| September 29, 2004
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, 2004:
| |
Twelve Months Ended |
| |
6/30/04 |
6/30/03 |
| |
_______US Dollars_______ |
| Total Revenues |
$ 4,722,557
|
$ 6,099,741
|
| Net (Loss) Income |
(781,607)
|
(683,695)
|
| Net (Loss) Income Per Share |
(0.07)
|
(0.07)
|
Weighted Average Number
of Shares Outstanding |
10,507,237 |
10,507,250 |
Commenting on the Company's results, Edward Spink, TurboSonic's
Chairman and CEO, said, "While we are disappointed with our performance in fiscal 2004,
we closed the year with a profitable fourth quarter, considerably improved margins and a record
backlog entering a fiscal year, at $5.3 million. We significantly reduced operating costs by
consolidating our project management services into one location, thereby improving efficiencies."
Mr. Spink added, "We have positioned ourselves through our marketing efforts to benefit over
the next several years from the recent enactment of new governmental regulations affecting virtually all of
our focus industries."
TurboSonic Technologies designs and markets 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.
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
|