May 15, 2008
—
filed under:
Financial News,
FY 2008
TurboSonic Technologies Reports Third Quarter Operating Results
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 third quarter ended March 31, 2008:
| Three Months Ended | Nine Months Ended | |||||||
| 03/31/08 | 03/31/07 | 03/31/08 | 03/31/07 | |||||
| US Dollars | US Dollars | |||||||
| Total Revenues | $ | 2,224,617 | $ | 5,989,879 | $ | 8,581,970 | $ | 18,717,375 |
| (Loss) Income before Provision for Income Taxes | $ | (533,895) | $ | 194,976 | $ | (1,324,898) | $ | 846,354 |
| Net (Loss) Income | $ | (354,676) | $ | 194,976 | $ | (515,141) | $ | 807,089 |
| Basic (Loss) Earnings Per Share | $ | (0.02) | $ | 0.01 | $ | (0.06) | $ | 0.05 |
| Weighted Average Number of Shares Outstanding | 15,130,054 | 14,906,358 | 15,130,054 | 14,605,208 | ||||
Commenting on the Company’s results, Edward Spink, TurboSonic CEO, said, "We are not pleased with the fiscal year-to-date results, which are the direct result of the negative impact of market conditions on which we previously commented. However, we believe that we have turned the corner and laid the groundwork for increasing profitability. The $7.1 million in new bookings announced in the third quarter and the fourth quarter to date, expected orders, market development, expansion into Europe, and product development activities, including the completion of R&D projects related to materials used in our products to replace high-cost alloys, are all contributing to what we believe to be a sound and sustainable period of growth.
We are encouraged by the industry and geographic diversity of recent orders received from the wood products, cement and petrochemical markets in North America, Eastern Europe and Africa.
Initiatives for an improved environment are on world-wide grassroots and political agendas. We believe that the increasing demand for reduction and control of industrial air pollutants will both improve the environment and drive our growth over the long term.”
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. . 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.
We are encouraged by the industry and geographic diversity of recent orders received from the wood products, cement and petrochemical markets in North America, Eastern Europe and Africa.
Initiatives for an improved environment are on world-wide grassroots and political agendas. We believe that the increasing demand for reduction and control of industrial air pollutants will both improve the environment and drive our growth over the long term.”
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. . 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)
For further information, 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
