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LiqTech International, Inc. Reports 2017 First Quarter Results
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PR Newswire
BALLERUP, Denmark, May 15, 2017
BALLERUP, Denmark, May 15, 2017 /PRNewswire/ -- LiqTech International, Inc. (NYSE MKT: LIQT), a clean technology company that manufactures and markets highly specialized filtration technologies, announces today its financial results for the three months ended March 31, 2017.
Financial highlights for the three months ended March 31, 2017
Net sales for the three months ended March 31, 2017 were $3.0 million compared to $3.6 million for the same period in 2016, representing a decrease of $0.6 million or 16.7%.
The decrease in sales consisted of a decrease in sales of liquid filters and systems of $1.5 million offset by an increase in sales of DPFs of $0.9 million.
Gross profit for the three months ended March 31, 2017 was $0.3 million compared to a gross profit of $0.7 million for same period in 2016, representing a decrease of $0.4 million or 57.1%.
Included in gross profit is depreciation of $0.3 million and $0.4 million for the three months ended March 31, 2017 and 2016, respectively.
Total operating expenses for the three months ended March 31, 2017 were $1.3 million representing a decrease of $0.4 million or 23.5%, compared to $1.7 million for the same period in 2016.
Net loss attributable to the Company for the three months ended March 31, 2017 was a loss of $0.8 million compared to a loss of $3.8 million for the comparable period in 2016, representing a decrease in net loss of $3.0 million.
Total net loss of $0.8 million for the period ended March 31, 2017 includes non-cash charges for depreciation and amortization, bad debt expense, reserve for obsolete inventory and stock compensation expense charges for a total of approximately $0.4 million.
Cash on hand and restricted cash for the period ended March 31, 2017 was $0.5 million compared to $1.2 million for the year ended December 31, 2016, representing a decrease of $0.7 million.
Working capital for the period ended March 31, 2017 was $2.7 million compared to $3.5 million for the year ended December 31, 2016 representing a decrease of $0.8 million.
Management Commentary
In discussing the first quarter 2017 results, Mr. Sune Mathiesen, LiqTech CEO, remarked:
"Our results for the first quarter were in line with our expectations. We continue to invest significant resources in the development of the marine scrubber market. We have announced several orders for this industry this year, and we continue to form new relationships to manufacturers of marine scrubbers. We expect that our efforts will lead to an acceleration of our business later this year."
"We have invested significant resources in developing a standardized system for power plant applications. Over the past quarters our investments have been rewarded and we have announced several orders for this industry. We are encouraged by this development and we are optimistic that we will see further orders."
"We continue to use our large-scale references within the oil industry for further specification of our technology in new projects. We are in the process of testing our technology with one of China's largest operators in the hydraulic fracturing industry and we are optimistic that this could be a breakthrough for our technology in the Chinese oil industry."
"In April we announced that Hunan Yonker Investment Group had submitted their final application for a $4 million investment in LiqTech to the National Development and Reform Commission (NDRC). NDRC is still reviewing and verifying the submitted documents. To further strengthen our balance sheet we have decided to do a private placement of 6,300,000 new shares that we announced earlier today. The private placement was made directly by LiqTech and we plan to use the net proceeds of approximately $1.6 million for further acceleration of our business in the marine scrubber industry."
Conference Call Details
Interested parties may participate in the call by dialing (877) 407-8029 or (201) 689-8029. It is recommended to dial in approximately 10 to 15 minutes prior to the scheduled start time. The conference call will also be available on replay starting at 3:00 p.m. EDT on May 15, 2017 and ending on June 5, 2017. To access the replay, please dial (877) 660-6853 or (201) 612-7415 and enter the conference id# 13662373.
Callers from Denmark can dial in using the following numbers:
Denmark (fixed) ATT 80 25 21 64
Denmark (mobile) ATT 80 25 19 17
CONTACT:
LiqTech International
Aldo Petersen, Chairman,
+45 2390 0000, ap@liqtech.com
Sune Mathiesen, CEO
+45 5197 0908, sma@liqtech.com
Financial Tables Follow
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| | | | | | | | ||
| | | As of | | | As of | | ||
| | | March, 31 | | | December 31, | | ||
| | | 2017 | | | 2016 | | ||
| | | Unaudited | | | | | | |
| Current Assets: | | | | | | | | |
| Cash | | $ | 515,467 | | | $ | 1,208,650 | |
| Accounts receivable, net | | | 1,269,240 | | | | 1,111,759 | |
| Other receivables | | | 310,384 | | | | 306,177 | |
| Cost in excess of billing | | | 615,313 | | | | 642,700 | |
| Inventories | | | 5,223,700 | | | | 5,174,874 | |
| Prepaid expenses | | | 122,981 | | | | 62,161 | |
| | | | | | | | | |
| Total Current Assets | | | 8,057,085 | | | | 8,506,321 | |
| | | | | | | | | |
| Property and Equipment, net accumulated depreciation | | | 2,482,797 | | | | 2,633,558 | |
| | | | | | | | | |
| Other Assets: | | | | | | | | |
| Investments at costs | | | 5,354 | | | | 5,282 | |
| Other intangible assets | | | 4,775 | | | | 5,614 | |
| Deposits | | | 264,119 | | | | 261,553 | |
| | | | | | | | | |
| Total Other Assets | | | 274,248 | | | | 272,449 | |
| | | | | | | | | |
| Total Assets | | $ | 10,814,130 | | | $ | 11,412,328 | |
| LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| | | | | | | | ||
| | | As of | | | As of | | ||
| | | March, 31 | | | December 31, | | ||
| | | 2017 | | | 2016 | | ||
| | | Unaudited | | | | | | |
| Current Liabilities: | | | | | | | | |
| Current portion of notes payable | | $ | 14,244 | | | $ | 15,034 | |
| Current portion of capital lease obligations | | | 91,405 | | | | 45,883 Werbung Mehr Nachrichten zur LIQTECH INTERNATIONAL INC Aktie kostenlos abonnieren
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