Seychelle Environmental Technologies, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended November 30, 2012
January 15, 2013 at 07:37 pm IST
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Seychelle Environmental Technologies, Inc. reported earnings results for the third quarter and nine months ended November 30, 2012. For the third quarter ended November 30, 2012 revenue was $1,161,785 compared to $825,316 in the prior year up $338,469 (+41.1%). The Net Income after taxes of $167,096 was an increase of $76,581 up (+84.6%) compared to the prior year's net Income after taxes of $90,515. This improvement was due primarily to selling higher gross profit products by both the two large customers (51% of revenue) and five customers that accounted for 30% of the sales thereby expanding customer base, including 7% of the sales generated from the Seychelle website. This revenue included the new radiological filter that removes up to 99% of major nuclear contaminants in drinking water and the pH filter which enhances the pH level of source water filtered through products. Bottles, pitchers and replacement filters contributed 77% of the product sales for the 3 month period.
The company reported that sales revenue for the first nine months of the fiscal year ended November 30, 2012 was $2,779,604 compared to $4,112,801 in the prior year, down $1,333,197 (-32.4%). Net Income after income taxes was $73,391 for the same period and was down $354,739 (-82.8%) compared to prior year net income of $428,130.
Seychelle Environmental Technologies, Inc. is engaged in the clean water business. Through its line of sustainable and innovative filtration products, it provides water for everyone, everywhere, and in every situation. Its products remove a wide spectrum of aesthetic, chemical, and radiological contaminants. This includes tap water contaminants, like PFOA, PFOS, lead, chromium 6, chlorine, chloramines, and VOCs. Its radiological line removes gross beta, radon 222, alpha radium 226, plutonium, uranium, cesium 134 and 137. The Company offers products, including Bottles, Pitchers, Pumps, Showerheads, Straws, and Replacement Filters. The Company offers international lab testing on its products in countries, including the United States, Argentina, Australia, Brazil, China, Germany, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Mexico, Myanmar, Nepal, New Zealand, Pakistan, Sri Lanka, Slovenia, South Africa, Tanzania, United Kingdom, and Vietnam.