Clean Diesel Technologies Inc. in Bridgeport Thursday reported a loss for the 2009 fourth quarter and the year, as restructuring costs took a toll on the emissions-equipment maker’s balance sheet.
Clean Diesel lost $1.3 million, or 16 cents a share, in the three months ended Dec. 31, compared to a net loss of $3.3 million, or 40 cents a share, the same period in 2008.
Reflected in the latest loss was $1 million in severance costs stemming from the departure of its previous chief executive officer and third-quarter layoffs, the company said.
Fourth-quarter revenues totaled $200,000 in 2009, down from $700,000 in 2008.
For the year, Clean Diesel lost $6.7 million, or 83 cents a share, narrower than the $9.4 million, or $1.15 a share, lost in 2008.
Revenues totaled $1.2 million in 2009, down from $7.5 million in 2008.
The quarterly and annual results reflect the company’s efforts to rework its business model from licensing its patented emissions technology to others to developing its own products for a market that includes more than 63 million existing diesel engines and 11 million new ones annually.
Clean Diesel’s technology is designed to scrub soot and noxious emissions from diesel exhaust in vehicles, ships and off-road equipment. Â
