Business
American Power Group Corporation Reports Fourth Quarter and Fiscal 2015 Results
American Power Group Corporation Reports Fourth Quarter and Fiscal 2015 Results.
About this update from American Power Group Corp.
[{"type":"text","content":"\n \n \n American Power Group Corporation Reports Fourth Quarter and Fiscal 2015 Results\n \n \nAmerican Power Group Corporation Reports Fourth Quarter and Fiscal 2015 Results\n \n LYNNFIELD, MA--(Marketwired - Jan 13, 2016) - American Power Group Corporation (OTCQB: APGI), today announced results for the three and twelve months ending September 30, 2015 \n Financial Highlights:\n \n \n Fiscal Year 2015 fourth quarter revenue for vehicular conversions was second best vehicular quarter in company's history.\n \nInternational revenue for Fiscal Year 2015 grew 68 percent over prior year and current backlog entering fiscal 2016 is 200 percent higher than 2015.\n \nAugust - 2015: Acquired rights to process technology to launch flare gas capture and recovery services business.\n \nCompleted various debt and equity financing totaling over $9 million during the fiscal year to support EPA IUL and CARB approvals and for additional flare capture and recovery equipment. \n \n \n Operational Highlights:\n Vehicular: Achieved 100 EPA IUL approvals on next generation engines for Cummins, Detroit Diesel and Volvo/Mack. \n Vehicular: Achieved first California CARB EO Certification on Volvo/Mack engine -- opens up California in 2016.\n Vehicular: Over 600 APG Dual vehicular conversion units running worldwide with cumulative miles over 100 million. \n Vehicular: Achieved approvals to dual fuel Class 8 trucks in British Columbia and Quebec.\n International: A $59,000 test order in Peru generated a $615,000 blanket order in backlog for 2016.\n International: Successful 2015 road tests in Mexico with several industry leaders generate opportunities in 2016.\n Lyle Jensen, American Power Group Corporation's Chief Executive Officer, stated, \"Fiscal 2015 ended up being one of the most challenging years in the evolution of our business model. Entering the year we expected to transition from our multi-year investment phase into the revenue growth and value appreciation phase. That did not occur as we, along with the rest of our industry, ran into the head-winds of the current oil crisis which idled rigs targeted for conversion and we saw a steady decrease in diesel prices which tightened up the price spread and delayed alternative fuel purchasing decisions by many Class 8 fleets.\"\n Mr. Jensen added, \"However, what we did accomplish in 2015 was extremel...