sci engineered materials inc (SCIA) Key Developments
SCI Engineered Materials, Inc. Appoints Emily Lu to the Board
Jul 28 14
On July 25, 2014 the Board of Directors of SCI Engineered Materials, Inc. appointed Emily Lu to the Board. The Board increased its size from four to five members and appointed Ms. Lu to fill the vacancy. Ms. Lu is currently the Managing Partner of Gateway Resources Partners, Florida, an entity formed to explore business opportunities in oil & gas field service. Ms. Lu has considerable senior management experience, including serving as Chief Strategy Officer for Solar Power Industries, a vertically integrated manufacturer for photovoltaic solar components with experience in domestic and international markets. The experience of Ms. Lu in international markets and development of new products and business opportunities is experience that the Board considers valuable. Ms. Lu will serve as a director and stand for re-election at the 2015 annual meeting of shareholders. Ms. Lu was also appointed to the board's audit committee.
SCI Engineered Materials, Inc. Appoints GBQ Partners, LLC as Auditor
May 12 14
The Audit Committee of the Board of Directors of SCI Engineered Materials, Inc. approved the engagement of GBQ Partners LLC as the company's independent registered public accounting firm for the year ending December 31, 2014. The Audit Committee also informed Crowe Horwath LLP that it was dismissed as the company's independent registered public accounting firm effective May 7, 2014.
SCI Engineered Materials, Inc. Reports Un-Audited Earnings Results for the First Quarter Ended March 31, 2014
May 6 14
SCI Engineered Materials, Inc. reported un-audited earnings results for the first quarter ended March 31, 2014. For the quarter, the company’s total revenue increased approximately 81% to $2,592,500 from $1,433,602, for the same period in 2013. Adjusted EBITDA, which excludes non-cash stock based compensation, was $223,828 versus negative adjusted EBITDA of $54,518 for the same period of the prior year. The company reported income from operations of $44,336 compared to loss from operations of $291,055, income before provision for income taxes of $27,854 compared to loss before provision for income taxes of $261,518, income applicable to common shares of $21,234 or $0.01 per diluted share compared to loss applicable to common shares of $267,594 or $0.07 per diluted share and cash flow provided by operating activities of $362,335 compared to cash flow used in operating activities of $106,169 for the last year.
SCI Engineered Materials, Inc., Annual General Meeting, Jul 10, 2014
Apr 28 14
SCI Engineered Materials, Inc., Annual General Meeting, Jul 10, 2014., at 09:30 US Eastern Standard Time. Location: 2839 Charter Street. Agenda: To elect four directors of the company, each to serve for terms expiring at the next annual meeting of shareholders; to consider and approve the election of Robert H. Peitz, Daniel Rooney, Laura F. Shunk and Edward W. Ungar as directors; and to transact any other business which may properly come before the meeting or any adjournment thereof.
SCI Engineered Materials, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
Mar 4 14
SCI Engineered Materials, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $2,940,008 compared to $2,187,987 a year ago. Income from operations was $93,939 compared to loss of $216,672 a year ago. Income before income taxes were $101,758 compared to loss of $240,259 a year ago. Income applicable to common stock was $95,720 or $0.02 per basic and diluted share compared to loss of $243,601 or $0.06 per basic and diluted share a year ago. EBITDA was $254,510 compared to LBITDA of $67,392 a year ago. Adjusted EBITDA was $288,125 compared to adjusted LBITDA of $32,797 a year ago. The increase in fourth quarter 2013 total revenue was attributable to strong sales to photonics customers compared to the same period last year.
For the full year, the company reported total revenue of $7,976,429 compared to $8,757,149 a year ago. Loss from operations was $288,090 compared to $266,309 a year ago. Loss before income taxes were $287,646 compared to $353,320 a year ago. Loss applicable to common stock was $311,798 or $0.08 per basic and diluted share compared to $350,124 or $0.09 per basic and diluted share a year ago. Net cash provided by operating activities was $408,874 compared to $437,271 a year ago. EBITDA was $358,957 compared to $319,899 a year ago. Adjusted EBITDA was $493,658 compared to of $456,788 a year ago.