SCI Engineered Materials, Inc. Reports 2024 Fourth Quarter and Year-to-Date Results
Rhea-AI Summary
SCI Engineered Materials (SCIA) reported its financial results for Q4 and full-year 2024. Annual revenue decreased to $22.87 million from $27.98 million in 2023, primarily due to lower raw material costs and slight volume decrease. Net income for 2024 was $1.86 million ($0.41 per diluted share), compared to $2.19 million ($0.48 per diluted share) in 2023.
The company's gross profit slightly decreased to $5.07 million in 2024 from $5.25 million in 2023. Operating expenses increased 10% to $3.02 million. Cash position strengthened with cash and cash equivalents reaching $6.75 million, up 19% from previous year. The company maintained zero debt as of December 31, 2024, and reported an order backlog of $2.5 million.
Management highlighted ongoing implementation of growth strategies including digital marketing campaigns, trade show participation, and plans to launch new products in 2025.
Positive
- Strong cash position with $6.75 million in cash and cash equivalents, up 19% YoY
- Zero debt as of December 31, 2024
- Net interest income increased 37% to $393,441
- Maintained profitability with $1.86 million net income for 2024
Negative
- Revenue declined 18.3% to $22.87 million in 2024
- Net income decreased 15.2% to $1.86 million
- Operating expenses increased 10% to $3.02 million
- Order backlog decreased to $2.5 million from $3.0 million in Q3 2024
News Market Reaction
On the day this news was published, SCIA gained 0.42%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
COLUMBUS, OH / ACCESS Newswire / February 14, 2025 / SCI Engineered Materials, Inc. ("SCI") (OTCQB:SCIA), today reported financial results for the three months and twelve months ended December 31, 2024.
Jeremy Young, President and Chief Executive Officer, said "We continued to implement our growth strategy throughout 2024, despite signs of slower economic activity during the second half of the year. Specific initiatives currently being implemented include targeted digital online marketing campaigns, active participation in industry trade shows and maintaining close customer contact through in-person visits. These activities are increasing SCI's brand recognition and have resulted in additional cross-selling opportunities with existing customers and the addition of new customers, especially for toll manufacturing services. We plan to launch new products in 2025 which further leverage SCI's manufacturing capabilities and offer customers innovative solutions for their markets."
Revenue
The Company's revenue for the twelve months ended December 31, 2024, was
Gross profit
Gross profit was
Operating expenses
Operating expenses (general and administrative, research & development (R&D), and marketing and sales) for the twelve months ended December 31, 2024, increased approximately
Net interest income
Net interest income was
Income taxes
Income tax expense decreased slightly to
Net income
Net income was
Cash and cash equivalents
Cash and cash equivalents were
Debt outstanding
The Company had no debt outstanding at December 31, 2024, compared to
About SCI Engineered Materials, Inc.
SCI Engineered Materials is a global supplier and manufacturer of advanced materials for PVD thin film applications who works closely with end users and OEMs to develop innovative, customized solutions. Additional information is available at www.sciengineeredmaterials.com or follow SCI Engineered Materials, Inc. at:
https://www.linkedin.com/company/sci-engineered-materials.-inc
https://www.facebook.com/sciengineeredmaterials/
https://x.com/SciMaterials
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but are not limited to, all statements regarding intent, beliefs, expectations, projections, customer guidance, forecasts, plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties, including without limitation, other risks and uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024. One or more of these factors have affected and could affect the Company's projections in the future. Therefore, there can be no assurances that the forward-looking statements included in this press release will prove to be accurate. Due to the significant uncertainties in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company, or any other persons, that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.
Contact: Robert Lentz
(614) 439-6006
SCI ENGINEERED MATERIALS, INC.
