Seychelle Environmental Technologies, Inc. (SYEV)
SYEV reported its financial results for the Second Quarter ended August 31, 2013, posting revenue of $1,096,947 compared to $719,610 in the prior year, an increase of $377,137 (+52.3%), and net income after taxes of $82,774, an increase of $79,038 (+2,115.5%) compared to the prior year’s Net Income after taxes of $3,736. This is more than 21 times the Net Income over prior year
In addition, SYEV reported that sales revenue for the first six months of the fiscal year ended August 31, 2013 was $2,663,004 compared to $1,617,819 in the prior year, up $1,045,185 (+64.6 %), and net income after taxes of $283,088, up $376,792 (+402.1%) versus prior year Net Loss of $93,704 or quadruple the Net Income over prior year.
According to SYEV , the increases in revenues and earnings are a direct result of several key factors:
(1) increased worldwide concern about the continuing deterioration of the quality of drinking water sources has created niche opportunities in many world markets;
(2) bringing on line distributors in the US and worldwide;
(3) the successful introduction of its new 20 oz pull-top sports bottle and
(4) better inventory control and management of key areas of its business.
These factors resulted in SYEV receiving to-date over $1,600,000 in new orders for shipment in the third quarter
SYEV said that they will be adding several new products to their line in coming months including a baby bottle filtration system, Survival Canteen that has already received great initial acceptance from key distributors, a new, advanced drinking water straw that the company believes is far superior to Life Straw, and an advanced water pitcher that is ideally suited for International marketplaces.
In addition, SYEV has developed technology that allows the company, for the first time, to offer the removal of radiological contaminants in addition to giardia, cryptosporidium, bacteria and virus, in a portable water purification system. This technology will be first used in China, Japan, Vietnam, Australia and New Zealand in the coming months.
SYEV last trade was $0.59, with volume of 19,550 shares at closing bell on Monday's trading session.
SYEV is a fast growing worldwide manufacturer and marketer of economical portable water filtration products with proprietary filters that remove up to 99.9999% of contaminants that can be found in drinking water sources. Over 4 million filters have been sold in 33 countries through a network of dealers, distributors, humanitarian and faith-based groups, and militaries. The extensive product line includes bottles, water pitchers, drinking water straws, canteens, pure water bags, pouches and pumps; ideal for daily family use or emergencies.
More about Seychelle Environmental Technologies, Inc. (SYEV) at www.seychelle.com
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