SAN MARCOS, Calif., May 12, 2008 (PRIME NEWSWIRE) -- Omnitek Engineering, Corp. (Pink Sheets:OMTK) today reports record results for its first quarter of fiscal year 2008, ending March 31, 2008.
Sales for the quarter were $537,176, up from $138,584 for the comparable quarter in 2007.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were $13,114 for the first quarter of FY08 compared to a loss of $87,391 for the same quarter last year.
Backlog
At the close of first quarter FY08 the company's backlog of firm orders grew to $1.35 million, compared to $39,000 for the comparable quarter in 2007.
Omnitek's CEO, Werner Funk, reports, "Sales volume of our diesel-to-natural gas conversion systems is on track to mark another record for 2nd Quarter sales. Our technology is now clearly accepted by the industry and our revenue trends show a strong upward curve."
The Company's proprietary diesel-to-natural gas conversion system has been successfully applied in over 12 countries.
About Omnitek Engineering, Corp. (Pink Sheets:OMTK)
Omnitek Engineering, Corp. develops and sells new natural gas engines, as well as a proprietary diesel-to-natural gas conversion system, which has established Omnitek as a leader in the industry.
Omnitek offers a total system approach and is dedicated to supplying alternative energy and emissions control solutions that are sustainable, affordable and contribute to combat global warming.
As the price of crude oil continues to increase and the threat of global warming and air pollution remains, the search for an alternative fuel becomes increasingly important. Natural gas has emerged as a perfect solution to these challenges. Readily available in many countries from indigenous sources, natural gas is inexpensive and clean burning.
Diesel engines have been the backbone of the transportation industry. Valued for their power, fuel economy and durability, diesel powered trucks and buses are used worldwide; however, they are heavy polluters and significantly contribute to global warming. Omnitek has developed a system to convert any existing diesel engine to a clean-burning natural gas engine at a fraction of the cost of a new engine.
Omnitek estimates the population of heavy-duty diesel vehicles and stationary engines around the world which can be converted using the Omnitek Diesel-to-Natural Gas Conversion System and offer the best ROI approaching ten million engines.
Prevailing economic factors, rising oil prices and the real threat of global warming make abundantly available and inexpensive natural gas the fuel for the future.
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.