Puradyn Filter Technologies Incorporated (OTCQB:PFTI),
the global bypass oil filtration system manufacturer, today
reported unaudited results of operations for the third fiscal
quarter ended September 30, 2013.
Net sales for the three months ended September 30, 2013,
increased $91,551, or 19%, from $472,743 for the three months ended
September 30, 2012 to $564,294 for the three months ended September
30, 2013. Net sales year-to-date for the nine-month period
decreased by 14% or $289,172; from approximately $2.03 million in
2012 to approximately $1.74 million in 2013.
Gross profit, as a percentage of net sales, increased from 17%
in the three months ended September 30, 2012 to 32% in the three
months ended September 30, 2013. Gross profit, as a percentage of
net sales, decreased by 1%, from 27% in the nine months ended
September 30, 2012, to 26% in the nine months ended September 30,
2013. The increase in cost of goods sold, which results in a lower
gross profit, is primarily attributable to the reserve for slow
moving inventory of $42,702 recorded during the nine months ended
September 30, 2013 and the increased allocation of manufacturing
overhead due to lower than expected sales, which was offset by
lower costs for some materials, as we changed suppliers and reduced
charges for scrap materials.
The Company reported a net loss of approximately $235,000 or
($0.00) per share, basic and diluted, for the quarter ended
September 30 2013, compared to a net loss of approximately $1.12
million or ($0.02) per share, basic and diluted, for the quarter
ended September 30 2012; and a net loss of approximately $1.13
million or ($0.02) per share, basic and diluted for the nine months
ended September 30, 2013, compared to a net loss $1.63 million or
($0.03) per share, basic and diluted for the nine months ended
September 30, 2012. Basic and diluted weighted average shares used
in the calculation for the three-months ended 2013 and 2012 were
48,538,577, and 47,282,631, respectively.
Kevin G. Kroger, President and COO, said, “Our 2013 third
quarter sales are a welcome improvement over the third quarter of
2012. However, while 2013 year-to-date has been disappointing, a
stronger flow of orders in October is encouraging.”
For further discussion relevant to the Company’s financial
status, you can request a copy of the Company’s quarterly report on
Form 10-Q at (561) 547-9499, or go to the Investor Relations
section of the Company’s website at www.puradyn.com. A copy is also
available at the SEC website, www.sec.gov.
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. 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
(unaudited)
Three Months Ended
September 30
Nine Months EndedSeptember 30 2013 2012
2013 2012 Net sales $ 564,294 $ 472,743 $
1,739,172 $ 2,028,344 Cost of products sold 383,291 394,167
1,292,854 1,480,913
Gross profit 181,003 78,576 446,318
547,431
Costs and expenses: Salaries and wages
263,680 270,835 817,819 822,114 Selling and administrative
232,539 271,967 740,724
758,995 496,219 542,802 1,558,543
1.581,109 Loss from operations (315,216 ) (464,226 )
(1,112,225 ) (1,033,678 )
Other income (expense):
Realized Gain on Foreign Currency Translation Adjustment — — —
146,255 Loss on notes receivable — (611,250 ) — (611,250 ) Other
income 136,273 — 146,273 — Interest expense (55,918 )
(45,234 ) (159,810 ) (127,136 ) Total
other expense, net 80,355 (656,484 )
(13,537 ) (592,131 ) Loss before income taxes
(234,861 ) (1,120,710 ) (1,125,762 ) (1,625,809 ) Income tax
expense — — — —
Net loss $ (234,861 ) $ (1,120,710 ) $
(1,125,762 ) $ (1,625,809 ) Basic and diluted loss per
common share $ (0.00 ) $ (0.02 ) $ (0.02 ) $ (0.03 )
Weighted average common shares outstanding (basic and diluted)
48,538,577 47,282,631 48,294,241
47,174,355
See accompanying notes to condensed consolidated unaudited
financial statements included in the Company’s 10-Q
Puradyn Filter Technologies IncorporatedKathryn Morris,
561-547-9499, Ext. 226Director, Corporate
Communicationsinvestor-relations@puradyn.comhttp://www.puradyn.com
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