AXION Pre-Announces Strong Revenue Growth for First Quarter 2014 Company Reports 182% Increase in Revenues Year-Over-Year
NEW PROVIDENCE, N.J., April 17, 2014 /PRNewswire/ -- AXION International Holdings, Inc. (OTCQB: AXIH), a leader in recycled plastic and plastic composite technologies used to produce ECOTRAX® rail ties/sleepers and STRUXURE® building products, and reprocessor and supplier of recycled plastic, today announced that it expects revenues for the first quarter of 2014 to be $4.9 million, a 182% increase over the same period in 2013. First quarter revenues equate to nearly 75% of AXION's 2013 full year revenues. The Company's Engineered Products and Reprocessing Division each contributed approximately 50% of total revenues.
"We started the year extremely strong with our ECOTRAX® and STRUXURE® products receiving high demand on both new and repeat orders," said Steve Silverman, President and CEO of AXION. "As we stated on our last call, to date, we are working on approximately $30 million in current sales opportunities and projects for our Engineered Products Division that are all at different phases of the sales process. Our pipeline for our Engineered Products Division consists of 57 active opportunities and 51 customers with the potential to close by the end of 2014. The number is compelling given that our first quarter of this year alone comprises of almost 75% of 2013's full year revenues. Also driving robust top line growth is our Reprocessing Division, which is working on multiple customer contracts. We are confident this will be yet another record breaking year and we look forward to keeping our investors updated on our progress."
The Company expects to issue their first quarter 2014 financial results in mid-May. Final numbers may be subject to adjustment.
About AXION International Holdings, Inc.
AXION (OTCQB: AXIH) is a green technology company, transforming waste plastics into structural building materials. Using 100%-recycled consumer and industrial plastics, AXION develops, markets and sells its recycled structural composite products through its ECOTRAX® composite rail tie and STRUXURE® building material lines. AXION's wholly owned subsidiary, AXION Recycled Plastics (ARPI) reprocesses post-consumer and post-industrial plastics. As a complete plastics recovery operation, ARPI sorts, grinds, washes, blends, and pelletizes plastic for future use, offering economic benefits to its customers, while keeping waste out of landfills. In addition, it offers toll recycling services. ARPI will continue to serve regional customers from its Zanesville, Ohio facility, and establish and grow the recycling capabilities at the Company's Waco, Texas facility to serve new customers in Texas and surrounding states, as well as provide raw materials internally for the Company to produce ECOTRAX® and STRUXURE® products. From the railroading industry to the military to global engineering firms, AXION delivers tested, proven and superior green solutions to infrastructure needs around the world.
This release contains "forward-looking statements" for purposes of the Securities and Exchange Commission's "safe harbor" provisions under the Private Securities Litigation Reform Act of 1995 and Rule 3b-6 under the Securities Exchange Act of 1934. These forward-looking statements are subject to various risks and uncertainties that could cause AXION's actual results to differ materially from those currently anticipated, including the availability of materials at favorable pricing, sufficient manufacturing capability and the risk factors identified in AXION's filings with the Securities and Exchange Commission.
SOURCE AXION International Holdings, Inc.