Business
Brownie’s Marine Group Announces 29.7% Increase in Revenues for Q2-2021 vs. Q2-2020
Brownie’s Marine Group Announces 29.7% Increase in Revenues for Q2-2021 vs. Q2-2020.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, Aug. 16, 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 second quarter and six months ending June 30th, 2021. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “Brownie’s Marine Group continues to grow our core platform businesses every quarter. We are working towards consistent profitability at the adjusted net income level and to the net income level over the next 4 quarters. Second quarter total net revenue increased 29.7% YoY and 36.2% for the six months as it compares to the same period in the prior year. I am very proud of the effort our team has put forth thus far in 2021 and we remain excited about our growth prospects for the second half of this year, especially with the launch of our new product, Nomad, by BLU3.“ 2nd Fiscal Quarter Highlights Pre-launch of BLU3, Inc.’s Nomad, an ultra-portable dive system that will take divers to 30 feet.Total net revenue increased 29.7% to $1.71 million vs. $1.32 million last year;Core business net revenue, excluding the one-time sale of the BLU3 ventilator program to the U.S. Military for $457,800 during Q2, 2020, increased 98.6% to $1.71 million versus $0.862 million last year;Adjusted Net Income was $167,570 vs. a loss of $85,800 last year;Brownies Third Lung revenue increased 55.97% to $977,000 versus $626,400 last year;LW Americas revenue increased 176.06% to $207,600 versus $75,200 last year;BLU3 revenue (net of the BLU3Vent ventilator sale) increased 228.00% to $528,400 versus $161,100 last year.At the close of the first quarter, cash and cash equivalents totaled $161,700, and the Company had a working capital surplus of $798,100. Select Financial Metrics: Fiscal 2nd Quarter Ended June 30th, 2021, Comparisons (in thousands) Q2-21  Q2-20  Less: Blu3Vent Project  Q2-20 (net of Vent project)  % Change Total Net Revenues $1,712.50  $1,320.50  $(457.80) $862.70   98.55%Legacy SSA Products – Brownies Third Lung $977.00  $626.40   -  $626.40   55.97%Hi...