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, 2013.
Net sales for the first quarter ended March 31, 2013 were
approximately $574,500 compared to approximately $751,500 for the
same period in 2012, a decrease of approximately $177,000 or
24%.
The Company reported a net loss of $416,685 or ($0.01) per
share, basic and diluted, for the quarter ended March 31, 2013
compared to a net loss of $231,979 or ($0.01) per share, basic and
diluted, for the same period in 2012.
Operating losses increased to $366,571 from $338,469 in the
first quarter of 2013 as compared to the same time period in 2012,
an increase of $28,102 or 8.3%. The gross profit on products sold,
as a percentage of sales, increased from 24% in the first quarter
of 2012 to 30% in the first quarter of 2013. The increase in gross
profit percentage for the period ending March 31, 2013, was
primarily attributable to three areas: reduced scrap costs, sales
of higher margin products and better pricing on the purchase of
cotton.
Kevin G. Kroger, President and COO, stated, “Even with
disappointing first quarter numbers, several new opportunities have
presented themselves providing optimism for the remainder of
2013.
“The release of an industry trade magazine article that featured
one of our customers describing the savings our systems have
produced for their operations, along with the significant reduction
of waste oil generation, has generated a number of inquiries.”
Kroger concluded, “We remain optimistic about 2013 as our
discussions have concluded with two new distributors within
targeted industries.”
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 (OTCBB: 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 Consolidated Statements of
Operations
For the Three Months Ended March 31, 2013
and 2012
(Unaudited)
For the
Three Months Ended
March 31
(unaudited)
2013 2012 Net sales $ 574,488 $ 751,502
Costs and expenses: Cost of products sold 403,533 572,219
Salaries and wages 279,825 282,200 Selling and administrative
257,701 235,552 Total Operating Costs
941,059 1,089,971 Loss from
operations (366,571 ) (338,469 )
Other income
(expense): Realized gain on foreign currency — 146,255 Interest
expense (50,114 ) (39,765 ) Total other income
(expense) (50,114 ) 106,490 ) Net loss before
income tax expense (416,685 ) (231,979 ) Income tax expense
— —
Net loss $ (416,685 )
$ (231,979 ) Loss per share – basic and diluted: $
(0.01 ) $ (0.01 ) Basic and diluted weighted average common
shares outstanding 47,896,035 47,053,799
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.
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