DEERFIELD BEACH, Fla., Oct. 19, 2016 (GLOBE NEWSWIRE) -- Capstone Companies, Inc. (OTCQB:CAPC) (“Capstone” or the “Company”), a designer of innovative LED lighting solutions including power failure lighting, today announced preliminary third quarter 2016 revenue of $11.3 million, surpassing the quarterly record set in the trailing second quarter. Preliminary year-to-date revenue is expected to be $22.3 million, which is 11% higher than the previously expected revenue range of $19.5 million to $20.0 million.
Stewart Wallach, President and CEO, commented, “Our strategy to develop and market unique LED consumer lighting products, leverage our strong relationships with large retailer customers and produce high quality, low cost products has proven successful. Demand for our product is strong as they continue to be well received by end users and are quickly moving off our retailer customers’ shelves. And, given our business model, volume drives strong operating leverage and earnings. Also of note, we have greater visibility into the future and are building commitment pipelines into 2018.”
For 2016, the Company expects revenue to be approximately $28 million to $30 million, nearly doubling 2015’s record revenue of $15.9 million.
About Capstone Companies, Inc.
Capstone Companies, Inc. is a designer of innovative LED lighting solutions including power failure lighting, for consumers and institutions. The Company’s products are sold under the Capstone Lighting and Hoover® HOME LED brands, to big box retailers, wholesale clubs, and home improvement stores throughout North America and in international markets. Capstone’s strategy is to utilize its low-cost manufacturing base to provide high-quality consumer products to its customers at a reasonable price, using primarily direct import distribution.
Visit www.capstonecompaniesinc.com for more information about the Company and www.capstoneindustries.com for information on our current product offerings.