February 14, 2012
TurboSonic Technologies Reports Second Quarter Operating Results
For Immediate Release
Waterloo, Ontario, Canada
February 14, 2012
|Three Months Ended||Six Months Ended|
|US Dollars||US Dollars|
|(Loss) before Income Taxes||$||(715,013)||$||(1,118,880)||$||(1,095,250)||$||(1,790,574)|
|Provision for (Recovery of) Income Taxes||$||765,355||$||(179,569)||$||792,712||$||(412,423)|
|Basic (Loss) Per Share||$||(0.08)||$||(0.06)||$||(0.10)||$||(0.09)|
|Weighted Average Number of Shares Outstanding||18,554,112||15,926,427||18,554,112||15,563,084|
Our net loss for the second quarter of fiscal year 2012, which primarily reflects the effect of a non-cash deferred income tax adjustment of $750,000 attributable to a reduction in the valuation of our US deferred tax assets due to our continued losses. This adjustment, by means of an increase to our valuation allowance, does not reduce the total US tax loss carryforward of $1,880,935 available to offset future taxes.
Edward Spink, TurboSonic CEO, commented, "We continue to be frustrated by delays in order bookings and regulatory delays, and are extremely disappointed with the impact this is having on our financial performance; however, we are encouraged by activity in our key markets and are experiencing sales success in several regions. Orders in the second quarter were booked primarily in the Wood Products, Petrochemical, Food and Pulp & Paper markets from customers in North America and Europe.
As announced in December, we received our first commercial order for our SonicKleen™ Wet Electrostatic Precipitator constructed from our new SonicCharge™ Conductive Composite Material (CCM). This is a major stepping stone toward its intended use in acid plants, utilities, and other demanding applications in corrosive environments worldwide.
Our Catalytic Gas Treatment (CGT)™ technology is gaining recognition in a number of markets and is now being promoted in the United States, Canada, Europe and Russia.
Activity continues with implementation of new regulations by the US EPA, which has stated that the Maximum Achievable Control Technology (MACT) regulations for industrial boilers are expected to become effective in spring 2012. In anticipation of implementation of Boiler MACT, TurboSonic has been asked to bid on several Boiler MACT-related jobs, which, if successful, we believe will benefit the Company in the future.”
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 & Biofuels, Metals & Mining, Petrochemicals, Power Generation, Pulp & Paper, Waste Incineration, and Wood Products industries 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-K and other documents the Company files from time to time with the Securities and Exchange Commission.
TurboSonic Technologies, Inc. (OTC Bulletin Board: TSTA – News)
Ed Spink, CEO
519-885-5513 ext. 214
|TurboSonic Inc.||TurboSonic Inc. Italian Branch|
|550 Parkside Drive, Suite A-14||Via IV Novembre, 92|
|Waterloo, ON, Canada N2L 5V4||Bollate, Milano, 20021, Italy|
|Tel: 519-885-5513||Tel: 39-02-38305384|
|Fax: 519-885-6992||Fax: 39-02-33301943|