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.