Omnitek Engineering Corporation Reports First Quarter Results
15 5월 2014 - 9:00PM
Omnitek Engineering Corporation (OTCBB:OMTK) today reported results
for its first quarter ended March 31, 2014 -- reflecting the impact
of timing of customer and component orders and investments related
to the expected ramp up of diesel-to-natural gas conversion kit
sales in the quarters ahead.
Net revenues for the first quarter were $320,374 compared with
$349,329 a year earlier. For the same period, the company reported
a net loss of $417,805, or $0.02 per share, compared with a net
loss of $250,420, or $0.01 per share, a year ago, primarily due to
higher operating expenses and research and development outlays
related to the development of engine conversion kits for additional
engine models.
Gross margin for the three months ended March 31,
2014 was $125,323 compared with $145,244 a year ago. Gross profit
for the three-month period as a percentage of sales was 39 percent
compared with 42 percent in the same period a year ago, reflecting
volume and overhead absorption.
"We expect milestone periods for the company in the
quarters ahead, as diesel-to-natural gas conversion fleet sales
ramp up in both domestic and foreign markets. Our optimism is
supported by a significant year-over-year increase in quote
requests from fleet managers, as well as a strong response from the
company's participation at the ACT trade show in Long Beach, CA
last week and the anticipated addition of other EPA and
state-related engine certifications throughout the year," said
Werner Funk, president and chief executive officer of Omnitek
Engineering Corporation.
He noted that kit sales increased in the quarter
from the commencement of domestic sales in the preceding fourth
quarter. "Fleet managers perform in-field evaluations with a few
vehicles in their fleet prior to a broader conversion program
commitment, and we look forward to expanding initial sales in the
quarters ahead," Funk said.
"Omnitek's EPA-approved technology provides a
viable alternative to new engine replacement for fleet operators at
a significantly lower cost. With more than eight million heavy-duty
trucks on the road in the United States and a payback period of one
to two years for conversions, Omnitek is well-positioned to
capitalize on the domestic abundance of natural gas and its
benefits," Funk said.
He added that local fleet operators with trucks
that return to the same depot every night are uniquely positioned
to build on-site refueling stations and purchase fuel significantly
below the cost charged by retail fuel stations. He
highlighted a recently announced pilot program for the city of
Little Rock, Arkansas intended to demonstrate the economic benefits
and environmental effectiveness of Omnitek's EPA-approved diesel-to
natural gas engine conversion technology for the Navistar DT466E
heavy-duty truck engines utilized by the city's municipal truck
fleet. "The city of Little Rock is a model for other municipal
governments and private organizations, and built a new natural gas
refueling station to support its future converted fleet
vehicles. This clearly demonstrates the city's enthusiasm for
natural gas and the anticipated benefits of its usage," Funk
said
At March 31, 2014, the company's total current
assets were $4,027,916 and total current liabilities were $541,402
-- resulting in positive working capital of $3,486,514 and a
current ratio of 7.44.
About Omnitek Engineering
Corporation
Omnitek Engineering Corp. develops and sells proprietary
diesel-to-natural gas conversion systems and complementary
products, including new natural gas engines that utilize the
company's technology -- providing global customers with innovative
alternative energy and emissions control solutions that are
sustainable and affordable.
Some of the statements contained in this news release discuss
future expectations, contain projections of results of operations
or financial condition or state other ``forward-looking''
information. These statements are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from those contemplated by the
statements. The forward-looking information is based on various
factors and is derived using numerous assumptions. Important
factors that may cause actual results to differ from projections
include, among many others, the ability of the Company to raise
sufficient capital to meet operating requirements, completion of
R&D and successful commercialization of products/services,
patent completion, prosecution and defense against well-capitalized
competitors. These are serious risks and there is no assurance that
our forward-looking statements will occur or prove to be accurate.
Words such as ``anticipates,'' ``expects,'' ``intends,'' ``plans,''
``believes,'' ``seeks,'' ``estimates,'' and variations of such
words and similar expressions are intended to identify such
forward-looking statements. Unless required by law, the Company
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
(Financial Tables Follow)
OMNITEK ENGINEERING
CORPORATION |
Consolidated Statement
of Operations |
(Unaudited) |
|
|
|
|
For the Three |
For the Three |
|
Months Ended |
Months Ended |
|
March 31, |
March 31, |
|
2014 |
2013 |
|
|
|
REVENUES |
$ 320,374 |
$ 349,329 |
COST OF GOODS SOLD |
195,051 |
204,085 |
GROSS MARGIN |
125,323 |
145,244 |
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
General and administrative |
451,402 |
352,305 |
Research and development expense |
103,760 |
50,359 |
Depreciation and amortization
expense |
8,187 |
13,270 |
|
|
|
Total Operating Expenses |
563,349 |
415,934 |
|
|
|
LOSS FROM OPERATIONS |
(438,026) |
(270,690) |
|
|
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
Interest expense |
-- |
-- |
Interest income |
21,021 |
21,070 |
|
|
|
Total Other Income (Expense) |
21,021 |
21,070 |
|
|
|
LOSS BEFORE INCOME TAXES |
(417,005) |
(249,620) |
INCOME TAX EXPENSE |
800 |
800 |
|
|
|
NET LOSS |
$ (417,805) |
$ (250,420) |
|
|
|
BASIC AND DILUTED LOSS PER SHARE |
$ (0.02) |
$ (0.01) |
|
|
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
OUTSTANDING |
19,759,582 |
19,749,582 |
|
|
OMNITEK ENGINEERING
CORPORATION |
Consolidated Balance
Sheet |
|
|
|
ASSETS |
|
|
|
|
March 31, |
December 31, |
|
2014 |
2013 |
|
(unaudited) |
|
CURRENT ASSETS |
|
|
Cash |
$ 730,820 |
$ 1,057,836 |
Accounts receivable, net |
32,833 |
38,261 |
Accounts receivable -related party |
24,340 |
33,369 |
Inventory |
2,223,845 |
2,225,868 |
Prepaid expense |
18,461 |
21,474 |
Deposits |
87,251 |
62,973 |
Short-term investments, net |
910,366 |
917,248 |
|
|
|
Total Current Assets |
4,027,916 |
4,357,029 |
|
|
|
FIXED ASSETS, net |
112,136 |
118,460 |
|
|
|
OTHER ASSETS |
|
|
|
|
|
Intellectual property, net |
2,468 |
2,872 |
|
|
|
Total Other Assets |
2,468 |
2,872 |
|
|
|
TOTAL ASSETS |
$ 4,142,520 |
$ 4,478,361 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued
expenses |
$ 137,469 |
$ 91,744 |
Accrued compensation - related
parties |
167,197 |
189,466 |
Accounts payable - related parties |
2,336 |
1,475 |
Customer deposits |
234,400 |
222,072 |
|
|
|
Total Current Liabilities |
541,402 |
504,757 |
|
|
|
Total Liabilities |
541,402 |
504,757 |
|
|
|
STOCKHOLDERS' EQUITY |
|
|
Common stock, 125,000,000 shares
authorized no par value |
|
|
19,759,582 and 19,759,582 shares issued
and outstanding, |
|
|
respectively |
8,201,311 |
8,201,311 |
Additional paid-in capital |
5,226,955 |
5,181,636 |
Accumulated deficit |
(9,827,148) |
(9,409,343) |
|
|
|
Total Stockholders' Equity |
3,601,118 |
3,973,604 |
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY |
$ 4,142,520 |
$ 4,478,361 |
CONTACT: Gary S. Maier
Maier & Company, Inc.
(310) 471-1288
OmniTek Engineering (QB) (USOTC:OMTK)
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