Exhibit 99.1

 

 

 

LiqTech International, Inc. Announces Year End 2018 Financial Results and Provides First Quarter 2019 Update

 

 

For Immediate Release

 

BALLERUP, Denmark - March 28, 2019 - LiqTech International, Inc. (NYSE AMERICAN: LIQT) (“LiqTech”), 

a clean technology company that manufactures and markets highly specialized filtration technologies, announced today its financial results for the three months and year ended December 31, 2018. 

 

Recent Highlights

 

 

Results for the fourth quarter of 2018 were in line with our expectations and as previously announced.

 

The Company's cash position at the end of December 2018 was approximately $3.8 million, largely unchanged since the end of September 2018.

 

The Company continues to experience growth in its backlog of confirmed orders for its standardized water filtration systems for the marine scrubber industry.

 

Separately, the Company is announcing expected record quarterly revenues for Q1 2019, a return to profitability and an uplisting of its stock to the Nasdaq.

 

 

Fourth Quarter 2018 Financial Results

 

Net sales for the three months ended December 31, 2018 were $2.9 million compared to $3.0 million for the same period in 2017, representing a decrease of $0.1 million, or -3%. Fourth quarter sales were in line with previously communicated expectations in January 2019. The decrease in sales was due to a decline in the legacy DPF business which had revenue of $1.5 million, a decrease of 7% compared to the fourth quarter of 2017. On the other hand, we experienced continued growth in our order backlog in our marine segment, which had revenues of $1.4 million in the fourth quarter, or an 42% increase compared to the prior-year period.

 

Gross profit for the three months ended December 31, 2018 was $177,000 compared to $59,000 for the same period in 2017. The improved gross profit reflects increased sales of higher-margin marine products as well as positive operating leverage related to cost of goods sold. We expect gross margins to further improve as marine products become a larger part of the sales mix and further operating leverage is achieved.

 

 

The following information was filed by Liqtech International Inc (LIQT) on Thursday, March 28, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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