Business
Brownie’s Marine Group Announces 56.4% Increase in Revenues for Fiscal Year End 2021
Brownie’s Marine Group Announces 56.4% Increase in Revenues for Fiscal Year End 2021.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n Pompano Beach, FL, April 22, 2022 (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, 2021. Chris Constable, CEO of Brownie’s Marine Group, Inc. stated, “We were pleased with our fiscal year 2021 results. We believe that the sales growth of greater than 56% means that our Company is experiencing significant momentum in our markets. This growth was hampered a bit by the worldwide supply chain and logistics challenges leading to higher costs for components and freight, negatively impacting our aggregate margins year over year. Additionally, we invested significantly in human capital to ensure that next year’s sales can continue at a similar pace. While both items affected our profitability for 2021, the Company has adjusted pricing to counter the increased component cost and I also believe that our front-loaded investment in people will pay dividends in the coming year.” Q4-2021 Highlights Total revenue increased 115.6% to $2.0 million for Q4-2021 vs. $930 thousand in the same period last year;BLU3, Inc. revenue for Q4-2021 increased 294% to $1.04 million versus $263.2 thousand in the same period last year;The Total Adjusted Net Income Loss decreased for Q4-2021 to a loss of $84.3 thousand versus a loss of $314.3 thousand in the same period last year; Fiscal Year 2021 Highlights(1) Total revenue increased 56.4% to $6.24 million for FY-2021 vs. $3.98 million in FY-2020;Brownie’s Third Lung revenue increased 6.4% to $2.9 million for FY-2021 vs. $2.7 million in FY-2020;LW Americas revenue increased 25.8% to $616 thousand for FY-2021 vs. $489.6 thousand in FY-2020;BLU3, Inc. revenue increased 191.2% to $2.2 million for FY-2021 vs. $769.7 thousand in FY-2020;The Total Adjusted Net Income Loss decreased for FY-2021 to a loss of $195.0 thousand versus a loss of $404.6 thousand in FY-2020; (1) The total revenue, the BLU3 revenue and the Total Adjusted Net Income for 2020 are presented excluding the one-time sale of the Blu3 ventilator program to the U.S. Military of $574,900 during 2020. Select Financial Metrics: Twelve Months Ended December 31st...