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TOPIC: LIQT - LiqTech International, Inc.

LIQT - LiqTech International, Inc. 6 years 2 months ago #2189

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LiqTech International, Inc. Reports Results of Third Quarter of 2011; Sales Grow by 62 Percent, Net Income Grows 497 Percent


GENTOFTE, DENMARK--(Marketwire - Nov 14, 2011) - LiqTech International, Inc. (OTCBB: LIQT) announced today its financial and operational results for the three months ended September 30, 2011.

Lasse Andreassen, CEO of LiqTech, stated, "We are very pleased with the Company's third quarter results. Our third quarter results represent an improved quarter relative to the same quarter in 2010."

Financial highlights for the three months ended September 30, 2011:

•Net sales for the three month period ended September 30, 2011 were $6,829,535 compared to $4,208,137 for the same period in 2010, representing an increase of $2,621,398 or 62.3 percent.
•Gross profit for the three month period ended September 30, 2011 was $1,460,369 compared to $981,850 for the same period in 2010, representing an increase of $478,519 or 48.7 percent.
•Net income attributable to the Company for the three month period ended September 30, 2011 was $484,206 compared to a profit of $81,112 for the comparable period in 2010, representing an increase of $403,094 or 497 percent.
•Total operating expenses for the three month period ended September, 2011 was $792,571, an increase of $181,930, or 29.8 percent compared to $610,641 for the same period in 2010.
Financial highlights for the nine months ended September 30, 2011:

•Net sales for the nine month period ended September 30, 2011 were $13,552,746 compared to $12,461,177 for the same period in 2010, representing an increase of $1,091,569 or 8.8 percent.
•Gross profit for the nine month period ended September 30, 2011 was $3,315,252 compared to $3,066,754 for the same period in 2010, representing an increase of $248,498, or 8.1 percent.
•Net income attributable to the Company for the nine month period ended September 30, 2011 was a profit of $378,243 compared to a profit of $262,881 for the comparable period in 2010, representing an increase of $115,362, or 43.9 percent.
•Total operating expenses for the nine month period ended September, 2011 was $2,551,436 a decrease of $33,859, or 1.3 percent, compared to $2,585,295 for the same period in 2010.
"The fact that we listed our company in the United States has improved our acceptance in the market. We now have the capital to continue growing the Company and we are focused on increasing shareholder value as we execute our business plan. We have successfully grown our Diesel Particulate Filter and Membrane businesses in the third quarter, while continuing to improve our quality and product offerings. We continue to position the Company for growth in the Water and Oil filtration markets, so that we are in a better position to take advantage of the growing demand for our products. We look forward to keeping shareholders up to date with new developments at LiqTech as they happen," concluded Mr. Andreassen.

ABOUT LIQTECH INTERNATIONAL, INC.
LiqTech International, Inc., a Nevada corporation ("LiqTech"), is an award winning cleantech company that for more than a decade has developed and provided state-of-the-art technologies for gas and liquid purification using ceramic silicon carbide filters, particularly, highly specialized filters for the control of soot exhaust particles from diesel engines and for liquid filtration. It also manufactures kiln furniture. Using nanotechnology, LiqTech develops proprietary products using patented silicon carbide technology. LiqTech's products are based on unique silicon carbide membranes which facilitate new applications and improve existing technologies. For more information, please visit www.LiqTech.com.

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http://www.marketwire.com/press-release/liqtech-international-inc-reports-results-third-quarter-2011-sales-grow-62-percent-net-otcbb-liqt-1586132.htm
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