FORT LAUDERDALE, Fla., April 5, 2013 /PRNewswire/ -- Brownie's Marine Group, Inc. (OTCBB: BWMG), a leading developer, manufacturer and distributor of highly specialized dive and safety products, today announced that revenues increased to $2.864 million in 2012, an increase of 29.81% compared to 2011. "Our sales and marketing efforts, and a review of our dealer pricing and structure, paid off handsomely in 2012," said Robert Carmichael, Brownie's Marine Group, Chairman and CEO, http://www.browniesmarinegroup.com
Full Year 2012 Results Compared to 2011
- Revenue increased $657,761 or 29.81% to $2.864 million in 2012 compared to $2.207 million in 2011
- Gross profit increased to $852,415 in 2012, up 75.78 percent from $502,000 in 2011
- The gross profit margin increased to 30.8% in 2012 compared to 22.8% in 2011
- Operating expenses increased from $1.674 in 2011 to $2.505 million in 2012
Balance Sheet and Cash Flows 2012 Compared to 2011
- Net cash used in operating activities decreased from $441,134 in 2011 to $125,323 in 2012
- Working capital deficit decreased from $1,902,580 in 2011 to $875,930 in 2012
The entire 10K filing is available at http://www.sec.gov.
"Investors will note the significant progress achieved in 2012 with higher revenues, and higher gross profits. Investors will also want to now how we will continue and further improve upon this momentum," Mr. Carmichael said.
"During 2012 we implemented a number of major measures that had a positive impact on our financial metrics. This resulted in significant progress in 2012 as evidenced by higher revenues, improved gross margins as well as major improvement in our working capital deficit. These measures included a strong restructuring of the dealership pricing policy, increased marketing efforts and implementation of several parts of our strengthened strategy. We also implemented a restructuring and reduction of salaries and we still have more plans to be implemented," continued Robert Carmichael.
"Our previous years' efforts in product development and innovation is coming to fruition as we are now ready to capture and win new markets. We are trying to revolutionize the diving industry with new markets and with a new class of divers emerging. What we are accomplishing is to stay on top of these opportunities with state-of-the-art, patented products. We intend to be there for the entry level consumer, providing them a safe, uncomplicated introduction to diving," Mr. Carmichael said. "We also can provide divers with a full array of products and services, including education, travel planning, outfitting and product options serving all types of divers. In a highly fragmented industry, we are providing solutions."
"Further we believe that the most efficient and effective method for future growth is to acquire existing companies and to form strategic alliances in the marine industry. This is our future and one, we believe, that will pay dividends for our investors," Mr. Carmichael concluded.
About Brownie's Marine Group, Inc.
Brownie's Marine Group, Inc. and its wholly owned subsidiary, Trebor Industries, Inc., d/b/a Brownie's Third Lung, based in Fort Lauderdale, Florida designs, tests, manufactures and distributes recreational hookah diving, yacht based scuba air compressor and Nitrox Generation Systems, and scuba and water safety products. The Company sells its products both on a wholesale and retail basis and is comprised of three highly specialized dive product groups. The Company is an industry leading manufacturing and distribution company that serves middle income boat owners, higher income yacht owners, recreational divers, military operators and public safety personnel. The Company holds more than ten patents and enjoys a robust product development and intellectual property program that has yielded several proprietary products. Many of these products and innovations have become the "standard" for the marine industry. The Company is known for its meticulous devotion to detail, high quality production and design ingenuity. In the boating and diving community, Brownie's is known as the market leader when it comes to surface supplied "Third Lung" dive systems and Scuba Tankfill Systems for yacht-based diving. Brownie's products and support service divers at all levels of the underwater world, from shallow-water dive systems to deep-water mixed gas support systems for exploration divers and submariners.
In 2011, Brownie's introduced the first in a series of patent-pending Variable Speed Battery Powered Third Lung (hookah diving) devices engineered to conserve energy while delivering performance to the diver.
Information included or incorporated by reference in this news release may contain forward-looking statements. This information may involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. This news release contains forward-looking statements. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the risks outlined under "Risk Factors" described in our Form 10-K filing. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this news release will in fact occur.
E & E Communications
SOURCE Brownie's Marine Group, Inc.