Omnitek Engineering Corporation Reports 2013 Results
31 Marzo 2014 - 2:00PM
Omnitek Engineering Corporation (OTCBB:OMTK) today
reported results for its fourth quarter and year ended December 31,
2013 -- highlighted by a strong balance sheet to support an
accelerating ramp up of diesel-to-natural gas conversion kit sales
and increasing fleet interest subsequent to the end of 2013.
For the fourth quarter ended December 31, 2013, the company
reported a net loss of $526,480, or $0.03 per share, compared with
$50,298, or $0.00 per share, a year ago. Revenues for the same
period were $225,057 compared with $650,473 a year earlier,
reflecting the timing and volume of orders.
The company reported a net loss for the full year
of $1.6 million, or $0.08 per share, compared with a net loss of
$1.4 million, or $0.07 per share, a year earlier. Revenues for the
full year were $1.1 million compared with $1.9 million in 2012.
Revenues were impacted by the appreciation of the U.S. Dollar
against the local currencies in certain international markets, as
well as delayed order shipments to OE customers due to model-year
changeovers.
Results for the twelve months ended December 31, 2013 reflect
non-cash expenses, including the value of options and warrants
granted in the amount of $314,467 and depreciation and amortization
of $22,206 compared with non-cash expenses for the value of options
and warrants granted of $653,856 and depreciation and amortization
of $6,369 a year earlier.
"We anticipate sales of our diesel-to-natural gas
engine conversions kits and natural gas engines will greatly
accelerate in the coming quarters of 2014 -- supported by expanding
sales to our bus fleet customer in Mexico, announced last week, and
the expected near-term commencement of kit shipments to a European
customer. We also expect the near-term ramp up fleet sales in the
United States, which will include utilization of our EPA-certified
kits for the widely operated line of heavy-duty Navistar DT466E and
DT530E engines," said Werner Funk, president and chief executive
officer of Omnitek Engineering Corporation.
Operating expenses for 2013 deceased 13 percent to $2,027,070
from $2,333,924 in 2012. General and administrative expense for
2013 was $1,711,440 compared with $2,041,447 in 2012, primarily due
to an approximate $300,000 option and warrant expense reduction on
a year-over-year basis and no private placement expenses being
incurred in 2013. Salary and wages were higher in 2013 by
approximately $204,671, due primarily to additions to staff in
preparation for the anticipated ramp up of domestic and
international sales of conversion kits in 2014. Research and
development outlays increased slightly to $292,228 in 2013 compared
with $285,745 in 2012 to further support the development of
additional diesel-to-natural gas engine conversion kits.
"With more than eight million heavy-duty trucks on
the road in the United States and a repayment period of typically
one to two years for our diesel-to-natural gas conversion kits, the
opportunities are significant and the company is better positioned
than at any time in its history to capitalize on the pent-up
domestic demand for our technology. We look forward to adding other
EPA and state-related certifications this year," Funk
emphasized.
About Omnitek Engineering
Corporation
Omnitek Engineering Corp. develops and sells proprietary
diesel-to-natural gas conversion systems and complementary
products, including new natural gas engines that utilize the
company's technology -- providing global customers with innovative
alternative energy and emissions control solutions that are
sustainable and affordable.
Some of the statements contained in this news release discuss
future expectations, contain projections of results of operations
or financial condition or state other ``forward-looking''
information. These statements are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from those contemplated by the
statements. The forward-looking information is based on various
factors and is derived using numerous assumptions. Important
factors that may cause actual results to differ from projections
include, among many others, the ability of the Company to raise
sufficient capital to meet operating requirements, completion of
R&D and successful commercialization of products/services,
patent completion, prosecution and defense against well-capitalized
competitors. These are serious risks and there is no assurance that
our forward-looking statements will occur or prove to be accurate.
