September 20, 2007
—
filed under:
FY 2007,
Financial News
TurboSonic Technologies Reports Full Year Operating Results
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:
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.
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
| Twelve Months Ended | ||||
| 06/30/07 | 06/30/06 | |||
| US Dollars | ||||
| Total Revenues | $ | 22,893,353 | $ | 16,047,140 |
| Income before Provision for Taxes | $ | 839,213 | $ | 821,258 |
| Net Income | $ | 1,281,462 | $ | 815,850 |
| Basic Earnings Per Share | $ | 0.09 | $ | 0.06 |
| Weighted Average Number of Shares Outstanding | 14,933,087 | 13,505,474 | ||
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.
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
