TURBOSONIC TECHNOLOGIES INC

CIK:0000900393|SEC Filings

(LOSS) PER SHARE

3 Months Ended

Sep. 30, 2012

NOTE 6: (LOSS) PER SHARE

The following table sets forth the computation of (loss) per share. The effect of dilutive securities is included only when dilutive.

	For the Three		For the Three
	Months Ended		Months Ended
	September 30, 2012		September 30, 2011
	$		$
Numerator
Net (loss)	(116,465	)	(436,594	)
Denominator
Denominator for earnings per share -
weighted average shares outstanding	18,554,112		18,554,112
Denominator for diluted earnings per
share - adjusted weighted average
shares and assumed conversions	18,554,112		18,554,112
Basic (loss) per share	($0.01	)	($0.02	)
Diluted (loss) per share	($0.01	)	($0.02	)

For the three month periods ended September 30, 2012 and 2011, we incurred net losses; therefore, the diluted loss per common share excludes the effects of all options outstanding, since their inclusion would be anti-dilutive.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)	$ (116,465)	$ (436,594)
Add charges to operations not requiring a current cash payment:
Stock-based compensation	4,533	3,502
Depreciation and amortization	5,670	17,185
Deferred income tax	0	46,373
Changes in non-cash assets and liabilities related to operations:
Decrease (increase) in accounts receivable	1,813,111	(2,251,014)
Decrease in retentions receivable	297,790	170,969
(Increase) in inventories	(10,936)	(18,395)
(Increase) in deferred contract costs and unbilled revenue	(440,072)	(751,648)
Decrease in income taxes receivable	8,660	10,017
Decrease in other current assets	9,918	29,376
(Decrease) increase in accounts payable	(649,138)	2,601,629
Increase in accrued compensation	41,622	143,299
(Decrease) increase in accrued warranty charges	(1,404)	1,510
Increase in accrued charges	150,445	5,833
(Decrease) in unearned revenue and contract advances	(959,167)	(236,466)
Cash provided by (applied to) operating activities	154,567	(664,424)
CASH FLOWS FROM INVESTING ACTIVITIES
(Increase) in restricted cash	(154,351)	0
Cash (applied to) investing activities	(154,351)	0
Effect of exchange rate changes on cash and cash equivalents	117,413	(35,047)
Cash provided (applied) during the period	117,629	(699,471)
Cash and cash equivalents - beginning of period	1,066,719	1,674,204
Cash and cash equivalents - end of period	1,184,348	974,733
Supplemental cash flow information:
Interest paid	(87)	(22)
Interest received	42	529
Income taxes paid	$ 20	$ 3,000

CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2012	Jun. 30, 2012
Current assets:
Cash and cash equivalents	$ 1,184,348	$ 1,066,719
Restricted cash	154,351	0
Accounts receivable, net of allowance for doubtful accounts of nil and nil	2,329,872	4,086,913
Retentions receivable	139,139	437,097
Deferred contract costs and unbilled revenue	1,268,880	820,024
Inventories	143,781	128,211
Income taxes receivable	41,590	40,252
Other current assets	12,620	22,136
Total current assets	5,274,581	6,601,352
Property and equipment, less accumulated depreciation and amortization	46,229	50,263
Other assets	10,949	10,947
Total noncurrent assets	57,178	61,210
Total assets	5,331,759	6,662,562
Current liabilities:
Accounts payable	1,132,604	1,761,105
Accrued compensation	517,353	467,227
Accrued charges	497,912	337,891
Accrued warranty provision	62,593	63,017
Unearned revenue and contract advances	1,154,240	2,083,925
Total current liabilities	3,364,702	4,713,165
Stockholders' equity
Common shares, par value $0.10 per share 30,000,000 shares authorized, 18,554,112 issued (18,460,096 at June 30, 2012),No common shares reserved for the conversion of the subsidiary's Class B exchangeable shares (94,016 at June 30, 2012)	2,900,434	2,900,434
Preferred stock, no par value, 1,500 shares authorized	0	0
Additional paid - in capital	4,250,845	4,246,312
Share capital and surplus	7,151,279	7,146,746
Accumulated other comprehensive income	1,017,906	888,314
Accumulated deficit	(6,202,128)	(6,085,663)
Total stockholders' equity	1,967,057	1,949,397
Total liabilities and stockholders' equity	$ 5,331,759	$ 6,662,562