Clean Diesel Tech (Nasdaq: CDTI) loss wider than expected, shares fall

Orlando, FL 5/10/12 (StreetBeat) – Emission control systems maker Clean Diesel Technologies Inc (Nasdaq: CDTI) posted a bigger-than-expected quarterly loss, hurt by a sharp fall in gross margins, sending its shares down as much as 23 percent.

The company's first-quarter widened to $2.8 million, or 39 cents per share, from $2.2 million, or 54 cents per share, in the year ago period.

The quarter included a $600,000 pretax charge related to inventory write-down at the company's heavy duty diesel systems segment, which makes purifiers, filters and other accessories used in heavy duty vehicles.

Total revenue rose 23.3 percent to $17 million.

Analysts on average had expected a loss of 29 cents per share on revenue of $16 million, according to Thomson Reuters I/B/E/S.

Gross margins slipped to 23.2 percent from 29.1 percent.

Shares of the Ventura, California-based company were trading down 23 percent at $2.75 in early trading on Monday, making it one of the top percentage losers on the Nasdaq.

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Clean Diesel Technologies Wins Additional $1.7 Million in Orders

Orlando, FL 12/8/11 (StreetBeat) -- Clean Diesel Technologies, Inc. (NASDAQ: CDTI), a cleantech emissions reduction company, announced today that its Heavy Duty Diesel Systems division has won new orders valued in excess of $1.7 million for its verified (approved) emission reduction products. The new orders were received under the New Jersey Department of Environmental Protection ("NJDEP") Mandatory Diesel Retrofit Program and Air Resources Board's Lower Emission School Bus Program in Northern California . Shipments of these new orders have commenced and are expected to be completed in early 2012.

The new orders include approximately $1.1 million under the NJDEP Mandatory Diesel Retrofit Program and are in addition to the $1.7 million in orders received and announced in October 2011 under the same program. Clean Diesel's ECS-branded Purifilter® Plus diesel particulate filter (DPF) emissions reduction system was approved by the NJDEP for retrofitting under the Mandatory Diesel Retrofit Program which requires owners of certain diesel-powered vehicles and equipment, such as dump, recycling and tow trucks, to install control devices to reduce the emissions of fine particulate matter, commonly called "soot." The State is investing in this program, which requires the retrofitting of a variety of vehicles and equipment by established deadlines.

The remaining new orders of approximately $0.6 million pertain to the Air Resources Board's Lower Emission School Bus Program and are in addition to the $1.3 million received and announced in October 2011 under the same program. The orders consist primarily of Purifilter® Plus DPF emissions reduction systems used for the retrofit of school buses in Northern California . This program, established to reduce schoolchildren's exposure to smog-forming and cancer-causing pollution, provides grants to upgrade the State's aging school bus fleets, which includes retrofitting with verified emission reduction equipment.

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