Puradyn Announces 3rd Quarter Financial Results
Puradyn Filter Technologies Incorporated (OTCQB: PFTI), the global bypass oil filtration system manufacturer, today reported results of operations for the third fiscal quarter ended September 30, 2012.
Net sales for the three months ending September 30, 2012 decreased $82,217, or 15%, from $554,960 for the three months ending September 30, 2011 to $472,743 for the three months ending September 30, 2012. Net sales year-to-date for the nine-month period increased by 4.7% or $90,600; from approximately $1.94 million in 2011 to approximately $2.03 million in 2012.
Gross profit, as a percentage of net sales, increased from 11.9% in the three months ending September 30, 2011 to 16.6% in the three months ending September 30, 2012. Gross profit, as a percentage of sales, increased from 23.9% in the nine months ending September 30, 2011 to 27% in the nine months ending September 30, 2012. The decrease in cost of goods sold, which generates a higher gross profit, is primarily attributable to savings in materials, freight and reduced overhead applied.
The Company reported a net loss of approximately $1.12 million or ($0.02) per share, basic and diluted, for the quarter ended September 30, 2012, compared to a net loss of approximately $497,000 or ($0.01) per share, basic and diluted, for the same period in 2011; and a net loss of approximately $1.63 million or ($0.03) per share, basic and diluted for the nine months ended September 30, 2012 compared to a net loss of approximately $1.28 million or ($0.03) per share, basic and diluted, for the same period in 2011. Basic and diluted weighted average shares used in the calculation for the three-months ended 2012 and 2011 were 47,282,631 and 46,576,786, respectively. The net loss for the nine months ended September 30, 2012 includes $611,250 representing the balance due on the promissory notes due from Richard C. Ford, the Company’s former Chief Executive Officer, and reduced by the estimated value of the shares received, and the shares to be received, under the settlement.
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