Brownie's Marine Group Reports Third Quarter and YTD Results
14 Noviembre 2012 - 7:24AM
Revenues Increase 50.2%, Gross Margin Significantly
Improved
FORT LAUDERDALE, Fla., Nov. 14, 2012 (GLOBE NEWSWIRE)
-- Brownie's Marine Group, Inc. (OTCBB:BWMG), a leading
developer, manufacturer and distributor of highly specialized dive
and safety products, today announced its operating results for the
third quarter and nine month year-to-date periods ended September
30, 2012 and September 30, 2011.
Third Quarter 2012 compared to Third Quarter
2011
- Revenue increased 50.2% to $990,388 in 2012 compared to
$659,261 in 2011.
- The gross profit margin increased to 39.3% in 2012 compared to
25.6% in 2011
- Total operating expenses increased from $361,341 in 2011 to
$483,735 in 2012.
- The loss from operations was 94,915 in 2012 compared to a loss
of $192,331 in 2011
Nine months YTD 2012 compared to Nine Months YTD
2011
- Revenue increased 45.1% to $2,349,004 in 2012 compared to
$1,619,355 in 2011.
- The gross profit margin increased to 33.4% in 2012 compared to
24.2% in 2011
- Total operating expenses increased from $999,260 in 2011 to
$1,419,074 in 2012.
- The loss from operations was $633,481 in 2012 compared to a
loss of $607,765 in 2011
Operating expenses for the nine month period ended September 30,
2012 include approximately $473,000 in non-cash expenses comprised
of amortization of equity based compensation, officers
compensation, and consulting, legal, and other professional
expenses; compared to $27,000 in these same expense categories for
the nine month period ended September 30, 2011.
Recent 2012 Highlights
- August: New high-production compressor housing tooling and
first round of parts begin integration to production line after
2-years of development and begin yielding substantial margin and
consumer benefits.
- September: West Marine, the largest specialty retailer of
boating supplies and accessories in the world, features the
Company's new, patent-pending "VS" dive system in the Annapolis
Sail and Powerboat Show's
- October: announced it had entered into a strategic agreement
with Triton Submarines, LLC ("Triton") whereby both parties have
agreed to actively promote each other's product lines in addition
to their own products, thereby earning referral fees on the value
of the incremental revenues generated.
- November: negotiates favorable lease with new property
owner of the Company's main facility representing +$10,000/month in
cash savings.
- November 14th will mark the opening of the dive industry's
annual "DEMA" show in which Bauer Compressors Inc will introduce
the Company's patented Nitrox Maker and strategic partnership to
the global dive world.
Robert Carmichael, Brownie's Chairman and CEO stated, "We have
made tremendous operating progress in 2012 and entered into a
number of alliances and agreements that we believe will have a
significantly positive impact on Brownie's in future periods. I
want to personally thank the dedicated employees of Brownie's, our
Board of Directors, and our outside professionals who have
sacrificed, persevered and have supported us during a very
difficult period in Brownie's history, and in our in industry. Our
focus in 2012 has been to increase our cash flow to sufficient
levels where we can fund our operations and purchase materials in
sufficient quantities to generate margin expansion. The debt
proceeds from financings have been used prudently as evidenced by
our operating improvement and nearly a 1000 basis point improvement
in our gross margin. We believe further margin expansion
opportunities exist for Brownie's with sufficient capital."
Mr. Carmichael further stated, "The additional non-cash expenses
we have incurred this year in the form of stock compensation have
enabled us to preserve cash to help achieve our gains so far in
2012. While challenges remain ahead of us, we are confident that we
are now closer than at any time during the past three years to
generating annual profitability and sufficient cash flow, not only
to fund our business, but to begin reducing convertible debt
levels. We look forward to continuing making excellent
progress toward our objectives and significantly increasing
Brownie's enterprise value for our shareholders."
About Brownie's Marine Group, Inc.
Brownie's Marine Group, Inc. and its wholly owned subsidiary,
Trebor Industries, Inc., d/b/a Brownie's Third Lung, based in Fort
Lauderdale, Florida designs, tests, manufactures and distributes
recreational hookah diving, yacht based scuba air compressor and
Nitrox Generation Systems, and scuba and water safety products. The
Company sells its products both on a wholesale and retail basis and
is comprised of three highly specialized dive product groups. The
Company is an industry leading manufacturing and distribution
company that serves middle income boat owners, higher income yacht
owners, recreational divers, military operators and public safety
personnel. The Company holds more than ten patents and enjoys a
robust product development and intellectual property program that
has yielded several proprietary products. Many of these products
and innovations have become the "standard" for the marine industry.
The Company is known for its meticulous devotion to detail, high
quality production and design ingenuity. In the boating and diving
community, Brownie's is known as the market leader when it comes to
surface supplied "Third Lung" dive systems and Scuba Tankfill
Systems for yacht-based diving. Brownie's products and support
service divers at all levels of the underwater world, from
shallow-water dive systems to deep-water mixed gas support systems
for exploration divers and submariners.
In 2011, Brownie's introduced the first in a series of
patent-pending Variable Speed Battery Powered Third Lung (hookah
diving) devices engineered to conserve energy while delivering
performance to the diver.
Forward-Looking Statements:
Except for statements of historical fact, the matters discussed
in this press release are forward-looking and made pursuant to the
Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995. "Forward-looking statements" describe future
expectations, plans, results, or strategies and are generally
preceded by words such as "future," "plan" or "planned," "expects,"
or "projected." These forward-looking statements reflect numerous
assumptions and involve a variety of risks and uncertainties, many
of which are beyond the company's control that may cause actual
results to differ materially from stated expectations. These risk
factors include, among others, limited operating history, limited
financial resources, general economic conditions in the marine
industry, commercializing new technology, obtaining financing to
open a BAC store, difficulty in identifying and marketing products,
intense competition and additional risks factors as discussed in
reports filed by the company with the Securities and Exchange
Commission, which are available at http://www.sec.gov.
For more about Brownie's, www.browniesmarinegroup.com .
Contact:
Robert Manuel Carmichael CEO Brownie's Marine Group 954-462-5570
x 202
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