For Immediate Release
Waterloo, Ontario, Canada
September 20, 2007
TurboSonic
Technologies, Inc. (OTC Bulletin Board – TSTA), a leading provider of air
pollution control technologies, today announced the following audited operating
results for its twelve-month fiscal year ended June 30, 2007:
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Twelve
Months Ended
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06/30/07
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06/30/06
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US
Dollars
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Total Revenues
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$
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22,893,353
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$
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16,047,140
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Income before Provision for Taxes
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$
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839,213
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$
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821,258
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Net Income
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$
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1,281,462
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$
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815,850
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Basic Income per Share
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$
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0.09
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$
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0.06
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Weighted Average
Number of Shares Outstanding
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14,933,087
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13,505,474
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Commenting on the Company’s results, Edward Spink,
TurboSonic Chairman and CEO, said, “We have seen a 42% increase in revenue for
fiscal 2007 over the previous year. While our
backlog is not yet at a level that we are satisfied with, orders booked and projected to be completed in the current fiscal
year has increased to US$5.9 million, as of today, from US$3.3 million as of
June 30, 2007.
Our Income before Taxes for fiscal 2007 was reduced by
$700,000 as a consequence of our investment in research and development
(R&D) and the opening of our EU office in Italy. This R&D investment, in the order of ten times our historical
average annual investment, was made to accelerate development of new products
and improvement of existing products for TurboSonic. We believe that these investments will contribute to TurboSonic’s
future growth and reach into global markets.
Basic Earnings per Share for our 2007 fiscal year
includes a $0.03 benefit attributable to the recording of our US tax loss
carry-forwards as an asset, in accordance with GAAP.
TurboSonic
Technologies (www.turbosonic.com) 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 and reduce operating costs.
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 general economic
conditions, interest rates, government regulations, and competition.
TurboSonic Technologies, Inc. (OTC Bulletin Board:
TSTA - News)
Contact:
TurboSonic Technologies, Inc.
Ed
Spink,
Chairman and CEO
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
E-mail: info@turbosonic.com
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