Business
Brownie’s Marine Group Announces 98.6% Increase in Net Revenues, 3.3% Net Profit Margin for Fiscal Third Quarter 2020
Brownie’s Marine Group Announces 98.6% Increase in Net Revenues, 3.3% Net Profit Margin for Fiscal Third Quarter 2020.
About this update from Brownie's Marine Group, Inc.
[{"type":"text","content":"\n POMPANO BEACH, FL, Nov. 16, 2020 (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 30, 2020. \"Brownie’s had a strong third quarter despite the challenges facing the country and the economy thus far in 2020. We believe that COVID19 has brought families back together and looking for outdoor, fun activities that they can share as a family unit. In our primary market of warm water destinations, we believe that the Brownie’s Third Lung and Nemo systems are the perfect family fun activity.\" said Christopher Constable, Chief Executive Officer. \"The third quarter showed a great recovery from Q2, and we can feel the momentum building for our products. The Nemo product line is finding acceptance across the globe and has developed a great platform to help complete the vertical integration of the diving experience. The company is in a great cash position heading into the fourth quarter, and is focusing on flattening our seasonality curve by focusing on sub-equatorial geographical diving areas that will expand demand during the traditionally winter months in the US.” 3rd Fiscal Quarter Highlights Net Revenues increased 98.6% to $1.7 million versus $.8 million last year;Net Income was $.05 million versus a loss of $.32 million last year;Adjusted Net Income was $309,200 versus ($113,000) in the same period last year; andAt the close of the third quarter, cash and cash equivalents totaled $769,600, and a working capital balance of $770,236. Nine Months ended September 30, 2020 Highlights Net Revenues increased 62.3% to $3.6 million versus $2.2 million last year;Revenue from BLU3, launched in Q4, 2019, contributed $1.1 million for the nine months ended September 30, 2020 or 79% of overall growth. The BLU Vent project accounted for 15.8% of consolidated revenues for the nine month period.Net Loss through Q3, 2020 was ($0.6) million versus ($0.8) million for Q3 last year; andAdjusted Net Income for the nine months ending September 30, 2020 was $371,500 versus ($468,400) in the same period last year. Select Financial Metrics: Fiscal 3rd Quarter and Nine Months Ended Septemb...