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Seychelle Reports Q2 Loss While Anticipated Guidance Indicates a Strong Recovery with a Return to Profitability in Q3 and Going Forward
Seychelle Reports Q2 Loss While Anticipated Guidance Indicates a Strong Recovery with a Return to Profitability in Q3 and Going Forward.
About this update from Seychelle Environmental Technologie
[{"type":"text","content":"\n \n Seychelle \n Water Filtration Products, a DBA of Seychelle Environmental \n Technologies, Inc. (Seychelle, we, us, our or the Company) (OTCQB: \n SYEV), a worldwide leader in the development, assembly and sale of \n proprietary portable water filtration bottles made several announcements \n today.\n \n \n For Q2 period ended August 31, 2016, Revenue was $728,232 compared to \n $2,724,829 in the prior year, a decrease of $1,996,597 (- 73%). In \n addition, Net Loss of $148,466 was a decrease of $663,543 (-129%) \n compared to the prior year’s Net Income of $515,077.\n \n \n In addition, the Company reported for the first six months period ended \n August 31, 2016, Revenue was $1,627,368 compared to $5,072,012 in the \n prior year, a decrease of $3,444,644 (- 68%). In addition, Net Loss of \n $592,811 was a decrease of $1,589,386 (-160%) compared to the prior \n year’s Net Income of $987,585.\n \n \n A sizable share of the losses are directly attributable to the loss of \n our largest customer in February of last fiscal year. Now that we have \n moved into a larger facility to accommodate the anticipated growth, the \n objective of our new efforts will be to expand the product distribution \n base to minimize the effects of the loss of any one customer.\n \n \n Based on our sales history with a limited number of customers of the new \n pH20 product line, with both pitchers and bottles which increases the \n alkalinity of tap water to between 8.0 and up to 9.5 pH, we plan to \n aggressively expand this new product line to our other customers due to \n its profitability to the Company.\n \n \n Other new products include the new pocket pump and the standard pump for \n home, travel and disaster preparedness with 100 gallon capacity before \n filter replacement and will be sold domestically through both existing \n and new accounts. In addition, we have a new product, the inline filter \n with a quick disconnect valve, which can be used for hydration packs or \n as a drinking water straw and has military and outdoor sports \n applications. These two new pumps and the in-line filter can be used for \n the removal of heavy metals, volatile organic compounds, bacteriological \n contaminants, radiological removal and pH for increased hydration.\n \n \n We anticipate that the new World Advanced Filter Project, our newest ...