|
February 15, 2008
TurboSonic
Technologies, Inc. (OTC Bulletin Board –
TSTA), a global leader
in the design and supply of industrial
air pollution control technologies, today announced the following
operating
results for its second quarter ended December 31, 2007:
| |
Three Months Ended |
Six Months Ended |
| |
12/31/07 |
12/31/06 |
12/31/07 |
12/31/06 |
| |
_______US
Dollars_______ |
_______US
Dollars_______ |
| Total
Revenues |
$ 3,095,777
|
$ 9,589,766
|
$
6,357,353
|
$ 12,727,496
|
| (Loss) Income before
Provision for Income Tazes |
$ (388,631)
|
$ 839,549
|
$ (771,003)
|
$ 651,378
|
| Net (Loss) Income |
$ (277,929)
|
$ 800,284
|
$ (515,141)
|
$ 612,113
|
| Basic (Loss) Per Share |
$ (0.02)) |
$ 0.05 |
$ (0.03) |
$ 0.04 |
| Weighted
Average Number of Shares Outstanding |
15,130,054
|
14,635,247 |
15,130,054
|
14,605,208 |
Commenting on
the Company’s results, Edward Spink,
TurboSonic CEO, said, "The US market
has faced delays in the implementation of regulatory controls (MACT,
NESHAP)
which in turn delayed order placement by companies intending to be
compliant.
As these regulations clear legal challenges, order placements have
resumed and
prospective order activity is increasing.
Our equipment uses proprietary
technologies
developed by TurboSonic to remove contaminants from industrial process
exhaust
streams, significantly reducing emissions from many industrial
processes. We believe that the increasing
demand for
reduction of industrial air pollutants will both improve the
environment and
drive our growth over the long term.
In
the past two months, we announced the award of a $3.25 million order
for a
SonicKleen™ WESP from one of our wood products customers
plus additional bookings of $2.1 million, which we expect will have a
significant impact on our fiscal 2008 revenues.
We anticipate a series of additional orders to
follow and
continue through the coming quarters. The EU office is building
momentum and
expected to add significantly to bookings.
We
instituted a 10% reduction in our workforce, together with other
cost-cutting
measures at the end of January, in order to speed our recovery to
profitability. This has lowered our fixed costs without significantly
impairing
our responsiveness or our ability to capitalize on the substantial
groundwork
we have laid.
While
our share price has suffered during this temporary downturn, our recent
bookings and prospects indicate we have now turned the corner;
consequently, we
believe that our shares are significantly undervalued at this
time.”
TurboSonic Technologies
(www.turbosonic.com) designs and
markets air pollution control technologies to industrial customers
worldwide. Its products help
companies
in the Cement and Mineral Processing, Ethanol, Metals & Mining,
Petrochemicals, Power Generation, Pulp & Paper, Waste
Incineration, and
Wood Products industries comfortably meet 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. For a discussion of such risks and
uncertainties,
which could cause actual results to differ from those contained in the
forward-looking statement, see the annual report on Form 10-KSB and
other
documents the Company files from time to time with the Securities and
Exchange
Commission.
TurboSonic Technologies, Inc. (OTC Bulletin Board:
TSTA - News)
Contact:
TurboSonic Technologies, Inc.
Ed
Spink
, 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
|
