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VENTURA, Calif., Nov. 13, 2012 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi"), a cleantech emissions control company, announced today its financial results for the third quarter and nine months ended September 30, 2012. Highlights were as follows:
Third quarter revenue of $14.4 million, down 3.8% year over year
Retrofit sales in California weaker than expected
Continued strength in Catalyst sales to Honda
Net loss of $0.24 per diluted share compared to net loss of $0.29 for third quarter last year
Cash provided by operating activities of $1.6 million in the third quarter versus $8.4 million used for the same period last year
Year to date cash provided by operating activities of $0.8 million versus $13.5 million used for the same period last year
Third Quarter 2012 Financial Results
Total revenue for the third quarter of 2012 was $14.4 million, a decrease of $0.6 million, or 3.8%, from $15.0 million for the prior year third quarter. Revenue, excluding intercompany sales, for CDTi's Catalyst division for the quarter ended September 30, 2012 increased $1.8 million, or 46.7%, to $5.7 million from $3.9 million for the same prior-year quarter. Catalyst division sales included $1.0 million related to the completion of a contract to provide support services to CDTi's partner, TKK, for the establishment of its operations in China. Excluding the revenue from this contract, external sales of the Catalyst Division grew 21% compared to last year. Revenue for CDTi's Heavy Duty Diesel Systems division for the quarter ended September 30, 2012 decreased $2.4 million, or 21.6%, to $8.7 million from $11.1 million for the same prior year quarter.
Total operating expenses for the third quarter of 2012 were $5.1 million, compared to $5.5 million in the prior year third quarter.