BOYNTON BEACH, Fla., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Puradyn Filter Technologies Incorporated (OTCQB: PFTI), a global manufacturer of oil bypass filtration systems, today reported unaudited results of operations for the third fiscal quarter ended September 30, 2018.
Net sales for the three months ended September 30, 2018 were $1,306,070 compared to $515,846 for the same period in 2017, an increase of 153%. Net sales for the nine-month period ended September 30, 2018 were $3,344,272 compared to $1,780,006 for the same time period in 2017, an increase of 88%.
Income from operations for the three months ended September 30, 2018 was $175,518 as compared to a loss of $(224,039) in the same period in 2017. Gross profit, as a percentage of sales, increased to 46% in the three months ended September 30, 2018 vs 25% in the same period in 2017. Income from operations for the nine months ended September 30, 2018 was $303,018 as compared to a loss of $(649,439) in the same period in 2017. Gross profit, as a percentage of sales, increased to 43% in the nine months ended September 30, 2018 vs 23% in the same period in 2017
The Company reported a net profit of $85,755 or $0.00 per share, basic and diluted, for the three months ended September 30, 2018, compared to a net loss of $(294,339) or $(0.00) per share, basic and diluted, for the same period in 2017; and a net profit of $61,884 or $0.00 per share, basic and diluted, for the nine months ended September 30, 2018, compared to a net loss of $(852,908) or $(0.00) for the same period in 2017. Basic weighted average shares used in the calculations for all of 2017 was 69,016,468 shares. Diluted weighted average shares used in the calculations for three months ended September 30, 2018 and nine months ended September 30, 2018 were 74,684,488 and 77,116,732 shares, respectively.
Key business highlights from the third quarter include:
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Ed Vittoria, CEO, commented, “We are pleased to see revenue growth this quarter even surpass the record growth we experienced last quarter. Demand for replacement filters has doubled as more installed systems become active, and we have seen sales of new systems increase over 65% so far this year versus this point last year, which will further drive filter demand going forward. Our pipeline of new and engaged prospective customers continues to grow across the oil and gas and commercial marine segments, and we’re seeing improved receptivity in the sales process thanks to more customer testimonials and greater market penetration.”
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 (www.puradyn.com)
Puradyn designs, manufactures and markets puraDYN® Oil Filtration Systems, the most effective bypass oil filtration products available for internal combustion engines, transmissions and hydraulic applications. Puradyn bypass filtration systems continuously clean lubricating oil and replenish base additives to maintain oil viscosity and safely and significantly extend oil change intervals and engine life. Effective for internal combustion engines, transmissions and hydraulic applications, Puradyn’s patented, environmentally-conscious solutions deliver rapid return on investment by reducing oil consumption, maintenance and overhaul costs and engine downtime, while also protecting high-value engine assets. Puradyn filtration systems have been deployed on thousands of engines around the world and were also selected by the US Department of Energy for a three-year study of the performance and cost benefits of bypass oil filtration.
Safe Harbor for Forward-Looking Statements
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 our history of losses and uncertainty that we will be able to continue as a going concern, our ability to generate net sales in an amount to pay our operating expenses, our need for additional financing and uncertainties related to our ability to obtain these funds, our reliance on sales to a limited number of customers, our dependence on a limited number of distributors, our ability to compete, our ability to protect our intellectual property, and the application of penny stock rules to the trading in our stock, among others 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 risk factors include but are not limited to those detailed in the company’s periodic filings with the SEC. Puradyn disclaims any responsibility to update any of the forward looking statements contained in this release.
Puradyn Filter Technologies Incorporated
Condensed Consolidated Statements of Operations
For the Three Months and Nine Months Ended September 30, 2018
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Net sales | $ | 1,306,070 | $ | 515,846 | $ | 3,344,272 | $ | 1,780,006 | ||||||||
| Cost of products sold | 710,995 | 385,738 | 1,906,396 | 1,364,849 | ||||||||||||
| Gross Profit | 595,075 | 130,108 | 1,437,876 | 415,157 | ||||||||||||
| Costs and expenses: | ||||||||||||||||
| Salaries and wages | 247,363 | 223,049 | 637,081 | 640,137 | ||||||||||||
| Selling and administrative | 172,194 | 131,098 | 497,777 | 424,459 | ||||||||||||
| Total operating costs | 419,557 | 354,147 | 1,134,858 | 1,064,596 | ||||||||||||
| Income / (Loss) from operations | 175,518 | (224,039) | 303,018 | (649,439) | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (85,763) | (70,300) | (241,134) | (203,469) | ||||||||||||
| Total other expense, net | (85,763) | (70,300) | (241,134) | (203,469) | ||||||||||||
| Net income / (loss) before income tax expense | 89,755 | (294,339) | 61,884 | (852,908) | ||||||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net Income / (loss) | $ | 89,755 | $ | (294,339) | $ | 61,884 | $ | (852,908) | ||||||||
| Basic income / (loss) per common share | $ | 0.00 | $ | (0.00) | $ | 0.00 | $ | (0.01) | ||||||||
| Diluted income / (loss) per common share | $ | 0.00 | $ | (0.00) | $ | 0.00 | $ | (0.01) | ||||||||
| Weighted average common shares outstanding - basic | 69,016,468 | 69,016,468 | 69,016,468 | 69,016,468 | ||||||||||||
| Weighted average common shares outstanding - diluted | 74,684,488 | 69,016,468 | 77,116,732 | 69,016,468 | ||||||||||||
CONTACT:
Puradyn Filter Technologies, Inc.
Kathryn Morris
Director, Corporate Communications
(T) 561 547 9499, x 226
kmorris@puradyn.com
http://www.puradyn.com