Progressive Water Treatment Division continues to contribute growing revenues.
Los Angeles, CA and Dallas, TX – August 17, 2016 – 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.”