Ecosphere Technologies Reports Its Financial Results For The Second Quarter Ended June 30, 2010 And Mid-Year Operations Update
STUART, Fla., Aug. 17, 2010 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company announces second quarter revenue in excess of $2.1 million for the quarter ended June 30, 2010. This represents an increase of 1,288% over the second quarter ended June 30, 2009.
Adrian Goldfarb, Ecosphere Technologies' CFO said, "We continue to show consistent improvement in our financial health as demonstrated by the significant growth in revenues. We are also reporting earnings in Q2 of $4.7 million largely as a result of the positive effect of the fair value accounting for derivative instruments this quarter. The Company has made significant progress in reducing the impact of these items such that any effect will have less of an impact in future reporting periods. We will maintain our focus on further improving the Company's balance sheet, increasing revenue from operations and reducing debt."
Michael R. Donn, Sr., COO of Ecosphere Technologies stated, "The first half of 2010 has been an extremely productive time for Ecosphere Technologies. Our majority-owned subsidiary Ecosphere Energy Services (EES) continues to build momentum and expand its operations. EES now has 26 Ecosphere Ozonix Systems working in the Fayetteville and Woodford Shales. We have moved the EES equipment from the Gulf to perform two pilot programs with two major energy companies. The non-chemical Ozonix technology allows our energy customers to fracture wells without the use of biocides, and reduce the need for scale inhibitors and friction reducers. These pilot programs are expected to be completed in August and may lead to an expansion of business in the Fayetteville Shale and new business in the Haynesville Shale."Ecosphere Technologies is also continuing to expand its game-changing, chemical free Ozonix technology to a wide variety of applications. Mr. Donn further stated, "The Company's engineering and manufacturing team recently completed a new Ozonix System that is capable of treating produced water for the offshore oil industry, as well as meet the needs of the many industrial applications we are targeting. On another front the Company just completed a pilot program for a Fortune 500 environmental services company to treat leachate water at an industrial landfill in Louisiana."
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