Puradyn Releases 2014 1st Quarter Unaudited Financial Results
2014年5月15日 - 5:14AM
ビジネスワイヤ(英語)
Net Sales increase 56% over same quarter last
year
Puradyn Filter Technologies Incorporated (OTCQB:PFTI), the
global bypass oil filtration system manufacturer, today reported
results of operations for the first fiscal quarter ended March 31,
2014.
Net sales for the first quarter ended March 31, 2014 were
approximately $894,300 compared to approximately $574,500 for the
same period in 2013, an increase of approximately $319,800 or
56%.
The Company reported a net loss of $218,086 or (0.00) per share,
basic and diluted, for the quarter ended March 31, 2014 compared to
a net loss of $416,685 or ($0.01) per share, basic and diluted, for
the same period in 2013.
Operating losses decreased from $366,571 to $159,369 in the
first quarter of 2014 as compared to the same time period in 2013,
a decrease of $207,202 or 57%. Gross profit, as a percentage of
sales, increased to 40% in the first quarter of 2014 from 30% in
the first quarter of 2013. The increase in gross profit percentage
for the period ending March 31, 2014, was primarily
attributable to sales of higher margin products and better pricing
on the purchase of cotton.
Kevin G. Kroger, President and COO, stated, “We are encouraged
with our first quarter results. The increase of 56% in sales and an
increase in order intake of 54% over the same period for last year
provide an optimistic start for 2014."
The Company’s quarterly report on Form 10-Q is available from
the SEC website at http://www.sec.gov or the Investor Relations
sections of the Company’s website at http://www.puradyn.com.
About Puradyn Filter Technologies
Incorporated
Puradyn (OTCQB: PFTI) designs, manufactures and markets
the puraDYN® Oil Filtration System, the most
effective bypass oil 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 cost-effective and energy-conscious solution to the use
of depleting resources of oil. Puradyn equipment was selected
as the manufacturer used by the US Department of Energy in a
three-year evaluation to research and analyze the performance,
benefits and cost analysis of bypass oil filtration technology.
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 Condensed Statements of
Operations For the Three Months Ended March 31, 2014 and 2013
(Unaudited)
For the
Three Months Ended
March 31
2014 2013 Net sales $
894,303 $ 574,488 Cost of products sold 537,770
403,533
Gross profit 356,533 170,955
Costs and expenses: Salaries and wages 277,969 279,825
Selling and administrative 237,933 257,701
Total Operating Costs 515,902 537,526
Loss from operations (159,369 ) (366,571 )
Other income (expense): Interest expense (58,717 )
(50,114 ) Net loss before income tax expense (218,086
) (416,685 ) Income tax expense — —
Net loss $ (218,086 ) $ (416,685 )
Loss per share – basic and diluted: $ (0.00 ) $ (0.01 )
Basic and diluted weighted average common shares outstanding
48,679,675 47,896,035
In evaluating this information, you should carefully consider
the risks and uncertainties described under the headings
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and “Risk Factors” in the Company’s Form
10-Ks, Form 10-Qs and other recent Securities and Exchange
Commission filings.
Puradyn Filter Technologies IncorporatedKathryn Morris,
561-547-9499, Ext. 226Director, Corporate
Communicationsinvestor-relations@puradyn.comhttp://www.puradyn.com
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