October 1, 2002
—
filed under:
Financial News,
FY 2002
TurboSonic Technologies Reports Full Year Earnings
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, 2002:
Commenting on the Company's record results, Edward Spink, TurboSonic's Chairman and CEO, said "The delay in placement of both nozzle and scrubber system orders as the result of the recent recessional climate, together with the non-replacement of the large scrubber system order that heavily impacted fiscal 2001, has resulted in a significant drop in revenue in fiscal 2002. Increased gross margins and reduced departmental expenses in fiscal 2002, in a time of reduced revenue levels from the previous fiscal year, both contributed significantly to minimize the loss recorded. With the recent increase in orders and anticipating an improvement in the current US economy, we believe that we are well on our way to the return of profitability in fiscal 2003."
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
| Twelve Months Ended | ||||
| 6/30/02 | 6/30/01 | |||
| US Dollars | ||||
| Total Revenues | $ | 4,581,893 | $ | 2,848,560 |
| Net Income (Loss) | $ | (319,832) | $ | 593,037 |
| Net (Loss) Income Per Share | $ | (0.03) | $ | 0.06 |
| Weighted Average Number of Shares Outstanding | 10,384,613 | 10,000,000 | ||
Commenting on the Company's record results, Edward Spink, TurboSonic's Chairman and CEO, said "The delay in placement of both nozzle and scrubber system orders as the result of the recent recessional climate, together with the non-replacement of the large scrubber system order that heavily impacted fiscal 2001, has resulted in a significant drop in revenue in fiscal 2002. Increased gross margins and reduced departmental expenses in fiscal 2002, in a time of reduced revenue levels from the previous fiscal year, both contributed significantly to minimize the loss recorded. With the recent increase in orders and anticipating an improvement in the current US economy, we believe that we are well on our way to the return of profitability in fiscal 2003."
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
