Brownies Marine Group Gives Q2-2020 Financial and business Update
Pompano Beach, Florida, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Brownies Marine Group, Inc. (OTC Pink: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment and high
pressure air and industrial compressors in the marine industry, is pleased to announce its financial results for the period ending June 30, 2020.
Selected financial highlights include:
- Reported revenues for the six months ended June 30, 2020 of $1,955,317 an increase of 40.5% over the same period in 2019.
- The revenue growth can be partially attributed to the rollout of our revolutionary Nemo personal tankless diving system. “We believe the BLU3 Nemo technology has initiated a revolution in the tankless dive industry, the impact and potential of this product and the subsequent design iterations from BLU3 on our Company and the industry will be substantial.“ says Robert Carmichael, CEO of BWMG.
- The Q2-2020 revenue also includes revenue from the BLU3 Vent project. The company was named a Top 5 Finalist in the U.S. Department of Defense (DoD) Vulcan “Hack-a-Ventilator Challenge.” In March 2020, the DoD announced the Vulcan Hack-a-Vent Challenge to address the projected ventilator shortage as a result of the Covid-19 global pandemic. This project is currently awaiting FDA approval of an Emergency Use Authorization to put these portable ventilators, using the company’s proprietary technology, into production, if needed. Revenue related to the BLU3 Vent project was approximately 23% of overall revenue for the period.
- The Company improved gross margins from 21.0% for the six months ending June 30, 2019 to 30.7% for the six months ending June 30, 2020.
- Margin improvement is directly attributable to the company’s commitment to maximizing profit from each unit sold. This is being accomplished by the conversion of sales via wholesale to direct to consumer, and a restructure of the company’s dealer program to provide maximum value to both the dealers and the company.
- Increased revenue and margins have improved the Company’s operating results. For the 6 months ended June 30, 2020 net income per the 10Q showed a net loss of $710,738, however, after adding back non-cash and stock based expenses this shifted to a profit after addbacks of approximately $119,000 at June 30, 2020. For the same period in 2019, the company showed a net loss of $504,351 in the 10Q and a net loss after addbacks of $310,000. Please note that net profit after addbacks is a non-GAAP calculation using the financial information from the company’s 10Q filed with the SEC for the periods ended June 30, 2020 and June 30, 2019.
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