Cleantech Solutions (CLNT) Reports Q2 Loss of $0.30 on Revenues of $3.7M

Cleantech Solutions (NASDAQ: CLNT) reported Q2 EPS of ($0.30). Revenue for the quarter came in at $3.7 million.

Second Quarter 2017 Results

• Revenue for the second quarter of 2017 declined by 5.3% to $3,712,000, compared to $3,918,000 for the same period in 2016. The Company\'s only source of revenue is from the dyeing and finishing business since the forged rolled rings and related products and petroleum and chemical equipment businesses are discontinued.
• Gross profit for the second quarter of 2017 was $443,000, compared to gross profit of $591,000 for the same period in 2016. Gross margin was 11.9% during the second quarter of 2017 compared to 15.1% for the same period in 2016. The decline in gross margin was primarily attributable to higher raw material costs.
• Operating expenses increased by 109.2% to $941,000, compared to $450,000 for the same period in 2016. The increase was primarily due to an increase in professional fees, including stock-based consulting fees, payroll and related benefits, depreciation, and research and development expenses for the development of new dyeing and finishing products.
• Loss from operations was $498,000, compared to income from operations of $141,000 for the same period in 2016.
• Loss from continuing operations was $521,000, or $(0.30) per basic and diluted share, compared to income from continuing operations of $69,000, or $(0.06) per basic and diluted share for the same period in 2016.
• Loss from discontinued operations (Refer to \"Discontinued Operations\" discussion below) was nil for the second quarter of 2017. This compares to a loss from discontinued operations of $749,000, or $(0.67) per basic and diluted share for the second quarter of 2016.
• Net loss for the second quarter of 2017 was $521,000, or $(0.30) per basic and diluted share, compared to net loss of $680,000, or $(0.61) per basic and diluted share, for the same period in 2016.
• Basic and diluted earnings per share were based on 1,730,952 and 1,121,251 weighted average shares outstanding, respectively, for the three months ended June 30, 2017, and 2016. All share and per share information has been adjusted to reflect a 1-for-4 reverse stock split effective March 20, 2017.

For earnings history and earnings-related data on Cleantech Solutions (CLNT) click here.

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