BALANCE SHEETS
ASSETS |
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| DECEMBER 31, |
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| DECEMBER 31, |
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| 2024 |
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| 2023 |
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Current Assets |
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Cash and cash equivalents |
| $ | 6,753,403 |
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| $ | 5,673,994 |
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Investments - marketable securities, short term |
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| 509,478 |
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| 1,000,000 |
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Accounts receivable, less allowance for doubtful accounts |
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| 775,288 |
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| 910,647 |
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Inventories |
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| 1,432,914 |
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| 4,654,398 |
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Prepaid purchase orders and expenses |
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| 238,834 |
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| 1,338,438 |
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Total current assets |
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| 9,709,917 |
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| 13,577,477 |
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Property and Equipment, at cost |
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| 9,904,028 |
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| 9,603,316 |
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Less accumulated depreciation |
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| (7,632,946 | ) |
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| (7,359,310 | ) |
Property and equipment, net |
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| 2,271,082 |
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| 2,244,006 |
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Investments, net - marketable securities, long term |
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| 2,249,000 |
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| 994,478 |
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Right of use asset, net |
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| 1,236,572 |
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| 592,170 |
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Other assets |
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| 66,394 |
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| 78,289 |
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Total other assets |
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| 3,551,966 |
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| 1,664,937 |
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TOTAL ASSETS |
| $ | 15,532,965 |
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| $ | 17,486,420 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current Liabilities |
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Short term debt |
| $ | - |
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| $ | 49,149 |
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Operating lease, short term |
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| 174,863 |
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| 111,193 |
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Accounts payable |
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| 419,209 |
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| 385,489 |
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Customer deposits |
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| 337,873 |
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| 4,871,035 |
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Accrued expenses |
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| 532,260 |
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| 527,595 |
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Total current liabilities |
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| 1,464,205 |
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| 5,944,461 |
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Deferred tax liability |
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| 121,649 |
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| 69,846 |
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Operating lease, long term |
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| 1,061,709 |
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| 492,080 |
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Total liabilities |
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| 2,647,563 |
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| 6,506,387 |
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Total Shareholders' Equity |
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| 12,885,402 |
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| 10,980,033 |
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TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| $ | 15,532,965 |
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| $ | 17,486,420 |
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SCI ENGINEERED MATERIALS, INC.
STATEMENTS OF INCOME
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| THREE MONTHS ENDED |
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| YEAR ENDED |
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| 2024 |
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| 2023 |
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| 2024 |
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Revenue |
| $ | 5,051,150 |
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| $ | 7,029,123 |
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| $ | 22,870,192 |
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| $ | 27,984,083 |
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Cost of revenue |
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| 3,866,197 |
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| 5,742,360 |
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| 17,801,891 |
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| 22,732,450 |
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Gross profit |
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| 1,184,953 |
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| 1,286,763 |
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| 5,068,301 |
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| 5,251,633 |
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General and administrative expense |
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| 513,489 |
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| 486,111 |
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| 1,939,895 |
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| 1,771,263 |
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Research and development expense |
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| 74,697 |
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| 129,530 |
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| 564,576 |
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| 501,937 |
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Marketing and sales expense |
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| 114,578 |
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| 126,127 |
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| 519,064 |
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| 484,185 |
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Income from operations |
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| 482,189 |
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| 544,995 |
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| 2,044,766 |
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| 2,494,248 |
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Interest income, net |
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| 102,533 |
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| 92,218 |
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| 393,441 |
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| 286,361 |
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Income before provision for income taxes |
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| 584,722 |
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| 637,213 |
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| 2,438,207 |
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| 2,780,609 |
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Income tax expense |
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| 155,741 |
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| 71,477 |
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| 576,818 |
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| 586,710 |
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NET INCOME |
| $ | 428,981 |
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| $ | 565,736 |
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| $ | 1,861,389 |
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| $ | 2,193,899 |
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Earnings per share - basic and diluted |
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Income per common share |
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Basic |
| $ | 0.09 |
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| $ | 0.12 |
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| $ | 0.41 |
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| $ | 0.48 |
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Diluted |
| $ | 0.09 |
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| $ | 0.12 |
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| $ | 0.41 |
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| $ | 0.48 |
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Weighted average shares outstanding |
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Basic |
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| 4,568,127 |
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| 4,530,207 |
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| 4,551,763 |
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| 4,528,948 |
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Diluted |
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| 4,572,555 |
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| 4,561,481 |
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| 4,556,285 |
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| 4,559,786 |
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SCI ENGINEERED MATERIALS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTHS ENDED DECEMBER 31,
| 2024 |
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| 2023 |
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CASH PROVIDED BY (USED IN): |
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Operating activities |
| $ | 2,369,815 |
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| $ | 2,281,279 |
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Investing activities |
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| (1,241,257 | ) |
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| (457,884 | ) |
Financing activities |
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| (49,149 | ) |
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| (97,367 | ) |
NET INCREASE IN CASH |
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| 1,079,409 |
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| 1,726,028 |
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CASH - Beginning of period |
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| 5,673,994 |
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| 3,947,966 |
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CASH - End of period |
| $ | 6,753,403 |
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| $ | 5,673,994 |
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SOURCE: SCI Engineered Materials, Inc.
View the original press release on ACCESS Newswire
FAQ
What was SCIA's revenue and net income for full-year 2024?
How much cash does SCIA have as of December 31, 2024?
What caused SCIA's revenue decline in 2024?
What is SCIA's debt position as of Q4 2024?
What growth strategies is SCIA implementing for 2025?
