Welcome to our dedicated page for Sci Engineered news (Ticker: SCIA), a resource for investors and traders seeking the latest updates and insights on Sci Engineered stock.
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.