| May 8, 2001
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA), a leading provider of air pollution control
technology, today announced record sales and earnings for the three-month and
nine-month fiscal periods ending March 31, 2001. Sales for the third quarter
increased by more than 180% over last year and net income was up over 350%.
Nine-month sales are almost double sales for the same period in fiscal 2000
while net income for the nine-month period has increased five-fold over fiscal
2000.
Commenting on the Company’s positive results, Edward Spink, TurboSonic’s
Chairman and CEO, said, "Obviously we are encouraged by the increased
revenues and earnings. This validates our on-going efforts to build customer
confidence in our proprietary products, in particular our SonicKleen™
Wet Electrostatic Precipitator, and to expand our customer base. With
the opportunities that we are seeing, both domestically and internationally,
we anticipate continued profitability for the balance of fiscal 2001 and into
fiscal 2002."
The Company’s unaudited operating results for the three-month and
nine-month fiscal periods ending March 31, 2001 and 2000 are summarized as
follows:
| |
Three Months Ended |
Nine Months Ended |
| |
3/31/01 |
3/31/00 |
3/31/01 |
3/31/00 |
| |
_______US Dollars_______ |
_______US Dollars_______ |
| Total Revenues |
$ 5,372,096
|
$ 1,917,486
|
$ 8,707,978
|
$ 4,566,639
|
| Net Income |
$ 338,128
|
$ 75,196
|
$ 347,478
|
$ 76,243
|
| Net Income Per Share |
$ 0.034
|
$ 0.007
|
$ 0.035
|
$ 0.008
|
| Weighted Average Number of Shares Outstanding |
10,000,000 |
10,000,000 |
10,000,000 |
10,000,000 |
TurboSonic Technologies designs and markets proprietary air pollution control
technologies to industrial customers worldwide. Its products are designed to
meet and exceed the strictest emissions regulations, improve performance, reduce
operating costs and recover valuable by-products. Industries served include Pulp
& Paper, Metals & Mining, Cement, Waste Incineration, Power Generation,
Wood Products and Petrochemicals.
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995 and involve known and unknown risks, uncertainties and other factors
that may cause the Company’s actual results, performance or achievements to be
materially different from the results, performance or achievements expressed or
implied by the forward looking statement. Factors that impact such forward
looking statements include, among others, changes in worldwide general economic
conditions, changes in interest rates, government regulations, and worldwide
competition.
For further information, contact:
Patrick Forde, President
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
|
