STUART, Fla., Nov. 13, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced results for the nine months and quarter ended September 30, 2013 in its quarterly report on Form 10-Q, reflecting Net Income for the nine months ended September 30, 2013 of $22.0 million, compared to $2.1 million in the same period in 2012. The Company announced Basic and Fully Diluted EPS of $0.13, an increase of $0.12 versus the same period in 2012. For the third quarter, the Company reported a net loss of $2.8 million, or $0.02 per share.
David Brooks, CFO of Ecosphere Technologies stated, "The sale of an additional percentage of FNES to Fidelity National Financial, Inc. ("FNF"), a Fortune 500 company, at the same valuation has further validated the value of one of our seven core applications in which the Company's patented, revolutionary Ozonix® technology can be applied. Unlike revenue generated from manufacturing Ozonix® units and related service revenue, which have limited gross profit margins, the sale of intellectual property has essentially 100% gross margins. The 2013 profit is an indicator of the success of the Company's long-held plan of developing and monetizing its intellectual property. The net loss for the quarter of $2.8 million results from our transition from being the full-time managing majority partner of FNES into monetizing additional subsidiaries in which our Ozonix® technology can be used including but not limited to Agriculture, Food & Beverage, Industrial, Mining, Marine and Municipal wastewater treatment."
Brooks continued, "The Company retains 100% of the global rights to monetize its patented Ozonix® technology in all other non-energy related water treatment industries and plans to realize similar value as recently realized from the development and sale of its ownership interest in FNES. This process does not allow us to recognize consistent revenues or profits but ultimately provides much greater value for our shareholders."
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