BALLERUP, DENMARK -- (Marketwire) -- 11/14/12 -- LiqTech International, Inc. (OTCQX: LIQT) ("LiqTech") announced today its financial and operational results for the third quarter 2012.
Lasse Andreassen, CEO of LiqTech International, stated, "For the third quarter 2012, we reported revenue of $3,115,471 and a net loss of $427,872. The loss and low revenue is due to continuing slow sales of DPF, which is down $3,915,852 compared to the same quarter 2011.
"The slowdown in DPF sales is mainly a result of a low degree of enforcement of CARB (California Air Resources Board) mandate in California, where a projected installation of 12,000 filters in 2012 has only resulted in 3,030 for the first half of 2012, with almost no improvement in the third quarter.
"LiqTech and its customers continue to believe that CARB mandate will be enforced in California in the near future and we have been producing filters to meet the demand.
"In our 12-year history we have seen delays in mandates, but these mandates have always been enforced as planned. We are in a strong position to take advantage of the market situation and are now exploring a strategic initiative in our DPF business segment which will significantly strengthen our market situation.
"Our SIC Membrane business continues to grow and sales are up 70% for the 9-month period compared to same period last year.
"As we recently announced, after a one-year trial period, we have consummated a major partnership for sales of our membranes with national oil companies in Colombia and Venezuela. We are also seeing strong interest from other major companies in the oil and water industry and are confident that we will see further growth. We continue to discuss strategic partnerships with major companies and will update shareholders as relationships develop.
"Our recent breakthrough, the grant received from The Maritime and Port of Authority of Singapore (MPA), in Ballast Water Treatment Systems in Singapore is also making us confident that we are well positioned in the highly lucrative BWTS business and we expect to see development in by 2015," concluded Mr. Andreassen.
Financial results for the three and nine months ended September 30, 2012:
•Net sales for the three month period ended September 30, 2012 were $3,115,471 compared to $6,829,535 for the same period in 2011, representing a decrease of $3,714,064, or 54.4%. •Net sales for the nine month period ended September 30, 2012 were $13,410,527 compared to $13,552,746 for the same period in 2011, representing a decrease of $142,219, or 1.0%. •Gross profit for the three month period ended September 30, 2012 was $579,008 compared to $1,460,369 for the same period in 2011 representing a decrease of $881,361, or 60.4%. •Gross profit for the nine month period ended September 30, 2012 was $3,084,859 compared to $3,315,252 for the same period in 2011 representing a decrease of $230,393, or 6.9%. •The net loss for the three month period ended September 30, 2012 was $427,872 compared to net income of $484,206 for the same period in 2011, representing a decrease of $912,078. •The net loss for the nine month period ended September 30, 2012 was $657,779 compared to a net income of $378,243 for the same period in 2011, representing a decrease of $1,036,022.
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