| May 18, 2004
TURBOSONIC TECHNOLOGIES, INC. (OTC
Bulletin Board - TSTA), a leading provider of air pollution control
technology, today announced the following unaudited operating results for its
three-month and nine-month fiscal periods, ending March 31, 2003:
| |
Three Months Ended |
Nine Months Ended |
| |
03/31/04 |
03/31/03 |
03/31/04 |
03/31/03 |
| |
_______US Dollars_______ |
_______US Dollars_______ |
| Total Revenues |
$ 1,160,703
|
$ 1,501,940
|
$ 3,037,222
|
$ 4,932,559
|
| Net (Loss) Income |
$ (241,549)
|
$ 10,500
|
$ (857,771)
|
$ (99,702)
|
Net Income
Per Share |
$ (0.02)
|
$ 0.00
|
$ (0.08)
|
$ (0.01)
|
| Weighted Average Number of Shares Outstanding |
10,507,250 |
10,507,250 |
10,507,250 |
10,507,250 |
Commenting on the Company's results, Edward Spink, TurboSonic's Chairman
and CEO, noted, "Delays in order commitments, coinciding with our investment
in sales resources to capitalize on new air pollution control regulations, have had
an adverse impact on earnings for the first three quarters of the fiscal year. We have
taken a number of steps to reduce our monthly operating costs, albeit the request for
quotations continues to increase. Our confidence in the short term remains strong,
based on numerous verbal assurances of forthcoming purchase orders from our customers."
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 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
|