Words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks"' "estimates," and variations of such words and
similar expressions are intended to identify such forward-looking
statements. Unless required by law, the Company undertakes no
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
(Financial Tables Follow)
|
OMNITEK ENGINEERING
CORPORATION |
Statement of
Operations |
|
|
For the Three |
For the Three |
For the Twelve |
For the Twelve |
|
Months Ended |
Months Ended |
Months Ended |
Months Ended |
|
December 31, |
December 31, |
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
REVENUES |
$ 225,057 |
$ 650,473 |
$ 1,052,518 |
$ 1,899,740 |
COST OF GOODS SOLD |
175,594 |
340,232 |
703,630 |
971,927 |
GROSS MARGIN |
49,463 |
310,240 |
348,888 |
927,813 |
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
General and administrative |
491,959 |
252,419 |
1,711,440 |
2,041,447 |
Research and development
expense |
85,106 |
119,675 |
292,228 |
285,745 |
Bad debt expense |
-- |
363 |
1,196 |
363 |
Depreciation and
amortization expense |
7,908 |
1,773 |
22,206 |
6,369 |
|
|
|
|
|
Total Operating Expenses |
584,973 |
374,230 |
2,027,070 |
2,333,924 |
|
|
|
|
|
LOSS FROM OPERATIONS |
(535,510) |
(63,990) |
(1,678,182) |
(1,406,111) |
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
|
|
Interest expense |
-- |
-- |
(13) |
(490) |
Interest income |
9,030 |
13,692 |
64,807 |
35,948 |
|
|
|
|
|
TOTAL OTHER INCOME |
9,030 |
13,692 |
64,794 |
35,458 |
|
|
|
|
|
LOSS BEFORE INCOME TAXES |
(526,480) |
(50,298) |
(1,613,388) |
(1,370,653) |
INCOME TAX EXPENSE |
-- |
-- |
800 |
800 |
|
|
|
|
|
NET LOSS |
$ (526,480) |
$ (50,298) |
$ (1,614,188) |
$ (1,371,453) |
|
|
|
|
|
|
|
|
|
|
BASIC AND DILUTED LOSS PER SHARE |
$ (0.03) |
$ (0.00) |
$ (0.08) |
$ (0.07) |
|
|
|
|
|
WEIGHTED AVERAGE NUMBER |
|
|
|
|
OF COMMON SHARES OUTSTANDING BASIC AND
DILUTED |
19,750,787 |
19,092,975 |
19,750,787 |
19,092,975 |
|
|
|
|
|
|
|
OMNITEK ENGINEERING
CORPORATION |
Balance
Sheet |
|
|
|
ASSETS |
|
December 31, |
December 31, |
|
2013 |
2012 |
CURRENT ASSETS |
|
|
Cash |
$ 1,057,836 |
$ 3,192,761 |
Accounts receivable, net |
38,261 |
120,547 |
Accounts receivable - related
parties |
33,369 |
26,455 |
Inventory, net |
2,225,868 |
1,133,595 |
Prepaid expense |
21,474 |
7,440 |
Deposits |
62,973 |
331,760 |
Short term investments,
net |
917,248 |
-- |
|
|
|
Total Current Assets |
4,357,029 |
4,812,558 |
|
|
|
FIXED ASSETS, net |
118,460 |
14,560 |
|
|
|
OTHER ASSETS |
|
|
Long-term investments, net |
-- |
1,201,671 |
Intellectual property, net |
2,872 |
5,218 |
|
|
|
Total Other Assets |
2,872 |
1,206,889 |
|
|
|
TOTAL ASSETS |
$ 4,478,361 |
$ 6,034,007 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued
expenses |
$ 91,744 |
$ 317,106 |
Accrued management
compensation |
189,466 |
264,717 |
Accounts payable - related
parties |
1,475 |
-- |
Customer deposits |
222,072 |
184,109 |
|
|
|
Total Current Liabilities |
504,757 |
765,932 |
|
|
|
Total Liabilities |
504,757 |
765,932 |
|
|
|
STOCKHOLDERS' EQUITY |
|
|
Common stock, 125,000,000
shares authorized no par value 19,759,582 and 19,749,582 shares
issued and outstanding, respectively |
8,201,311 |
8,196,061 |
Additional paid-in capital |
5,181,636 |
4,867,169 |
Accumulated deficit |
(9,409,343) |
(7,795,155) |
|
|
|
Total Stockholders' Equity |
3,973,604 |
5,268,075 |
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ 4,478,361 |
$ 6,034,007 |
CONTACT: Gary S. Maier
Maier & Company, Inc.
(310) 471-1288
gmaier@maierco.com
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