Seychelle Reports Loss for Q3 ended 11-30-14 Vs Prior Year, but excluding lawsuit expenses of $468,000, the Net Income would ...
15 Janvier 2015 - 3:07PM
Business Wire
To-date Seychelle has already received over
$524,000 in new orders for Q4
Seychelle Water Filtration Products, a DBA of Seychelle
Environmental Technologies, Inc. (Seychelle) (OTCQB: SYEV), a
worldwide leader in the development, assembly and sale of
proprietary portable water filtration bottles made several
announcements today relating to its most recent fiscal quarter’s
end. For the Third Quarter ended November 30, 2014, Revenue was
$1,287,814 compared to $1,197,653 in the prior year, an increase of
$90,161 (+8%). In addition, Net Loss after taxes of $283,038 was a
decrease of $480,453 (-243%) compared to the prior year’s Net
Income after taxes of $197,415. The expenses during the period
include the amount of $468,000 paid in connection with defending a
lawsuit. Without the effect of the lawsuit expenses and offset by
$168,000 in income tax benefits, Seychelle would have had net
income during the period of $16,962.
In addition, the Company reported that sales revenue for the
first nine months of the fiscal year ended November 30, 2014 was
$3,162,128 compared to $3,862,657 in the prior year, down 698,329
(-18%). Net Loss after taxes was $688,354 for the same period and
was off $1,168,857 (-243%) versus prior year Net Income of
$480,503.
Dick Parsons, Chief Executive Officer, stated that, “Our largest
customers had higher sales compared to the prior year, which
accounted for the bulk of the increase. As in Q2, we shifted our
focus toward building a broader customer base by hiring a national
sales manager to develop stronger sales relationships with both our
current and potential customers. Management believes this action
will positively impact our sales going forward.” Mr. Parsons noted
that “To-Date we have received over $524,000 in new orders for US
purchases and overseas expansion for shipment during Q4 and
anticipate the trend to continue going forward.”
With Seychelle portable water filtration, consumers can drink,
with complete confidence, perfectly filtered water that is
great-tasting from a variety of sources – the tap, rivers, streams,
ponds or creeks. The regular filter works for water from the tap
while the standard and advanced filters are needed for most outdoor
uses. The proprietary Seychelle Ionic Adsorption Micron Filtration
has been tested extensively by Independent Government Laboratories
in the US and throughout the world to strict EPA/ANSI protocols and
NSF Standards 42 and 53 by Broward Testing Laboratories.
“Perfectly Filtered Water For a Great Taste
and a Healthier Life”
Note to Investors
This press release may contain certain forward-looking
information about the Seychelle’s business prospects/projections.
These are based upon good-faith current expectations of Seychelle’s
management. Seychelle makes no representation or warranty as to the
attainability of such assumptions/projections. Investors are
expected to conduct their own investigation with regard to
Seychelle. Seychelle assumes no obligation to update the
information in this press release. For more information, please
visit www.seychelle.com or call (949) 234-1999.
Seychelle Environmental Technologies, Inc.Dick Parsons, (949)
234-1999dickparsons@seychelle.com
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