Business
Brownie’s Marine Group Announces 53.5% Increase in Revenues for Fiscal Year End 2020
Brownie’s Marine Group Announces 53.5% Increase in Revenues for Fiscal Year End 2020.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, March 31, 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 fourth quarter and twelve months ending December 31, 2020. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “Brownie’s Marine Group had a break-out year in 2020 achieving an Adjusted Net Income profit, in addition to overall revenue increasing 53% year over year. The strong performance can be attributed in part to the team at BLU3, led by Blake Carmichael, who had a fantastic fourth quarter holiday season with a 35% Q4 revenue increase year over year. The BLU3 division continues to grow sales of our BLU3 Nemo product, which has strong momentum in 2021, and we are looking forward to the introduction of the BLU3 Nomad later this year during the third quarter. Additionally, Brownie’s Third Lung division also made a significant leap forward growing Q4 sales by 70% year over year. We have worked to diversify and reduce seasonal impacts to revenue within our Brownie’s Third Lung division and are very pleased with the contribution we are seeing from new geographic areas, such as Australia. We are also proud of our efforts to increase Direct to Consumer sales, which grew 59.9% in 2020, and can be attributed primarily to an increased focus on marketing through our social media channels.” Chris Constable added, “We have a strong outlook in 2021 for our platform businesses, in addition to a strategic mindset towards several acquisitions which could further accelerate our growth plans. We are excited for the year ahead and look forward to updating shareholders in the near term.” 4th Quarter Fiscal Quarter Highlights  ■Net Revenues increased 26.7% to $0.93 million versus $0.73 million last year; ■Adjusted Net loss for Q4 2020 was trimmed by 34.3% as compared to the same quarter last year; and ■At the close of the fourth quarter, cash and cash equivalents totaled $345,200, and the Company had a working capital balance of $439,834. Fiscal Year ended December 31, 2020 Highlights  ■Net Revenues increased 53.5% to $4.6 million versus $3.0 million last ye...