Kelso Technologies Inc.: Financial Results for the Three Months Ended March 31, 2013
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA and LISLE, ILLINOIS -- (Marketwired) -- 05/28/13 -- Kelso Technologies Inc. (the "Company" or "Kelso") (TSX VENTURE: KLS)(OTCQX: KEOSF) reports that it has released its first quarter financial statements covering the three month period ended March 31, 2013. This is the first quarter subsequent to the fiscal year end change to December 31. In accordance with year end transition rules the March 31, 2013 results have been compared to the three months ended February 29, 2012 where applicable. All amounts are expressed in United States dollars.
HIGHLIGHTS OF THE THREE MONTHS ENDED MARCH 31, 2013
LIQUIDITY AND CAPITAL RESOURCES
At March 31, 2013 the Company had cash on deposit in the amount of $1,676,450; accounts receivable of $791,476; HST receivable of $33,405; prepaid expenses of $67,733 and inventory of $1,777,048 compared to cash on deposit in the amount of $1,421,053; accounts receivable of $1,016,129; HST receivable of $39,649; prepaid expenses of $88,506 and inventory of $1,188,467 at December 31, 2012.
The working capital position of the Company at March 31, 2013 was $3,637,144 compared to a working capital position of $3,470,762 which included $12,247 due to related parties at December 31, 2012.
OUTLOOK
Considerable progress has been made on our business development plans that were first introduced in April 2010. Under this strategic plan we reached the key milestone of profitability from operations over the four month period ended December 31, 2012 and this earnings trend continued during the three months ended March 31, 2013. Sales momentum continues to build and we expect our financial performance to improve quarter-over-quarter throughout 2013.
Key to our success is that Kelso has proven to be a reliable high quality railroad equipment supplier successfully gaining the confidence and approval of our many stakeholders. Reported net income reflects the positive financial impact of our OEM customers' willingness to adopt our products in much larger numbers.
Our priority is to continue to build the quality of our brand and sales in railroad applications and leverage this reputation into other transportation segments. Our sales growth will be based on our continuing ability to create and reliably deliver a wide range of "best available technology" products that address the demanding design criteria that our HAZMAT customers require.
About Kelso Technologies
Kelso is a railroad equipment supplier that produces and sells proprietary tank car equipment used in the safe loading, unloading and containment of hazardous materials during transport. Products are specifically designed to provide economic and operational advantages while reducing the potential effects of human error and environmental harm during the transport of hazardous materials.
For a more complete business and financial profile of the Company, the financials statements and management discussion and analysis can be viewed in their entirety on the Company's website at or .
On behalf of the Board of Directors,
James R. Bond, CEO and President
Legal Notice Regarding Forward-Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that we are very confident that we have gained the confidence, approval and willingness of our customers to adopt our products and this sales growth trend will continue in 2013. The Company's products involve detailed proprietary and engineering knowledge and specific customer adoption criteria, hence factors that could cause actual results to be materially different include that we may be unsuccessful in raising any additional capital needs that may arise; we may not have sufficient capital to develop, produce and deliver new orders; product development may face unexpected delays; orders that are placed may be cancelled; delivery of orders may be rescheduled; product may not perform as well as expected; markets may not develop as quickly as anticipated or at all; and operations may run into permit, labor or other problems. Further, we are reliant on certain key employees who may leave the Company and we may be unable to protect or defend our intellectual property. Investors are cautioned against placing undue reliance on forward-looking statements. We assume no responsibility to update these forward looking statements except to the extent required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Kelso Technologies Inc.
James R. Bond
CEO and President
250-764-3618
Kelso Technologies Inc.
Richard Lee
Chief Financial Officer
604-590-1525
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Datum: 28.05.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 1231128
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VANCOUVER, BRITISH COLUMBIA and LISLE, ILLINOIS
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Machinery & Tools
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