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

Abstract:
LiqTech International, Inc. (OTCBB: LIQT) announced today its financial and operational results for the three months ended September 30, 2011.

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

Gentofte, Denmark | Posted on November 14th, 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.

-Financial charts follow-

LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
Unaudited
As of September 30,
As of December 31,
2011 2010
CURRENT ASSETS:
Cash $ 397,881 $ 559,259
Accounts Receivable, net 5,668,120 3,029,075
Other Receivables 957,280 517,296
Inventories 2,447,198 1,885,681
Prepaid Expenses 235,435 110,552
Current Deferred Tax Asset - 7,000
Total Current Assets 9,705,914 6,108,863
PROPERTY AND EQUIPMENT, net
accumulated depreciation
6,321,836 6,423,027
OTHER ASSETS:
Other Intangible Assets 46,455 81,554
Other Investments 6,759 -
Deposits 44,093 43,537
Total Other Assets 97,307 125,091
Total Assets $ 16,125,057 $ 12,656,981
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND STOCKHOLDERS' EQUITY
Unaudited
As of September 30,
As of December 31,
2011 2010
CURRENT LIABILITIES:
Lines of Credit $ 517,223 $ 1,033,088
Current portion of notes payable 449,505 100,000
Current portion of notes payable - related party, net of discount of $98,936 and $0 3,666,415 -
Current Portion of capital lease obligation 209,675 156,204
Accounts Payable - Trade 2,926,152 1,065,567
Accrued Expenses 757,485 718,712
Accrued Income Taxes Payable 164,966 -
Other Accrued Liabilities 7,387 7,155
Total Current Liabilities 8,698,808 3,080,726
Notes Payable and Long-Term Debt - 400,000
Long-Term Capital Lease Obligations 1,036,595 925,749
Deferred Tax Liability 394,698 480,040
Total Long-Term Liabilities 1,431,293 1,805,789
Total Liabilities 10,130,101 4,886,515
STOCKHOLDERS' EQUITY:
Common Stock; par value $0,001, 100,000,000 and 10,000,000 shares authorized, 21,600,000 and 9,308,333 shares issued and outstanding at September 30, 2011, and December 31, 2010 21,600 9,309
Additional Paid-in Capital 5,212,297 2,532,776
Treasury Stock, at cost, 0 and 46,070 shares held at September 30, 2011 and December 31, 2010 - (25,019 )
Retained Earnings 4,765,229 4,367,372
Other Comprehensive Income, net (310,520 ) (256,123 )
Note Receivable from a Shareholder, net of discount of $98,936 and $0, respectively (3,719,327 ) (80,000 )
Non-controlling Interest 25,677 1,222,151
Total Stockholders' Equity 5,994,956 7,770,466
Total Liabilities and Stockholders' Equity $ 16,125,057 $ 12,656,981
LIQTECH INTERNATIONAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
Unaudited
For the Three Months Ended
Unaudited
For the Nine Months Ended
September 30 September 30
2011 2010 2011 2010
NET SALES $ 6,829,535 $ 4,208,137 $ 13,552,746 $ 12,461,177
COST OF GOODS SOLD 5,369,166 3,226,287 10,237,494 9,394,423
GROSS PROFIT 1,460,369 981,850 3,315,252 3,066,754
OPERATING EXPENSES:
Selling Expense 402,648 343,053 1,037,853 1,003,844
General and Administrative Expenses 263,243 214,614 1,139,078 1,219,112
Research and Development 126,680 52,974 374,505 362,339
Total Operating Expense 792,571 610,641 2,551,436 2,585,295
INCOME FROM OPERATIONS 667,798 371,209 763,816 481,459
OTHER INCOME (EXPENSE)
Interest and Other Income 31,417 12,764 50,189 93,905
Interest (Expense) (59,923 ) (27,916 ) (139,166 ) (92,936 )
Gain (Loss) on unconsolidated investments - 50 - (7,055 )
Gain (Loss) on Currency Transactions 8,658 (14,493 ) (25,832 ) 60,203
Total Other Income (Expense) (19,848 ) (29,595 ) (114,809 ) 54,117
INCOME BEFORE INCOME TAXES 647,950 341,614 649,007 535,576
INCOME TAX EXPENSE 91,347 206,303 188,557 358,795
NET INCOME 556,603 135,311 460,450 176,781
NET INCOME ATTRIBUTABLE TO NON CONTROLLING INTEREST 72,397 54,199 82,207 (86,100 )
NET INCOME ATTRIBUTABLE TO LIQTECH INTERNATIONAL, INC. $ 484,206 $ 81,112 $ 378,243 $ 262,881
For the Three Months Ended For the Nine Months Ended
September 30 September 30
2011 2010 2011 2010
BASIC EARNINGS PER SHARE $ 0.03 $ 0.01 $ 0.03 $ 0.03
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 14,251,721 9,308,333 10,974,237 9,308,333
DILUTED EARNINGS PER SHARE $ 0.03 $ 0.01 $ 0.03 $ 0.03
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
ASSUMING DILUTION 15,761,847 9,308,333 11,477,612 9,308,333

Forward-Looking Statements
This press release contains "forward-looking statements." Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including the risk factors that attempt to advise interested parties of the risks that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Contacts:
DC Consulting, LLC
407-792-3332

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