Revenue increased 719% year-over-year
Conference call scheduled for Monday, August 19 at 4:30 p.m. ET
PHOENIX, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Green Chemistry innovator GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") announced its financial results for the second quarter ended June 30, 2013.
Second Quarter 2013 Financial Summary – Q2 2013 over Q2 2012
- Net sales increased 719% to $1.4 million, up from $173,117
- Gross profit increased 1,210% to $475,609, up from $36,301
- Gross profit margin increased to 34%, up from 21%
- Net loss decreased 61% to $199,435, down from a loss of $506,911
- Net loss per share decreased 50% to $0.01 per share, down from a loss of $0.02 per share
- Shareholders' equity increased 54% to $5.3 million, up from $3.4 million
"Our impressive financial results for the second quarter reflect the successful integration of the acquisitions we completed in late 2012," stated John Lorenz, chairman and CEO of GlyEco. "While we are very pleased with results to date, we're still in the early stage of setting the foundation for even better performance. Accomplishments since the close of the second quarter position GlyEco for solid revenue acceleration in the quarters ahead. In the past several weeks, we've completed our initial GlyEco Technology™ upgrades at our New Jersey facility, and we can now produce commercial quantities of Type 1, or refinery grade, glycol. We've also secured a supply agreement with industry giant Waste Management, are near completion on two additional acquisitions and continue to make progress on our overall Phase 1 upgrade plan."
Mr. Lorenz continued, "I want to thank our various stakeholders for their continued support. Together we can make a major impact in the waste industry while creating immense shareholder value. As our efforts gain further traction, we continue to follow through on plans to expand our footprint domestically while exploring strategic partnerships internationally. I look forward to sharing more details of our recent developments in the coming months. Our biggest successes still lie ahead."
Conference Call
GlyEco will host a conference call on Monday, August 19, with CEO John Lorenz and CFO Alicia Williams Young at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). To participate in the call, please dial (877) 941-8416, or (480) 629-9808 for international calls, approximately 10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks from 7:30 p.m. ET on August 19, 2013, until 11:59 p.m. ET on September 2, 2013. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4636193.
About GlyEco
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery produced ethylene glycol is over 5.5 billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Special Note Concerning Forward-Looking Statements
This release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements regard the intent, belief, and expectations of the Company. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, they involve risks and uncertainties, and their results may differ materially.