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Brownie's Marine Group Announces Revenues Up 29.8 Percent In 2012

Stocks in this article: BWMG

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."

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