World News: 19:14 GMT Wednesday 15th May 2019. [Puradyn Filter Technologies, Inc. via Globe Newswire via SPi World News]
BOYNTON BEACH, Fla., May 15, 2019 (GLOBE NEWSWIRE) -- Puradyn Filter Technologies Incorporated (), a global manufacturer of oil bypass filtration systems, today reported unaudited results of operations for the first fiscal quarter ended March 31, 2019.
Net sales for the three months ended March 31, 2019 were $482,993 compared to $885,740 for the same period in 2018, a decrease of 45%, which is principally attributed to a few customers delaying orders due to the rapid decline of market certainty and the volatility of oil prices, especially in the oil and gas segment that began in November 2018 and continued through the first quarter.
Gross profit, as a percentage of sales, decreased by 60% in the three months ended March 2019 from the same period in 2018. Loss from operations for the three months ended March 31, 2019 was $(278,142) as compared to a loss of $(224,039) in the same period in 2018.
The Company reported a net loss of $(367,140) or $(0.01) per share, basic and diluted, for the three months ended March 31, 2019, compared to a net loss of $(36,743) or $(0.00) per share, basic and diluted, for the same period in 2018. Basic and diluted weighted average shares used in the calculations for the first three months of 2019 were 69,016,468 shares.
Key business highlights from the first quarter include:
“The first quarter of 2019 was especially challenging due to the delaying of anticipated orders for new systems by customers impacted by market uncertainty, especially within the oil and gas segment,” commented Ed Vittoria, CEO of Puradyn. “We believe that the recent rebound and increased stability of oil prices will result in the fulfillment of these orders and additional orders from prospective customers who are currently conducting trials.”
The Company’s quarterly report on Form 10-Q is available from the SEC website at or the Investor Relations sections of the Company’s website at .
CONTACT:Puradyn Filter Technologies, Inc.Kathryn MorrisDirector, Corporate Communications(T) 561 547 9499, x 226
Globe Newswire: 19:14 GMT Wednesday 15th May 2019
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