| September 29, 2003
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board – TSTA), a leading provider of air pollution control
technology, today announced the following audited operating results for its twelve-month fiscal year ending June 30, 2003:
| |
Twelve Months Ended |
| |
6/30/03 |
6/30/02 |
| |
_______US Dollars_______ |
| Total Revenues |
$ 6,099,741
|
$ 4,581,893
|
| Net (Loss) Income |
(683,695)
|
(319,832)
|
| Net (Loss) Income Per Share |
(0.07)
|
(0.03)
|
Weighted Average Number
of Shares Outstanding |
10,507,250 |
10,384,613 |
Commenting on the Company's results, Edward Spink, TurboSonic's
Chairman and CEO, said, "During fiscal year 2003, we improved performance
in a number of areas. We posted a 33% increase in revenue, with
improved margins, a cash position of $1,183,885, and a positive cash flow
of $343,220. In accordance with FASB 142, we have recognized
a goodwill impairment loss of $398,897.
We have invested substantially in our sales force and product lines
to position our Company to take advantage of anticipated enforcement
of certain more stringent regulations by the US EPA. With high
level of inquiries, we are looking forward forward to continued growth in 2004."
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
E-mail: info@turbosonic.com
|
