Emergency Filtration Reports Second Quarter Results
For the six months ended June 30, 2006 the company reported net income of $2,264,636 on net sales of $4,052,913, as compared to a net loss of $398,463 on net sales of $65,811 for the comparable year ago period.
To date, the company has sold approximately 300,000 masks and approximately 4,500,000 filters to various domestic and international distributors. Due to some delays that the international distributors are experiencing with customs and international product markings, the company has extended payment terms for these international distributors. In addition, large sales of product occurred late in the second quarter. These two issues have resulted in a substantial increase in accounts receivable at June 30, 2006. The company believes that all such accounts are fully collectible and will be paid in full.
The company is in the process of determining the requirements for FDA and NIOSH approvals of its environmental filters and masks and intends to complete its application for approvals to both agencies in the third quarter of 2006. However, the company cannot predict how long the application review process may take once the applications are submitted. Although these approvals are not necessary for the company's products as they are currently marketed, the company expects that obtaining the approvals will open additional markets for the company's products.
About Emergency Filtration Products Inc.:
EFP (http://www.emergencyfiltration.com/) is an air filtration products manufacturer whose patented 2H Technology(TM) filter system has produced filtration efficiencies of "greater than 99.99%" at a particulate size of 0.027 microns. Its initial products were developed for the medical market: the Vapor Isolation Valve(TM) and RespAide(R) CPR Isolation Mask used for resuscitation of respiratory/cardiac arrest cases; and the 2H Breathing Circuit Filter for ventilators, respirators and anesthesia circuitry. Each has received FDA approval. The company also markets an Automated External Defibrillator Prep Kit featuring RespAide; and the NanoMask(R), a nanotechnology enhanced environmental mask. In addition to filtration products, the company supplies Superstat(R), a modified hemostatic collagen, to the U.S. military for surgery and extreme wound care.
Safe Harbor Statement:
This release may contain statements that are forward-looking. Such statements are made based upon current expectations that are subject to risk and uncertainty. EFP does not undertake to update forward-looking statements in this news release to reflect actual results of and changes in assumptions or changes in other factors affecting such forward-looking information. The actual future results of the company could differ significantly from such forward-looking statements. Sales may be dependent on the success of future marketing campaigns, the signing of definitive agreements with additional distributors, and both the perceived need for EFP's products and the competitive performance of such products in the marketplace.