$31.1 Million in Revenue, Up 48% Year/Year
$3.9 Million Cash Flow from Operations
STUART, Fla., March 25, 2013 (GLOBE NEWSWIRE) --Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced unaudited financial results for the full year 2012. The Company recorded $31.1 million of revenue, representing a 48% year-over-year increase. Cash flow from operations was $3.9 million, also up 48% year-over-year. Net income attributable to common shareholders was $136 thousand, which compares to a loss of $7.7 million in 2011.Ecosphere Chief Financial Officer David Brooks stated, "2012 was another successful year for Ecosphere with a 48% increase in both revenue and cash flow from operations over 2011, while achieving net income of approximately $1.1 million. We manufactured and delivered eight more Ozonix® EF80 units to Hydrozonix and were recognized by leading industry consultants such as Frost and Sullivan as leaders in the oil and gas disinfection equipment market. Furthermore, our patented Ozonix® technology was successfully used on approximately 326 oil and natural gas wells in 2012 compared to 182 wells in 2011, representing a 79% year-over-year increase." Full Year 2012 Financial Details Revenue for the year ended December 31, 2012 was $31.1 million, an increase of $10.0 million over the year ended December 31, 2011. The increase was primarily due to the sale of eight Ozonix® EF80 units representing 73% of total revenue, or $22.6 million. The remaining portion of revenue was $7.4 million attributable to field services, and $1.1 million attributable to aftermarket parts sales. Selling, general and administrative expenses were $8.0 million. Net income for 2012 was $1.1 million.Net income attributable to common shareholders was $136 thousand, or breakeven per share. Net income attributable to common shareholders reflects the net income plus accrued preferred stock dividends, as well as the net income applicable to the non-controlling interest in its consolidated subsidiary, Ecosphere Energy Services, LLC. The Company generated $3.9 million in operating cash flow for the year and Ecosphere Energy Services made a dividend distribution of approximately $6.7 million.