Business
PEN Inc. Announces Fourth Quarter and Full Year 2015 Financial Results
PEN Inc. Announces Fourth Quarter and Full Year 2015 Financial Results.
About this update from Nano Magic Inc.
[{"type":"text","content":"\nPEN Inc. Announces Fourth Quarter and Full Year 2015 Financial Results \n\nPEN Inc. Announces Fourth Quarter and Full Year 2015 Financial Results\n\n\n MIAMI, FL--(Marketwired - March 31, 2016) - PEN Inc. (OTCQB: PENC) (\"PEN\" or \"the Company\"), a global leader in developing, commercializing and marketing consumer and industrial products enabled by nanotechnology, yesterday reported financial results for its fourth quarter and full year ended December 31, 2015.Scott Rickert, PEN's President, Chairman and CEO, said: \"2015 was the first full-year of operations as the new PEN. I am proud of the progress we made on several fronts. Most rewarding is the teamwork and sharing of the expertise of our teams in Austin and Cleveland creating nanotechnology-based products with significant growth potential, particularly our HALO™ product. In 2015 we also undertook a substantial realignment of the operations at the Design Center in Austin. At the same time, we were working to establish new channels of distribution for our optical products that we see as a growth opportunity. Our fourth quarter financial results show tangible progress in reducing losses and improving operating cash flow to the break-even level. \"In 2016, we continue to move forward to expand our branded products business into the mass market retail channel. Our broad product portfolio, including the Clarity® branded optical cleaners, Clarity Advanced® consumer electronics cleaners, Defog It™ defogging products and HALO brand surface protector, fortifier, and cleaner, are attracting the interest of national drug stores, sporting goods stores and other mass market retailers. Meanwhile, the latest breakthroughs in 3D printed electronics and graphene foil used in medical imaging are generating opportunities for new contract research revenue at the Design Center in Austin. We plan a strong marketing push for the HALO product as our resources support it.\" \n Fourth Quarter 2015 Financial Results\n For the three months ended December 31, 2015, total revenues were $2,293,190, down 2.7% from revenues of $2,356,383 in the fourth quarter of 2014. \n Product Segment - Optical, Surface Treatments & Coatings and Related Products \n Sales from PEN's Product segment were $1,946,459, up 7.1% as compared to the ...