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Pure Technologies Ltd. announces results for first quarter ended March 31, 2010

^{Published on 2010-05-18 13:10:14 - Market Wire}
 

 2010 Q1 Financial Highlights (unaudited) Consolidated Statement of Three months ended: Operations March 31, March 31, 2010 2009 ------------------------------------------------------------------------- Equipment sales $ 1,720,000 $ 5,441,000 Inspection services 914,000 642,000 Consulting services 1,686,000 1,215,000 Monitoring & technical support 1,406,000 866,000 ------------- ------------- Total revenue 5,726,000 8,164,000 Cost of sales 2,320,000 2,443,000 Marketing 1,223,000 1,068,000 Engineering and production 1,177,000 893,000 General and administrative 1,792,000 1,562,000 Research and development 544,000 233,000 Depreciation and amortization 444,000 316,000 Foreign exchange (gain) loss 129,000 (141,000) Interest income (16,000) (39,000) ------------- ------------- Income (loss) from continuing operations before tax (1,887,000) 1,829,000 Income taxes 8,000 3,000 ------------- ------------- Net income (loss) (1,895,000) 1,826,000 Income (loss) per share - basic $ (0.05) $ 0.06 - diluted $ (0.05) $ 0.05 Weighted avg. shares - basic 33,316,799 32,961,396 - diluted 36,318,799 33,633,541 (unaudited) Consolidated Balance Sheet As at As at March 31, December 31, 2010 2009 ------------------------------------------------------------------------- Assets Current assets Cash $ 37,316,000 $ 15,565,000 Accounts receivable 18,964,000 17,297,000 Inventory 2,051,000 1,475,000 Prepaid expenses 856,000 819,000 Net investment in lease 73,000 75,000 ---------------------------- 59,260,000 35,231,000 Property and equipment 2,929,000 2,859,000 Goodwill 1,987,000 1,988,000 Intangible Assets 1,819,000 1,977,000 Net investment in lease 18,000 38,000 Other assets - - ---------------------------- $ 66,013,000 $ 42,093,000 Liabilities and Equity Current liabilities Accounts payable $ 2,521,000 $ 4,812,000 Deposits on sales contracts 105,000 125,000 Future income taxes 219,000 239,000 ---------------------------- 2,845,000 5,176,000 Shareholders' equity Share capital 72,632,000 45,576,000 Contributed surplus 1,841,000 1,591,000 Warrants 993,000 - Accumulated other comprehensive loss (344,000) (191,000) Deficit (11,954,000) (10,059,000) ---------------------------- $ 66,013,000 $ 42,093,000