Business
Seychelle Reports Revenues and Net Income for the First Fiscal Quarter ended May 31, 2018
Seychelle Reports Revenues and Net Income for the First Fiscal Quarter ended May 31, 2018.
About this update from Seychelle Environmental Technologie
[{"type":"text","content":"\n \n Seychelle 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 the Fiscal Quarter ended May 31, 2018, Revenue was $1,133,901 \n compared to $1,208,207 in the prior year’s fiscal quarter. The decrease \n in revenue is minimal and primarily due to typical seasonal variations \n of sales of our bottle, portable retail, pitcher replacement and pitcher \n custom product lines.\n \n \n Seychelle had Net income of $92,791, for the fiscal quarter ended May \n 31, 2018, or $0.00 per share, compared to prior year's fiscal quarter \n Net income of $159,981, or $0.01 per share. This was primarily due to a \n decrease of approximately $74,000 in sales, decrease of approximately of \n $60,000 in cost of sales and an increase of approximately $62,000 in \n selling, general and administrative expenses.\n \n \n As of May 31, 2018, we had $2,059,498 in cash and cash equivalents, \n $679,051 in accounts receivable and a backlog of $138,971 in unshipped \n product. For the Second Fiscal Quarter, we anticipate increases in sales \n over our most recent Fiscal Quarter and a strong potential for increased \n income.\n \n \n Seychelle is excited to release a new line of hollow fiber technology \n and advanced improvements to our filters’ effectiveness and production \n in the upcoming months. We also anticipate an increase in earnings with \n the addition of our innovative technology that focuses on water miscible \n Cannabidiol (CBD) in conjunction with our portable products. Our focus \n continues to be investment in product innovation, expanding our \n marketing opportunities, and meeting the needs of the increased demand \n for advanced water filtration products.\n \n \n \"Dedicated to improving the quality of life through the quality of \n our drinking water”.\n \n \n Note to Investors\n \n \n This press release may contain certain forward-looking information about \n the Seychelle's business prospects/projections. These are based upon \n good-faith current expectations of Seychelle's management. Seychelle \n makes no representation or warranty as to the attainability of such \n assu...