puraDYN Increases Net Sales In First Quarter 2002; Cuts First Quarter Loss
BOYNTON BEACH, Fla.--May 17, 2002--puraDYN Filter Technologies Inc. (AMEX:PFT), the global by-pass oil filtration system company, today announced financial results for the quarter ended March 31, 2002. Net sales for the quarter gained 65 percent to $604,644, up from first quarter 2001 net sales of $365,454.puraDYN's President and Chief Operating Officer Kevin G. Kroger said the results for the quarter were in line with management benchmarks.
Costs and expenses for the quarter were $1.4 million, down from $1.7 million for the year-ago quarter. The first quarter net loss was $750,863, or $0.05 per share, compared with a net loss of $1.1 million, or $0.08 per share, for the first quarter of 2001.
Mr. Kroger commented, "We are pleased with the improving trend of the first quarter. During the quarter, we had several significant highlights including aftermarket distribution agreements and increased sales from both new and existing customers. We remain focused on our future growth and optimistic that this increased revenue trend will continue throughout the year."
The oil filtration system is designed to safely extend oil drain intervals. The system will dramatically reduce operating expenses, maintenance costs, capital expenses and reduce waste oil.
About puraDYN Filter Technologies Inc.
puraDYN (AMEX:PFT) designs, manufactures and markets the puraDYN(R) By-Pass Oil Filtration System, a unit that continuously cleans lubricating oil; maintains oil viscosity; and safely and dramatically extends oil change intervals and engine life. Effective for internal combustion engines, transmissions and hydraulic applications, the patented and proprietary system is a cost-effective and energy conscious solution targeting a $7.8 billion potential market. The Company has established aftermarket programs with several of the transportation industry leaders. For more information on puraDYN Filter Technologies Inc., visit http://www.puradyn.com
Statements in This Press Release Which are Not Historical Data are Forward-looking Statements Which Involve Known and Unknown Risks, Uncertainties or Other Factors Not Under the Company's Control, Which May Cause Actual Results, Performance or Achievements of the Company to be Materially Different From the Results, Performance or Other Expectations Implied by These Forward-looking Statements. These Factors Include, But are Not Limited To, Those Detailed in the Company's Periodic Filings With the Securities and Exchange Commission.
Puradyn Filter Technologies, Incorporated
Condensed Consolidated Statements of Operations
For the Three Months Ended March 31, 2002 and 2001
(Unaudited)
Three Months Ended
March 31,
2002 2001
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Net sales $ 604,644 $ 365,454
Investment income 88,940 167,068
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693,584 532,522
Costs and expenses:
Cost of products sold 527,741 403,038
Salaries and wages 391,149 364,489
Selling and administrative 493,695 906,998
Interest expense 31,862 1,020
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1,444,447 1,675,545
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Net loss $ (750,863) $(1,143,023)
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Basic and diluted loss
per common share $ (0.05) $ (0.08)
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Weighted average common
shares outstanding 15,545,706 14,209,775
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