LiqTech International, a clean technology company, announced its financial and operational results for fourth quarter and fiscal year 2015.
Article continues below
Net sales for Q4 were $5.1 million compared to $2.5 million for the same period in 2014, representing an increase of $2.6 million or 104%.
Results this year have been significantly impacted by unfavorable currency translation effects. As a result, fourth quarter 2015 net sales at constant currency were 148% higher than last year.
The increase in net sales was primarily driven by an increase in sales of membranes and systems of $3.2 million, offsetting a decrease in sales of diesel particulate filters (DPF) of $0.6 million.
The increase in sales of products for membranes and systems resulted from higher sales of liqui
filtration systems, in line with our revised business strategy. The decrease in sales of DPF filters was primarily due to a lack of new low emission zone activity in both Europe and the United States.
Gross profit for the three months ended December 31, 2015 was $1.5 million compared to a negative $0.8 million for the same period in 2014, representing an increase of $2.3 million or 288%.
The increase in gross profit was primarily driven by higher sales of membranes and systems that generally carry a higher gross margin than our other products.
Included in gross profit is depreciation of $0.4 million and $0.4 million for the three months ended December 31, 2015 and 2014, respectively.
Net profit attributable to LiqTech for the three months ended December 31, 2015 was $0.1 million compared to a loss of $1.9 million for the same period of 2014, representing an improvement of $2.0 million or 105%.
Financial highlights for the year
Net sales for the year ended December 31, 2015 were $15.8 million compared to $14.6 million for the same period in 2014, representing an increase of $1.2 million or 8%. 2015 net sales at a constant currency were 28% higher than last year.
The increase in net sales was primarily driven by an increase in sales of membranes and systems of $2.8 million, offsetting a decrease in sales of DPF filters of $1.5 million.
The increase in our sales of products for membranes and systems was primarily driven by higher sales of liquid filtration systems. The decrease in our sales of DPF filters was primarily due to a lack of new low emission zone activity in both Europe and the United States.
Gross profit for the year ended December 31, 2015 was $3.2 million compared to $2.1 million for same period in 2014, representing an increase of $1.1 million or 52%.
The increase in gross profit was primarily driven by an increase in sales of systems that generally carry a higher gross margin than our other products. As a result of the increased levels of business in the second half of 2015, we have also lowered production costs.
Included in the gross profit is depreciation of $1.4 million and $1.6 million for the years ended December 31, 2015 and 2014, respectively.
Net loss attributable to the company for the year ended December 31, 2015 was $2.2 million compared to a loss of $3.1 million for the year ended December 31, 2014, representing an improvement of $0.9 million or 29%.
Cash on hand and restricted cash for the year ended December 31, 2015 was $1.7 million compared to $6.1 million for the year ended December 31, 2014, representing a decrease of $4.4 million.
Working capital for the year ended December 31, 2015 was $7.6 million compared to $10.6 million for the year ended December 31, 2014 representing a decrease of $3.0 million.
Total net loss for 2015 includes non-cash charges for depreciation and amortization ■