Puradyn Reports 2011 Year End Financial Results
05 Aprile 2012 - 9:42PM
Marketwired
Puradyn Filter Technologies Incorporated
(OTCBB: PFTI) today announced financial results for the year ended
December 31, 2011.
Net sales decreased 13.7% in 2011 compared to 2010, or net sales
of $2.68 million in 2011 compared to net sales of $3.11 million in
2010. The decrease was attributable primarily to one customer's
decline in purchases of the Puradyn product in 2011 due to the
completion of outfitting their existing fleet.
International sales increased 20.2% in 2011 compared to 2010,
and domestic sales decreased approximately 20.7% in 2011 compared
to 2010. Net loss in 2011 was approximately $1.61 million or
($0.04) per share, basic and diluted, as compared to a net loss of
approximately $1.57 million or ($0.04) per share, basic and diluted
in the previous year.
Loss from operations increased by approximately $62,000 for 2011
from 2010, or from approximately $1.38 million in 2010 to $1.44
million in 2011. Cost of products sold, as a percentage of sales,
remained relatively constant at approximately 77% for 2011 and 76%
for 2010.
Kevin G. Kroger, President and COO, stated, "2011 sales were not
as strong as 2010, as 2010 brought accelerated integration of our
system into customer operations that had postponed purchasing in
2008-2009. However, certain customers have made comments to us to
expand their purchases of our oil filtration systems in their
operations in 2012. We are encouraged by the fact that as new,
potential customers become more sensitive to the increasing price
of oil, they begin to search for cost savings solutions within
their fleet maintenance programs. Since the puraDYN® system allows fleet equipment to operate on
constantly clean oil to safely extend oil change intervals, new
prospects understand that safe extension of oil change intervals
can produce significant cost saving to their operations. Also, our
technology permits companies to reduce their carbon footprint.
"In 2011 Puradyn achieved a number of milestones which could
have a profound positive impact on our future, including 1)
becoming a supplier of engine bypass oil filtration systems for
John Deere Construction and Forestry Division; 2) strengthening our
patent portfolio and laying the groundwork for new technology and
product offerings; and 3) enhancing our research, development, and
engineering resources as a direct result of customer and OEM
requests for our assistance in overcoming field issues associated
with Tier-4 engines."
Kroger concluded, "Overall, we feel confident from the
developments of 2011 and remain cautiously optimistic for
continuing improvement in 2012."
For further discussion relevant to the Company's financial
status, you can request a copy of the Company's annual report on
Form 10-K at (561) 547-9499 or go the Investors Relations section
of the Company's website at www.puradyn.com. A copy is also
available from the SEC website at www.sec.gov.
About Puradyn Filter Technologies
Incorporated Puradyn (OTCBB: PFTI) designs, manufactures and
markets the puraDYN® Oil Filtration System,
the most effective bypass filtration product on the market today.
It continuously cleans lubricating oil and maintains oil viscosity
to safely and significantly extend oil change intervals and engine
life. Effective for internal combustion engines, transmissions and
hydraulic applications, the Company's patented and proprietary
system is a responsible, cost-effective, and energy-conscious
solution to the use of depleting resources of oil.
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA
ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN
RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S
CONTROL, INCLUDING BUT NOT LIMITED TO THE POSSIBLE INABILITY TO
RAISE CAPITAL FUNDS, LACK OF PROTECTION FROM INTELLECTUAL PROPERTY,
VULNERABILITY BECAUSE OF MANUFACTURING A LIMITED NUMBER OF
PRODUCTS, DEPENDENCE ON DISTRIBUTORS, ORDERS PREVIOUSLY STATED IN
THIS PRESS RELEASE MAY NOT MATERIALIZE, AND THE POSSIBILITY THAT
THE PRODUCTS DO NOT MEET CUSTOMERS' NEEDS, WHICH MAY CAUSE ACTUAL
RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE
MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER
EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE
FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE
COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Puradyn Filter Technologies Incorporated
Consolidated Statements of Operations
Year Ended December 31
-----------------------------
2011 2010
------------- -------------
Net sales $ 2,679,446 $ 3,106,492
Costs and expenses:
Cost of products sold 2,072,923 2,355,198
Salaries and wages 1,070,910 1,034,556
Selling and administrative 975,243 1,093,682
------------- -------------
Total Operating Costs 4,119,075 4,483,436
------------- -------------
Loss from operations (1,439,629) (1,376,944)
Other (expense) income:
Interest income 153 104
Interest expense (172,366) (163,258)
Other expense -- (33,958)
------------- -------------
Total other expense (172,213) (197,112)
------------- -------------
Income taxes -- --
Net loss $ (1,611,842) $ (1,574,056)
============= =============
Basic and diluted loss per common share $ (.04) $ (.04)
============= =============
Basic and diluted weighted average common
shares Outstanding 46,547,333 44,865,168
============= =============
See accompanying notes to consolidated financial statements in
the Company's 10-K.
CONTACT: Kathryn Morris Director of Corporate Communications (T)
561 547 9499, x 226 investor-relations@puradyn.com
http://www.puradyn.com
Grafico Azioni Puradyn Filter Technolog... (CE) (USOTC:PFTI)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Puradyn Filter Technolog... (CE) (USOTC:PFTI)
Storico
Da Gen 2024 a Gen 2025
