As the implementation date for tighter diesel engine emission standards approaches, companies providing clean diesel systems are watching business increase. That increased demand has helped Clean Diesel Technologies (CDT) of Stamford, CT, narrow its losses so far this year.
CDT said increases in sales, licensing and royalties helped boost its third quarter 2001 revenue to $499,000, compared to $112,000 in the same period last year. That increase helped CDT cut its losses to $364,000, down from $682,000 last year.
For the first nine months of 2001, CDT reported revenues of $1.44 million and a net loss of $1.08 million, compared with revenue of $477,000 and a net loss of $1.97 million for the same period last year. Those losses included non-cash charges of $621,000 and $516,000 for 2001 and 2000, respectively, related to preferred dividends paid in stock.
CDT is a specialty chemical company that has patented advanced catalyst technologies that reduce emissions from diesel engines. Its products include the Platinum Plus fuel catalyst and ARIS 2000 urea injection systems for selective catalytic reduction of oxides of nitrogen (NOx) from diesel exhaust.