SCI ENGINEERED MTRLS INC - SCIA STOCK NEWS

SCI Engineered Materials, Inc. (OTCQB:SCIA) reported record revenue and net income for the first half of 2024. Key highlights include:

- Revenue for H1 2024: $13,935,805, up from $13,254,837 in H1 2023
- Net income for H1 2024: $1,071,830, increased from $1,049,379 in H1 2023
- Earnings per share for H1 2024: $0.24, up from $0.23 in H1 2023
- Q2 2024 revenue: $5,532,710, down from $7,457,690 in Q2 2023
- Q2 2024 net income: $526,506, up from $511,359 in Q2 2023
- Cash and cash equivalents: $6,192,476 as of June 30, 2024

The company experienced slower economic activity recently but remains focused on profitability and strategic growth initiatives. Gross profit increased despite lower Q2 revenue, primarily due to product mix.

SCI Engineered Materials announced a five-year manufacturing agreement with Battle Sight Technologies to produce ColdFIRE® powder for defense applications. ColdFIRE® is a photoluminescent powder that provides a bright infrared glow for over 12 hours and is used in coatings, films, and other materials for tactical equipment. It requires no batteries or electronics, recharges quickly, and does not alter original form factors. This agreement is expected to enhance SCI's presence in the defense industry, utilizing existing equipment and capabilities to support safety and first responder applications.

SCI Engineered Materials, Inc. reported record revenue of $8,403,095 for the first quarter of 2024, a 45% increase from the same period last year. The company's gross profit increased by 7% to $1,415,116, but operating expenses also rose. Net income was $545,324, with earnings per share at $0.12. Cash and equivalents declined slightly, while total debt outstanding decreased by 42%.

SCI Engineered Materials, Inc. (SCIA) reported record revenue and earnings for 2023, with revenue reaching $27.98 million, a 19% increase from the previous year. The company's order backlog stood at $7.0 million, showcasing strong customer demand. Gross profit increased by 10% to $5.25 million, driven by higher revenue. Operating expenses rose by 20% due to revenue growth, while net interest income surged to $286,361 in 2023. Income taxes increased by 8% to $586,710, and net income grew by 12% to $2.19 million. Cash and investments rose to $7.67 million, and total debt outstanding decreased by 66% to $49,149.

SCI Engineered Materials reports record revenue for Q3 2023, with a 32% increase compared to the prior year. Order backlog is $6.1 million, a significant increase from the previous year. Gross profit increased by 12% and 18% for the nine months and three months ended September 30, 2023, respectively. Operating expenses increased by 17% for the year-to-date period. Net income increased by 9% and 31% for the nine months and three months ended September 30, 2023, respectively. Cash and cash equivalents increased by 47% since December 31, 2022.

SCI Engineered Materials, Inc. (SCIA:OTCQB) reported strong revenue growth in Q2 and H1 2023, driven by record volume and increased sales to multiple niche markets. New product offerings and marketing initiatives are gaining traction, leading to a 29% increase in cash since 2022 year-end.

COLUMBUS, OH / ACCESSWIRE / March 2, 2023 / SCI Engineered Materials, Inc. ("SCIA" OTCQB) has announced the passing of former Board member Walter J. Doyle at the age of 88. Doyle served on the Board from 2004 to 2014, providing significant insights and contributions, particularly within the Audit and Compensation Committees. Chairperson Laura F. Shunk expressed condolences, highlighting his role in supporting SCI's long-term growth objectives. While the Company's strategic direction remains unchanged, Doyle's absence from the Board leaves a notable gap in leadership.

SCI Engineered Materials, Inc. (OTCQB:SCIA) reported impressive financial results for 2022, highlighting a 75% increase in total revenue, which reached $23.47 million. The company also achieved a 36% rise in gross profit, totaling $4.79 million, along with a record earnings per share of $0.43, marking an 18% year-over-year growth. Notably, SCI managed a 40% reduction in total debt, finishing the year with $146,516. The company plans to focus on increasing sales volume and operational efficiencies in 2023 while remaining cautiously optimistic about global economic conditions.