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Brownie’s Marine Group Announces 16.5% Increase in Revenues YTD ending September 30, 2021 vs. Last Year
Brownie’s Marine Group Announces 16.5% Increase in Revenues YTD ending September 30, 2021 vs. Last Year.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Brownie’s Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment and high-pressure air and industrial compressors in the marine industry, today announced results for the fiscal third quarter and nine-months ending September 30th, 2021. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “The Company continued sales growth momentum, albeit at a slower rate than the first six months due to the worldwide supply chain issues everyone is experiencing. We continue to invest in human capital to ensure that the growth we are experiencing will not diminish our customer service, and ensure that we are able to take advantage of every opportunity at profitability.” 3rd Fiscal Quarter Highlights  ●Pre-launch of BLU3, Inc.’s Nomad reached capacity for the first production allotments for September, and October; ●The Company completed its first acquisition. The acquisition of Submersible Systems, Inc. strengthened our balance sheet, added manufacturing capacity and new product lines that fit perfectly into our portfolio of products; ●Total net adjusted revenue increased 38.4% to $4.22 million YTD vs. $3.62 million in the same period last year; ●Core business net revenue, excluding the one-time sale of the Blu3 ventilator program to the U.S. Military of $574,900 during the first nine months of 2020, increased 38.9% to $4.22 million versus $3.05 last year; ●LW Americas year over year revenue for Q3, 2021 increased 51.1% to $119,400 versus $79,000 last year; ●BLU3’s year over year revenue for Q3, 2021 (net of the BLU3Vent ventilator sale) increased 68.2% to $341,300 versus $202,900 last year; ●At the close of the third quarter, cash and cash equivalents totaled $860,800, and the Company had a working capital surplus of $1,743,800. Select Financial Metrics: Nine Months Ended September 30th, 2021, Comparisons  (in thousands) YTD21  YTD20  Less: Vent Project  YTD-20 net of Vent project  Change Total Net Revenues $4,222.40  $3,626.00  $574.90  $3,051.10   38.39%Legacy SSA Products – Brownies Third Lung $2,41...