PHOENIX, May 16, 2013 /PRNewswire/ -- Green Chemistry innovator GlyEco, Inc. (OTCQB: GLYE) ("GlyEco" or the "Company") announced its financial results for the first quarter ended March 31, 2013.
First Quarter 2013 Financial Summary – Q1 2013 over Q1 2012
- Net Sales increased 194.3% to $1.2 million, up from $418,817
- Gross Profit increased 34.1% to $67,085, up from $50,033
- Shareholders' equity increased 91.3% to $6.5 million, up from $3.4 million
"The first quarter of 2013 was a period of multiple important achievements for GlyEco," stated John Lorenz, chairman and CEO of GlyEco. "We have successfully begun integration of the acquisitions we completed in late 2012, while making significant progress implementing Phase 1 of our technology upgrades. We expect the upcoming rollout of our breakthrough recycling technology to accelerate revenue growth in 2013. As we continue to expand our customer base, we are strongly positioned to lead this transformative era in the glycol recycling market."
GlyEco completed its acquisition of five glycol recyclers in Q4 2012. The Company intends to upgrade these businesses with GlyEco Technology, improving production capabilities and increasing processing capacity. The Company is currently in the process of upgrading facilities, including its New Jersey facility, and is on schedule to begin producing Type 1 material in June or July. Upon completion of plant upgrades, management plans to ramp up production volumes, doubling run rates. The Company plans to upgrade, expand and implement its GlyEco Technology at the other facilities as feedstock sources and volumes expand.
2013 Objective Snapshot
"Over the next few quarters, we will focus on integrating and increasing the sales of our recent acquisitions while completing the implementation of our Type 1 glycol recycling technology," continued Mr. Lorenz. "We continue to explore additional acquisition targets with the potential to add revenue and profitability, and we are finalizing the details of additional acquisitions, which will be announced in the coming weeks. Internationally, we are exploring strategic partnerships to implement our GlyEco Technology in Europe, Asia, Mexico, and South America. We believe our business strategy will result in substantial top- and bottom-line growth for the Company, leading to long-term shareholder value."
GlyEco will host a conference call on Monday, May 20, with CEO John Lorenz and CFO Alicia Williams Young at 4:00 p.m. Eastern time (1:00 p.m. Pacific time). To participate in the call, please dial (877) 941-4774, or (480) 629-9760 for international calls, approximately 10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks from 7:00 p.m. ET on May 20, 2013, until 11:59 p.m. ET on June 3, 2013. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4620504.
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery produced ethylene glycol is over 5.5 billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Special Note Concerning Forward-Looking Statements
This release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements regard the intent, belief, and expectations of the Company. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, they involve risks and uncertainties, and their results may differ materially.
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SOURCE GlyEco, Inc.