COSTA MESA, Calif., June 23, 2016 /PRNewswire/ -- Clean Energy Technologies, Inc. (OTC: CETY), a cleantech company offering heat recovery solutions reported strong performance with $1.2 Million in revenue, of which approximately $250K is classified as EBITDA with approximately $85K of that being profitability for the Company in the 1st quarter of 2016.
Net sales for the first quarter ending March 31, 2016 increased 54% to $1,229,546 compared to $796,290 for the same quarter in 2015. Operating income increased to $235,637 with a net income increase to $85,421 compared to a net loss of $(100,741) for the same period last year. Operating income, net income and earnings-per-share were all up significantly year-over-year.
"There's a global need to implement energy efficiency projects to reduce fossil fuel consumption, we're very excited about the pipeline of opportunities we have with our Heat Recovery Solutions (HRS) business and we are positioning the company to take advantage of these energy efficiency initiatives to support a sustainable profitable growth, as well as a cleaner future for our planet," said Kam Mahdi, CEO of CETY.
About Clean Energy Technologies, Inc.
Clean Energy Technologies, Inc., designs, builds and markets clean energy products focused on energy efficiency and environmentally sustainable technologies. The Company's principal product is the Clean CycleTM generator, offered by Heat Recovery Solutions, or HRS. The Heat Recovery Solutions system captures waste heat from a variety of sources and turns it into electricity that users can use or sell back to the grid. CETY's proven cutting-edge technology allows any commercial or industrial heat generators to boost their overall energy efficiency with no fuel, no pollutants and virtually no maintenance. The Company's engineering and manufacturing resources, support our heat recovery solutions business, as well as continuing to support other Clean Energy emerging growth companies with their technologies. CETY is positioned to become a worldwide leader in ever expanding energy efficiency market. Headquartered in Costa Mesa, California, the Company's common stock is currently traded on the OTC Market under the symbol CETY. For more information regarding CETY, please visit www.cetyinc.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions; as well as, including whether the Company will be able to successfully integrate the heat recovery solutions business assets into the Company's existing operations, develop and acquire energy-efficiency and other environmentally sustainable technologies or companies, implement energy-efficient or environmentally sustainable products worldwide, or further develop products, financing options and other creative implementations to allow the Company to align its products with its customers' needs for cost-effective, energy-efficient solutions, and whether its HRS acquisition or future acquisitions and their integration will be beneficial to the Company or its stockholders. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties relating to technology performance; uncertainties relating to market acceptance and adoption of the Company's products and competitive products; uncertainties and liabilities relating to the acquisition of business assets, technologies or companies; and other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. In addition, description of anyone's past success, either financial or strategic, is no guarantee of success. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
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SOURCE Clean Energy Technologies, Inc.