Tuesday, September 27, 2016 12:11:09 PM
PR Newswire August 17, 2016
LOS ANGELES and DALLAS, Aug. 17, 2016 /PRNewswire/ -- OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today announced that its 2nd Quarter 10-Q filing revealed that, for the six months ended June 30, 2016, revenues increased 2,323 percent, and gross profit by 1,853 percent, over the six months ended 2015.
Revenues were $3,165,180, compared with $136,280 for the six months ended June 30, 2015, and gross profit was $967,057 for the six months ended June 30, 2016 compared with $49,986 for the six months ended June 30, 2015.
The growth of OriginClear's wholly-owned subsidiary, Dallas-based Progressive Water Treatment (PWT), fueled this increase in revenue. For the six months ended June 30, 2016, PWT revenue increased by 19 percent over the six months ended June 30, 2015, prior to OriginClear's acquisition of the firm on October 1, 2015.
During the same period, the Company continued to aggressively reduce corporate overhead and operating costs. Loss from operations decreased by 36 percent to $1,734,142, from $2,716,466 in the same period last year.
"The performance of PWT validates our acquisition strategy," said Riggs Eckelberry, Chairman and CEO of OriginClear. "President Marc Stevens, and the entire PWT team, are to be congratulated for the quality of their projects both large and small, resulting in very happy customers."
Percentile increases for the second quarter of 2016 were similar. For the three months ended June 30, 2016, company-wide revenue increased by 1,967 percent over the three months ended June 30, 2015. Over the same period, gross profit increased by 1,786 percent.
The company continues to pursue its acquisition strategy, responsible for these increases.
"We are being very selective," said Bill Charneski, President of the OriginClear Group™. "We have declined more than a dozen opportunities presented to us in order to focus on the right ones. We are confident that the current set of prospective acquisitions, if consummated, will help position us for growth in the new era of decentralized water treatment."
Recent OCLN News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 07:14:08 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/07/2024 04:01:28 PM
- Form QUALIF - Notice of Qualification [Regulation A] • Edgar (US Regulatory) • 07/08/2024 04:15:06 AM
- Form 1-A - Offering Statement [Regulation A] • Edgar (US Regulatory) • 05/24/2024 01:56:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/15/2024 09:30:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/08/2023 10:27:24 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/15/2023 07:36:21 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/28/2023 07:34:11 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM