Ohio 0-31641 31-0121318
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(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
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ITEM 7. EXHIBITS.
(C) EXHIBITS.
Exhibit No. Description
99 Press Release, dated May 16, 2003, entitled
"SUPERCONDUCTIVE COMPONENTS, INC. ANNOUNCES FIRST
QUARTER RESULTS."
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ITEM 9. REGULATION FD DISCLOSURE
On May 16, 2003, Superconductive Components, Inc. (the "Company") issued a press release entitled, "SUPERCONDUCTIVE COMPONENTS, INC. ANNOUNCES FIRST QUARTER RESULTS" regarding its financial results for the three months ending March 31, 2003. A copy of the Company's press release is attached as Exhibit 99 to this Form 8-K and is incorporated herein by reference. The information contained in this report on Form 8-K is being furnished pursuant to Item 12 under Item 9 of Form 8-K as directed by the U.S. Securities and Exchange Commission in Release No. 34-47583.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 19, 2003 By: /s/ Daniel Rooney
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Daniel Rooney, President and
Chief Executive Officer
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Exhibit No. Description
99 Press Release, dated May 16, 2003, entitled
"SUPERCONDUCTIVE COMPONENTS, INC. ANNOUNCES FIRST
QUARTER RESULTS."
FOR IMMEDIATE RELEASE For Additional Information Contact: Robert Lentz (614) 876-2000
COLUMBUS, Ohio (May 16, 2003) Superconductive Components, Inc. (OTCBB: SCCI), a manufacturer of advanced ceramics, optical materials, and high temperature superconductive and non-superconductive products, reported results for the three months ended March 31, 2003.
Total revenue declined 16% to $657,879 for first quarter 2003 compared with $783,379 for the same period last year. The loss applicable to common shares was $103,983 or $0.06 per diluted share for first quarter 2003 versus a loss applicable to common shares of $85,575 or $0.05 per diluted share a year ago. The net loss per common share before cumulative effect of a change in accounting was $0.04 for the first quarters of 2003 and 2002.
Net cash provided by operating activities improved to $109,087 for the three months ended March 31, 2003 from $50,489 of net cash utilized in operating activities for the same period last year. The principal factors included lower inventories and accrued expenses.
Product revenues were $624,546 for first quarter 2003 versus $714,148 a year ago due to the weak national economy. Contract research revenue declined to $33,333 for first quarter 2003 from $69,231 for the same period last year following expiration of a Phase II SBIR grant from the National Science Foundation.
Gross profit was $149,218 or 22.7% of total revenue for first quarter 2003 versus $186,370 or 23.8% a year ago. Lower sales and product mix influenced first quarter 2003 margin compared to first quarter 2002.
Sales and promotional expenses rose to $48,256 for the quarter ended March 31, 2003 compared with $41,513 for the same period last year due to higher commission costs and trade show attendance.
General and administrative expense declined 15.8% to $179,070 for first quarter 2003 from $212,607 a year ago, principally due to a reduction in administrative staff. The first quarter 2002 results included $12,491 of one-time management consulting expenses.
Superconductive Components, Inc. operates through SCI Engineered Materials and manufactures advanced ceramics such as superconductors, ferroelectric and optical materials for use in wire, cable, batteries, wireless and fiber optics systems. The Company also provides materials for thin film applications used in photovoltaics, electronic switches, hardness and decorative coatings. The Company is a global materials supplier with clients in more than 40 countries. Additional information is available at http://www.sciengineeredmaterials.com.