TurboSonic Technologies Reports Second Quarter Operating Results
Tuesday February 17, 9:07 am ET
WATERLOO, ONTARIO--(MARKET WIRE)--Feb 17, 2009 -- TurboSonic Technologies, Inc. (OTC BB:TSTA.OB - News), a leading provider of air pollution control technologies, today announced the following operating results for its second quarter ended December 31, 2008.
Three Months Ended Six Months Ended
US Dollars 12/31/08 12/31/07 12/31/08 12/31/07
Total Revenues $ 5,474,059 $ 3,095,777 $10,520,210 $ 6,357,353
Income (Loss) before
Provision for Income
Taxes $ 425,204 $ (388,631) $ 489,483 $ (771,003)
Net Income (Loss) $ 302,552 $ (277,929) $ 332,116 $ (515,141)
Basic Income (Loss) Per
Share $ 0.02 $ (0.02) $ 0.02 $ (0.03)
Weighted Average Number
of Shares Outstanding 15,130,054 15,130,054 15,130,054 15,130,054
Commenting on the Company's results, Edward Spink, TurboSonic CEO, said, "Our revenues have increased by $4,162,857, or 65%, in the six months ended December 31, 2008 over the same period ending December 31, 2007. Gross profit, for these comparable periods, increased $1,454,157, or 102% and net income increased $847,257. Our backlog of orders at December 31, 2008 is approximately $13,800,000 compared to $5,700,000 at December 31, 2007, an increase of $8,100,000 or 142%. Based on current trends we believe our full year fiscal 2009 results will show a positive improvement over fiscal 2008.
Our strategy, embracing industry and geographic diversification, is designed to add to and balance conditions in our traditional markets. We intend to aggressively pursue initiatives relative to alternative energy and environmental compliance alternatives that offer an operating payback. We believe this strategy, combined with the environmental awareness and motivation of the "greening" revolution has allowed us to achieve the recent improvement in performance over the previous fiscal year."
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, 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-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)
Contact:
Contacts:
TurboSonic Technologies, Inc.
Ed Spink
CEO
(519) 885-5513 ext. 214
(519) 885-6992 (FAX)
Email: espink@turbosonic.com
Website: http://www.turbosonic.com
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Source: TurboSonic Technologies, Inc.
