Omnitek Engineering Corporation Reports Fourth Quarter And Year-End Results
SAN MARCOS, Calif., March 22, 2011 (GLOBE NEWSWIRE) -- Omnitek Engineering Corporation (OTCQB:OMTK) today reported a 31 percent increase in revenues for its year ended December 31, 2010, supported by continued strong demand for its diesel-to-natural gas conversion systems, particularly in developing overseas markets, and the company's high-pressure natural gas filter.
Net revenues for the fourth quarter increased 27 percent to $556,930 from $439,509 a year earlier. For the same period, the company reported a reduced net loss of $417,181, or $0.03 per share, compared with a net loss of $918,511, or $0.06 per share, a year ago.
Net revenues for the twelve-month period climbed 31 percent to $1.73 million from $1.32 million in the same period a year ago. For the same period, the company reported a reduced net loss of $1.15 million, or $0.07 per share, compared with a net loss of $1.35 million, or $0.08 per share, a year earlier.The company achieved positive cash flow from operations of $40,111 for the year ended December 31, 2010 compared with negative cash flow of $60,163 during the year ended December 31, 2009. Results for the year were impacted by increased operating expenses, particularly a non-cash charge for stock options of $637,813 and increased accounting and legal expenses associated with Omnitek becoming a public reporting company under the Securities Exchange Act of 1934 in late July. Gross margin for the full-year was $578,537 compared with $391,969 a year ago. Gross margin as a percentage of sales for the same period was 33 percent compared with 30 percent last year. "Global demand for converting high-polluting diesel powered engines to operate on natural gas continues to benefit from increased crude oil prices. We anticipate strong sales momentum for the balance of 2011, and look forward to a more favorable domestic regulatory environment to support the significant opportunities for our technology in the United States," said Werner Funk, president and chief executive officer of Omnitek Engineering Corporation.
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