Now That's A Good Report
Newport Beach, May 15, 2015 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC) is pleased to announce the filing of its financial results for the quarter ending March 31, 2015. Total revenues generated for the first quarter totaled $763,353, compared to $560,319 for the quarter ended March 31, 2014, which was an increase of $203,034 or a 36.23% increase in sales revenue over the same period last year. The increase was primarily due to revenue generated by IVXX from the sale of its cannabis products. Our gross profit for the quarter ended March 31, 2015 was $228,715, compared to a gross margin of $2,090 for the quarter ended March 31, 2014, an increase of $226,625 or gross margins of 29.96% compared to a 0.37% gross margin for the three months ending March 31, 2014. The increase in gross margin was primarily due to Dutch style hydroponic technology improvements made at the Edible Garden facility. The net result for the quarter ended March 31, 2015 was a net loss of $2,076,514, or $0.01 per share, compared to a net loss of $4,916,490, or $0.03 per share, for the quarter ended March 31, 2014. Specific results figures for the quarter ended March 31, 2015 include:
-- Total revenues generated from the sales of Edible Garden and IVXX for the
quarter ended March 31, 2015 totaled $763,353, an increase of 36.23% from
the quarter ended March 31, 2014.
-- Gross profit for the quarter amounted to $228,715 for a 29.96% gross
margin. Gross profit increased $226,625 for the quarter ended March 31,
2015 compared to gross margin of $2,090 for the quarter ended March 31,
2014. The increase in gross profit is a result of better margins from
Edible Garden in the quarter ended March 31, 2015.