, defense, medical and other advanced manufacturing applications.
SCI Engineered Materials (SCIA:OTCQB) announced a full redemption of its 24,152 shares of Convertible Preferred Stock, Series B, on December 31, 2021. The total cash cost for this redemption is $514,437.60, covering cash payments of $248,765.60 and unpaid dividends of $265,672.00. The company's CEO highlighted the strong balance sheet, increased cash reserves, and reduced debt, aligning this action with their capital allocation strategy aimed at enhancing long-term performance.
SCI Engineered Materials, Inc. (OTCQB:SCIA) reported record third-quarter revenue of $5.2 million for Q3 2021, driven by a 35% increase in total revenue to $10.2 million year-to-date. Gross profit reached $1.3 million in Q3, up from $459,139 last year. EBITDA surged to $973,235 for Q3, underpinned by higher sales and tax credits from the ERC and ARP. Despite ongoing supply chain issues, the company maintains a positive outlook, anticipating record earnings per share for 2021. Total debt decreased 62% to $279,919 as of September 30, 2021.
SCI Engineered Materials, Inc. (OTCQB:SCIA) reported its financial results for the first half of 2021, highlighting a 17% decline in total revenue to $4,994,359 compared to the previous year. The second quarter alone saw a 24% decrease to $1,972,049. Despite these declines, gross profit increased by 44% to $1,365,590. The company recognized $407,200 in Employee Retention Credit, boosting gross profit and EBITDA to $1,161,774. Net cash rose to $3.5 million, while total debt dropped 57% to $316,212 due to loan forgiveness and repayments.
SCI Engineered Materials (OTCQB:SCIA) reported its Q1 2021 results, revealing total revenue of $3,022,310, a 12% decrease from Q1 2020. Despite this decline, gross profit increased by 58% to $803,036, attributed to improved product mix and manufacturing efficiencies. The order backlog more than doubled to $5.7 million. Notably, net income applicable to common shares surged to $646,547, or $0.14 per share. The company has $3 million in cash and reduced total debt by 51% to $360,179, largely due to PPP loan forgiveness. However, the ongoing semiconductor chip shortage may cause revenue volatility.