Omnitek Engineering Corp., which creates diesel-to-natural gas conversion systems, reported $260,004 in revenue for the fourth quarter which ended Dec. 31. This is compared with $361,152 the year prior.
For the year, Omnitek reported $1.1 million in revenues compared with $1.3 million in 2016. The Vista company reported a net loss of $1.1 million, or $0.05 per share, compared with a net loss of $901,392, or $0.04 per share, a year earlier.
“During the past year, we have seen a dramatic shift from domestic to international demand for engine conversions—primarily due to oil prices remaining relatively low, though we still expect the domestic market to regain momentum,” President and CEO Werner Funk said in a statement. “At this point, air pollution regulations and the price disparity between diesel and natural gas in foreign markets, mostly as a result of higher taxes on diesel fuel, are providing meaningful development programs for Omnitek outside the United States, particularly in Europe and Asia, and we expect a transformative year for the company as sales begin ramping up in these markets.”
For the quarter, Omnitek reported a net loss of $485,818, or $0.02 per share, compared with $193,800, or $0.01 per share, a year ago. The company indicates this is primarily due to a non-cash inventory reserve adjustment of $305,458.