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Omnitek Engineering Reports Second Quarter and Six-Month Results

Current Diesel-to-Natural Gas Engine Conversion Demonstration Programs Expected to Drive Sales Momentum in Second Half

VISTA, Calif., Aug. 11, 2017 (GLOBE NEWSWIRE) -- Omnitek Engineering Corp. (OTCQB:OMTK) today reported results for its second quarter and six months ended June 30, 2017 – reflecting a sharply reduced net loss for both periods, an improved cash position and the commencement of a previously announced grant program to develop an 18-liter off-road natural gas engine.

/EIN News/ -- Net revenues for the second quarter were $246,314 compared with $252,316 a year earlier.  For the same period, the company reported a net loss of $191,589, or $0.01 per share, compared with a net loss of $292,939, or $0.01 per share, a year earlier.

Results for the three months ended June 30, 2017 reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $25,200 and depreciation and amortization of $6,224. For the three-month period a year earlier, non-cash expenses for the value of options and warrants granted were $81,969, with depreciation and amortization of $6,976.

Net revenues for the six-month period were $537,968 compared with $591,899 a year ago. For the same period, the company reported a net loss of $400,630, or $0.02 per share, compared with a net loss of $489,683, or $0.02 per share, a year earlier.

Results for the six months ended June 30, 2017 reflect the impact of non-cash expenses, including the value of options and warrants granted in the amount of $94,733 and depreciation and amortization of $12,448. For the six-month period a year earlier, non-cash expenses for the value of options and warrants granted were $118,068 and depreciation and amortization of $14,463.

Gross margin as a percentage of revenues was 41 percent for both the quarter ended June 30, 2017 and the quarter ended June 30, 2016.  Gross margin as a percentage of revenues for the six months ended June 30, 2017 was 45 percent compared with 46 percent a year earlier.

“During the quarter, we completed the development phase of a key conversion program of the Navistar VT365 for a large domestic fleet customer. The feedback from the customer during its evaluation phase has been positive and we remain optimistic that the program will be expanded.  The level of quote requests from other potential fleet customers -- particularly in Mexico, Canada, Europe and China -- continues to gain momentum and we remain focused on ramping up fleet conversions on a large scale to address global government mandates to improve air quality,” said Werner Funk, president and chief executive officer of Omnitek Engineering Corp.

Additional Second Quarter Highlights, include:

  • Increased filter sales as an OE supplier to TATA, India, to support expanding utilization of alternative fuel vehicles to address new stringent clean air policies in India
  • The commencement late in the quarter of a previously announced California Energy Commission grant program to demonstrate clean natural gas engine technology for off-road heavy-duty construction vehicle applications
  • Expansion of engine development work for an existing European customer, as well as engagement for development of a EURO VI 12-liter heavy-duty LPG (Propane) engine for bus and truck applications
  • An increased cash position
  • A year-to-date order backlog of approximately $369,000.

At June 30, 2017, current liabilities totaled $1,051,047 and current assets totaled $2,092,927, resulting in positive working capital of $1,041,880 million and a current ratio of 1.99 to 1.

About Omnitek Engineering Corp.
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 CORP.
Condensed Statements of Operations (unaudited)
             
                             
                             
                         
        For the Three   For the Three   For the Six   For the Six
        Months Ended   Months Ended   Months Ended   Months Ended
        June 30   June 30   June 30   June 30
        2017    2016    2017    2016 
                     
REVENUES   $ 246,314      $ 252,316     $ 537,968      $ 591,899  
COST OF GOODS SOLD       145,794          148,316         298,407         320,493  
GROSS MARGIN       100,520         104,000         239,561         271,406  
                             
OPERATING EXPENSES                        
                             
  General and administrative       249,017         341,461         549,139         654,257  
  Research and development       33,805         46,897         73,689         94,303  
  Depreciation and amortization       6,224         6,976         12,448         14,463  
                             
    Total Operating Expenses       289,046         395,334         635,276         763,023  
                             
LOSS FROM OPERATIONS       (188,526 )       (291,334 )       (395,715 )       (491,617 )
                             
OTHER INCOME (EXPENSE)                        
                         
                           
  Other income     -       1,144       -       5,374  
  Interest expense     (2,263 )     (1,949 )     (4,115 )     (2,640 )
  Interest income       -         -         -         -  
                             
    Total Other Income (Expense)       (2,263 )       (805 )       (4,115 )       2,734  
                             
LOSS BEFORE INCOME TAXES       (190,789 )       (292,139 )       (399,830 )       (488,883 )
INCOME TAX EXPENSE       800         800         800         800  
                             
NET LOSS   $   (191,589 )   $   (292,939 )   $   (400,630 )   $   (489,683 )
                             
BASIC AND DILUTED LOSS PER SHARE   $ (0.01 )   $ (0.01 )   $ (0.02 )   $ (0.02 )
                             
WEIGHTED AVERAGE NUMBER                        
  OF COMMON SHARES OUTSTANDING BASIC AND DILUTED   20,281,082       20,030,533       20,281,082       20,005,807  
                             
                             


OMNITEK ENGINEERING CORP.
Condensed Balance Sheet
     
  ASSETS  
                 
        June 30,   December 31,
        2017    2016 
        (unaudited)    
  CURRENT ASSETS            
    Cash $ 96,973     $ 17,782  
    Accounts receivable, net   76,227       28,159  
    Accounts receivable - related parties   7,513       7,005  
    Inventory, net   1,876,470       1,869,900  
    Prepaid expense   -       5,324  
    Costs and estimated earnings in excess of billings   -       30,973  
    Deposits   35,744       21,716  
                 
      Total Current Assets   2,092,927       1,980,859  
                 
  FIXED ASSETS, net         19,391          31,839  
                 
OTHER ASSETS            
    Other noncurrent assets   14,280       14,280  
                 
      Total Other Assets   14,280       14,280  
                 
      TOTAL ASSETS $ 2,126,598     $ 2,026,978  
                 
  LIABILITIES AND STOCKHOLDERS' EQUITY  
                 
  CURRENT LIABILITIES            
    Accounts payable and accrued expenses $ 345,697     $   325,255  
    Accrued management compensation     399,154         314,788  
    Accounts payable - related parties     56,702       18,373  
    Billings in excess of costs and estimated earnings   5,998       -  
    Customer deposits   243,496         87,114  
                 
      Total Current Liabilities     1,051,047         745,530  
                 
      Total Liabilities     1,051,047         745,530  
                 
    STOCKHOLDERS' EQUITY          
    Common stock, 125,000,000 shares authorized no par value          
      20,231,082 and 19,981,082 shares issued and outstanding   8,411,411         8,411,411  
    Additional paid-in capital   11,815,574       11,620,841  
    Accumulated deficit   (19,151,434 )      (18,750,804 )
                 
      Total Stockholders' Equity     1,075,551         1,281,448  
                 
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $   2,126,598     $   2,026,978  

 

CONTACT:
Gary S. Maier
Maier & Company, Inc.
(310) 471-1288

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