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Puradyn Reports 2016 1st Quarter Unaudited Financial Results
Puradyn Reports 2016 1st Quarter Unaudited Financial Results.
About this update from Puradyn Filter Technologies
[{"type":"text","content":"\n \n \n Puradyn Reports 2016 1st Quarter Unaudited Financial Results\n \n \nPuradyn Reports 2016 1st Quarter Unaudited Financial Results\n \n BOYNTON BEACH, FL--(Marketwired - May 13, 2016) - Puradyn Filter Technologies Incorporated (OTCQB: PFTI), developer of bypass oil filtration systems that reduce oil-related maintenance costs while protecting high-value industrial engines, today reported financial results for its first quarter ended March 31, 2016 (Q1'16).\n Puradyn's Q1'16 net sales declined to $438,000, a decrease of 38%, compared to $707,000 in Q1'15, principally due to a number of customers that have historically purchased the larger product models and who have been negatively impacted by the downturn in oil prices. \n Gross profit, as a percentage of sales, decreased by 10%, from 38% in the first quarter of 2015 to 28% in the first quarter of 2016 due to reduced sales that resulted in increased overhead allocations. \n Puradyn recorded a Q1'16 net loss of $415,100, or $(0.01) per basic share, compared to a net loss of $266,000, or $(0.01) per basic share in Q1'15.\n Kevin G. Kroger, President and COO, commented, \"The decline in our 2016 first quarter sales compared to the first quarter of 2015 was due to continued concerns from customers over oil price instability. However, as we see a slow but steady climb in crude oil prices since late February, we are also seeing renewed interest from many contractors as they begin preparing rigs for resumed demand for oil and gas exploration. \n \"With this in mind, we expect 2016 to continue to have its challenges although we are still making progress with regard to business opportunities through a couple of recent developments. Last week, we announced a significant order shipped to the Middle East by an oil and gas industry contractor based in the EU. And, as announced in February, strong interest continues to be generated by the addition of DistributionNow (DNOW) to our distributor base through its 300-location network.\"\n Kroger concluded, \"Puradyn continues to gain acceptance as a recognized solution provider in reducing oil-related maintenance costs. With the interest we have seen related to the gradual upturn in crude oil prices, as well as recent activity outside the oil and gas industry, we remain cautiously optimistic about the remainder of 2016.\"...