Seychelle Reports Q3 Loss While Anticipated Guidance Indicates a Strong Recovery and a Potential Return to Profitability in Q4
Jan 18, 2017
OTC Disclosure News Service
Water Filtration Products, a DBA of Seychelle Environmental
Technologies, Inc. (Seychelle, we, us, our or the Company) (OTCQB:
SYEV), a worldwide leader in the development, assembly and sale of
proprietary portable water filtration bottles, made several
For Q3 period ended November 30, 2016, Revenue was $1,257,844 compared
to $3,246,064 in the prior year, a decrease of $1,988,220 (- 61%). In
addition, Net Loss of $284,230 compared to the prior Net Income of
$370,962 decrease of $655,192 (-177%).
In addition, the Company reported for the first nine months period ended
November 30, 2016, Revenue was $2,885,212 compared to $8,318,076 in the
prior year, a decrease of $5,432,864 (- 65%). In addition, Net Loss of
$877,041 compared to the prior year’s Net Income of $1,358,537 decrease
of $2,235,578 (-165%).
A major share of the decreases compared to the prior year are directly
attributable to the loss of our largest customer in February of last
fiscal year. We continue to feel the impact of that event. Now that we
have moved into a larger facility to accommodate our anticipated growth,
the objective of our new efforts will be to expand our product
distribution base to minimize the effects in the future of the loss of
any one customer.
Sales have increased from the prior fiscal quarter and are on target to
increase again in Q4. Seychelle looks forward to potentially becoming
profitable as soon as Q4.
“Dedicated to improving the quality of life through the quality of
our drinking water.”
Note to Investors
This press release may contain certain forward-looking information about
the Seychelle’s business prospects/projections. These are based upon
good-faith current expectations of Seychelle’s management. Seychelle
makes no representation or warranty as to the attainability of such
assumptions/projections. Investors are expected to conduct their own
investigation with regard to Seychelle. Seychelle assumes no obligation
to update the information in this press release. For more information,
please visit www.seychelle.com
or call (949) 234-1999.
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