scio diamond technology corp (SCIO) Key Developments
Scio Diamond Technology Corporation Reports Earnings Results for the Year Ended March 31, 2015
Jun 29 15
Scio Diamond Technology Corporation reported earnings results for the year ended March 31, 2015. For the year, the company reported revenue, net of $351,193 against $793,341 a year ago. Loss from operations was $3,942,638 against $4,789,514 a year ago. Net loss was $4,141,653 against $4,950,953 a year ago. Basic and diluted loss per share was $0.08 against $0.10 a year ago. Net cash used in operating activities was $2,131,217 against $1,364,820 a year ago. Purchase of property, plant and equipment was $236,496 against $71,889 a year ago.
Scio Diamond’s Lab-Grown Fancy Pink Diamonds Reach Retail Market
Jun 2 15
Scio Diamond Technology Corporation reported that its lab-grown pink diamonds, certified by the International Gemological Institute (IGI), are now available as finished gemstones. Scio Diamond produces lab-grown rough diamonds in the three to five carat size and Renaissance Diamonds Inc. processes, cuts and polishes the jewels. The two companies then sell the finished diamonds, in sizes from half-a-carat to two carat and larger, to retailers through a joint venture, Renaissance Created Diamonds.
Scio Diamond gems are being tested in a national marketing program through Helzberg Diamonds.
Scio Diamond Technology Corporation Doubles Diamond-Growing Capacity
Apr 27 15
Scio Diamond Technology Corporation announced that it will complete a manufacturing expansion in May that will more than double its capacity to create lab-grown diamonds. The company is refitting its current diamond-growing reactors with larger growing platforms and also adding new reactors. Plans to double production capacity at the company's facility in Greenville, SC began when the company closed $2.5 million in growth funding from Heritage Gemstone Investors (HGI) in December 2014.
Scio Diamond Technology Corporation Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014
Feb 13 15
Scio Diamond Technology Corporation reported unaudited earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported revenue, net of $109,358 against $343,915 a year ago. Loss from operations was $1,259,266 against $809,479 a year ago. Net loss was $1,319,291 against $865,235 a year ago. Basic and diluted loss per share was $0.02 against $0.02 a year ago. The decrease in total revenue is due to the company recognizing no licensing revenue during third quarter fiscal year 2015, while it recognized $250,000 of licensing revenue during the same quarter the previous year.
For the nine months, the company reported revenue, net of $667,672 against $839,129 a year ago. Loss from operations was $2,883,821 against $3,647,304 a year ago. Net loss was $3,076,011 against $3,750,006 a year ago. Basic and diluted loss per share was $0.06 against $0.08 a year ago. Net cash used in operating activities was $1,518,062 against $1,123,889 a year ago. Purchase of property, plant and equipment was $26,007 against $30,486 a year ago.
Scio Diamond Technology Corporation Appoints Jonathan M. Pfohl, 48, as the Chief Financial Officer
Nov 4 14
On October 29, 2014 the Board of Directors of Scio Diamond Technology Corporation appointed Jonathan M. Pfohl, 48, as the Chief Financial Officer of the Company. Mr. Pfohl was appointed as the Company's Chief Financial Officer on March 4, 2013, was terminated on June 11, 2014, and returned to the Company on June 25, 2014 as Acting Chief Financial Officer. Mr. Pfohl served as Interim Chief Financial Officer of the Company from January 16, 2013 to March 4, 2013 and before that served since December 19, 2012 as an independent contractor providing accounting, finance and related services to the Company through his consulting company Rose Creek Associates LLC. Mr. Pfohl has more than 25 years of financial and management experience. Before joining the Company, he served as CEO of Wireless Express LLC.