OriginClear’s Third Quarter Revenues Surge by Nearly 3,000 Percent Over Third Quarter 2015
Last year’s acquisition of Progressive Water Treatment continues to drive year over year increases.
Los Angeles, CA and Dallas, TX – November 17, 2016 – OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today announced that its third quarter 10-Q filing revealed that for the nine months ended September 30, 2016, revenues increased by $4,181,098 (2,981 percent), and gross profits increased by $1,367,885 (2,534 percent), over the nine months ended 2015.
Revenues were $4,321,378, compared with $140,280 for the same period in 2015. Gross profits were $1,421,871 for the nine months ended September 30, 2016, compared with $53,986 for the same period in 2015.
The acquisition of OriginClear’s wholly-owned subsidiary, Dallas-based Progressive Water Treatment (PWT), continues to fuel these increases.
“We are very happy with Marc Stevens and his crew at Progressive Water Treatment,” said Riggs Eckelberry, OriginClear CEO. “They continue to set a great example for the kind of companies we are interested in acquiring.”
During the same period, OriginClear accelerated the reduction of corporate overhead and operating costs with a view to attaining cash flow profitability. Loss from operations decreased by 40 percent to $2,338,870 from $3,868,333 in the same period last year, compared to 36 percent at the half-year mark.
For the three months ended September 30, 2016, company-wide revenue increased by $1,015,919 over the three months ended September 30, 2015. Over the same period, gross profit increased by $441,814.
Safe Harbor Statement:
Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Return to Announcements»