Bridgeport-based Clean Diesel Technologies Inc. today reported “disappointing” first-quarter results, as sales plummeted 80 percent and its net loss widened in the period.
For the three months ended March 31, the emissions reduction company said its loss grew to $2.5 million, or 30 cents a share, from a loss of $1.6 million, or 20 cents a share, in the first quarter of 2008.
Sales in the latest quarter decreased to $346,000 from $2.6 million a year ago. Clean Diesel blamed the sales falloff on customers postponing use of its technology and equipment.
“The world-wide economic downturn in combination with delays in key retrofit projects produced disappointing first quarter results,” said Michael Asmussen, president and CEO.
Asmussen said the company will continue its restructuring and refocus, including aggressively pursuing off-road applications for its clean-engine technology.
The company’s annual meeting is 10 a.m. Wednesday at the Bridgeport Holiday Inn.