November 15, 2007
—
filed under:
Financial News,
FY 2008
TurboSonic Technologies Reports First Quarter Operating Results
TURBOSONIC TECHNOLOGIES, INC. (OTC Bulletin Board – TSTA), a leading provider of air pollution control technologies, today announced the following operating results for its first quarter ended September 30, 2007:
Commenting on the Company’s results, Edward Spink, TurboSonic Chairman and CEO, said, "Bookings in the OEM system business segment in the United States have been delayed by customers primarily due to changes caused by court rulings and challenges to those rulings that have affected Maximum Achievable Control Technology (MACT) standards, including National Emission Standards for Hazardous Air Pollutants (NESHAP), Plywood and Composite Wood MACT and Boiler MACT. While the changes to Wood MACT are favorable to TurboSonic it has caused a delay in orders. We expect that the market will react to these revised rules by placing orders according to the EPA/court’s revised timetable for compliance in early 2008. The Boiler MACT rule was completely vacated by the court and must be re-submitted by the EPA and is expected to affect many more facilities, albeit with a new timeline for compliance. Our investment in marketing and sales outside of the United States is paying off as evidenced by a significant growth in qualified prospects at or near the order stage in Europe, China and South America. We believe the future prospects for our business have never looked brighter."
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 further information, contact:
Edward F. Spink , Chairman and CEO
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
E-mail: info@turbosonic.com
| Three Months Ended | ||||
| 09/30/07 | 09/30/06 | |||
| US Dollars | ||||
| Total Revenues | $ | 3,261,576 | $ | 3,137,730 |
| Loss before Provision for Taxes | $ | (382,372) | $ | (188,171) |
| Net Loss | $ | (237,212) | $ | (188,171) |
| Basic Loss Per Share | $ | (0.02) | $ | (0.01) |
| Weighted Average Number of Shares Outstanding | 15,130,054 | 14,575,498 | ||
Commenting on the Company’s results, Edward Spink, TurboSonic Chairman and CEO, said, "Bookings in the OEM system business segment in the United States have been delayed by customers primarily due to changes caused by court rulings and challenges to those rulings that have affected Maximum Achievable Control Technology (MACT) standards, including National Emission Standards for Hazardous Air Pollutants (NESHAP), Plywood and Composite Wood MACT and Boiler MACT. While the changes to Wood MACT are favorable to TurboSonic it has caused a delay in orders. We expect that the market will react to these revised rules by placing orders according to the EPA/court’s revised timetable for compliance in early 2008. The Boiler MACT rule was completely vacated by the court and must be re-submitted by the EPA and is expected to affect many more facilities, albeit with a new timeline for compliance. Our investment in marketing and sales outside of the United States is paying off as evidenced by a significant growth in qualified prospects at or near the order stage in Europe, China and South America. We believe the future prospects for our business have never looked brighter."
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 further information, contact:
Edward F. Spink , Chairman and CEO
TurboSonic Technologies, Inc.
550 Parkside Drive, Suite A-14, Waterloo, Ontario, Canada N2L 5V4
Phone: (519) 885-5513, Fax: (519) 885-6992
E-mail: info@turbosonic.com
