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GlyEco Announces Second Quarter Financial Results

Stocks in this article: GLYE

Revenue increased 719% year-over-year

Conference call scheduled for Monday, August 19 at 4:30 p.m. ET

PHOENIX, Aug. 15, 2013 (GLOBE NEWSWIRE) -- Green Chemistry innovator GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") announced its financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Financial Summary – Q2 2013 over Q2 2012

  • Net sales increased 719% to $1.4 million, up from $173,117
  • Gross profit increased 1,210% to $475,609, up from $36,301
  • Gross profit margin increased to 34%, up from 21%
  • Net loss decreased 61% to $199,435, down from a loss of $506,911
  • Net loss per share decreased 50% to $0.01 per share, down from a loss of $0.02 per share
  • Shareholders' equity increased 54% to $5.3 million, up from $3.4 million

"Our impressive financial results for the second quarter reflect the successful integration of the acquisitions we completed in late 2012," stated John Lorenz, chairman and CEO of GlyEco. "While we are very pleased with results to date, we're still in the early stage of setting the foundation for even better performance. Accomplishments since the close of the second quarter position GlyEco for solid revenue acceleration in the quarters ahead. In the past several weeks, we've completed our initial GlyEco Technology™ upgrades at our New Jersey facility, and we can now produce commercial quantities of Type 1, or refinery grade, glycol. We've also secured a supply agreement with industry giant Waste Management, are near completion on two additional acquisitions and continue to make progress on our overall Phase 1 upgrade plan."

Mr. Lorenz continued, "I want to thank our various stakeholders for their continued support. Together we can make a major impact in the waste industry while creating immense shareholder value. As our efforts gain further traction, we continue to follow through on plans to expand our footprint domestically while exploring strategic partnerships internationally. I look forward to sharing more details of our recent developments in the coming months. Our biggest successes still lie ahead."

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