Progressive Water Treatment’s Revenues grew approx. 37%, while Gross Profits increased about 80% to nearly $1million
Los Angeles, CA – March 28, 2019 – OriginClear Inc. (OTC: OCLN), a leading provider of water treatment solutions, today issued its preliminary guidance for year-over-year revenue for its wholly-owned subsidiary, Progressive Water Treatment (PWT).Ahead of its annual report, the Company is providing the following estimates for PWT:
Revenue grew from $3,216,182 in 2017 to approx. $4,397,500 in 2018, a 37% increase year over year
Gross Profits, which were $543,910 in 2017, grew to approx. $978,700 in 2018, an 80% increase.
These results include a modest contribution from Modular Water Systems (MWS), which was established 2018 as a unit of PWT.
These results do not reflect OriginClear’s overall performance in 2018, as the company continued to show significant losses associated with corporate overhead, and investment in the new MWS business unit, among other expenses.
“We are extremely happy with the Texas team headed by Marc Stevens,” said Riggs Eckelberry, OriginClear CEO.”