BALLERUP, DENMARK -- (Marketwired) -- 05/14/13 -- LiqTech International, Inc. (OTCQX: LIQT) a clean technology company that manufactures and markets highly specialized filtration technologies, announced today its financial and operational results for first quarter 2013.
Financial highlights for the three months ended March 31, 2013
•Net sales for the three month period ended March 31, 2013 were $3,399,148 compared to $6,341,721 for the same period in 2012, representing a decrease of $2,942,573, or 46.4%. •Diesel Particulate Filters ("DPF filters") sales decreased $3,405,261 or 63.8%, Liquid filters sales increased $301,026 or 33.4% and Kiln furniture sales increased $161,662 or 158.1% compared to the same period in 2012. •Gross profit for the three month period ended March 31, 2013 was $562,023 compared to $2,089,684 for the same period in 2012 representing a decrease of $1,527,661 or 73.1%. •The net loss for the three month period ended March 31, 2013 was $669,811 compared to net income of $322,601 for the same period in 2012, representing a decrease of $992,412. •Cash on hand for the three month period ended March 31, 2013 was $3,115,618 compared to $3,873,338 for the year ended December 31, 2012, representing a decrease of $757,720. •Working capital for the three month period ended March 31, 2013 was $7,437,217 compared to $8,069,595 for the year ended December 31, 2012, a decrease of $632,378.
2013 operational highlights to date
•Signed an exclusive agreement in China for soy bean protein recovery (bio tech) and soy bean waste water treatment to supply SiC membranes for Fan Run Si (Shanghai) Fluid Technology Co., Ltd. totaling over $6 million over three-years. •Announced an order of SiC membranes for public pool installations in the U.S. valued at $500,000, by Provital Solutions, based in Denmark. •Appointment of Mr. Finn Helmer as LiqTech's new Chief Executive Officer and comes to LiqTech with more than 40 years experience. •Entered into an agreement with a global leader in oilfield equipment and services, FMC Technologies, Inc., for the use of LiqTech's state-of-the-art disruptive silicon carbide membrane technology for oil/gas applications. •Launched a new state-of-the-art Silicon Carbide (SiC) Flat Sheet Membrane (FSM) disc for Membrane Bioreactors (MBR) and Moving Bed Bioreactors (MBBR) for wastewater treatment. •Appointment of Mr. Mark Vernon, Group Chief Executive Officer of Spirax-Sarco Engineering plc to our Board of Directors. •Announced the SiC membrane discs to the Company's product portfolio. •Announced that LiqTech SiC membranes are currently being used in the recovery of protein in a foodstuff application in China. •Announced that the Company's ultra-filtration Silicon Carbide (SiC) membrane product has been approved for liquid sterilization according to the recognized ASTM standard F838-05 for liquid filtration.
In discussing the results, Mr. Finn Helmer, CEO, stated, "The first quarter financial results continued to reflect limited orders for our Diesel Particulate Filters ('DPF filters') as only a relatively small fraction of that amount were actually installed. Despite this lull that we've experienced in the DPF marketplace, we were able to control our costs and limit the cash burn in the quarter. As expressed by the company in the past, we continue to focus our energies on our disruptive Silicon Carbide membrane technology for liquids which represents a vast market opportunity to LiqTech, much larger and more dependable than the DPF market."
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