Business
OriginClear Quarterly Results Confirm Continued Commercial Growth
OriginClear Quarterly Results Confirm Continued Commercial Growth.
About this update from Originclear, Inc.
[{"type":"text","content":"\n \n OriginClear \n Inc. (OTC/QB: OOIL), \n a leading provider of water treatment solutions, today announced that \n its revenues for the 1st Quarter of 2016 are up 54 percent \n over 2015 total revenues. The company continues to demonstrate growth in \n the wastewater treatment market through the commercialization of its EWS \n technology and the continued success of Progressive Water Treatment, an \n OriginClear subsidiary.\n \n\nThis Smart News Release features multimedia. View the full release here: \nhttp://www.businesswire.com/news/home/20160517006081/en/\n\n \n \n Water treatment system manufactured by OriginClear subsidiary, PWT. (Photo: Business Wire) \n\n\n \n Revenues for the 1st Quarter of 2016 were $1,467,750, \n compared to full-year 2015 revenues of $954,470. Gross profit was 27% \n after Cost of Sales of $1,068,427.\n \n \n The Company recognized net profit for the quarter due to a non-cash gain \n on change in derivatives. After adjusting for this non-cash gain, net \n losses for the quarter were $1,257,197. This loss was approximately 33% \n less than a $1,864,019 net loss in Q1 2015, after making the same \n non-cash adjustment.\n \n \n When compared with Q1 2015, revenues in Q1 2016 were up 2,985 percent.\n \n \n “Our Progressive \n Water Treatment acquisition continues to rapidly improve our balance \n sheet,” said Riggs \n Eckelberry, OriginClear CEO and Acting CFO. “Our Texas subsidiary is \n reliably delivering large systems, while growing its internet commerce \n component with our support. We congratulate President Marc \n Stevens and the entire Progressive team!”\n \n \n The new subsidiary began to contribute its revenues in the 4th \n Quarter 2015, when the acquisition \n closed.\n \n \n “We believe the spread of our technology, and the growth of our new \n subsidiaries, will create a new water industry player,” said Eckelberry.\n \n \n Follow us on Twitter\n \n \n Like us on Facebook\n \n \n Signup for our Newsletter\n \n \n About OriginClear, Inc.\n \n \n OriginClear is a leading provider of water treatment solutions and the \n developer of a breakthrough water cleanup technology serving the rapidly \n growing $500 billion world market. Through its wholly owned \n subsidiaries, OriginClear provides systems and services to treat water \n in a wide range of in...