Seychelle Environmental Technologies, Inc. Reports Fiscal Third Quarter Results

January 16, 2012

Seychelle Environmental Technologies, Inc. (OTCQB: SYEV.PK) reported revenues for its fiscal third quarter ended November 30, 2011 fell 35.7% to $823 thousand compared to $1.28 million during the third quarter in the prior fiscal year.  Revenue in the third quarter was negative impacted by a loss of sales from two major customers.  Net income for the third quarter of fiscal 2012 dropped 70.7% to $91 thousand or $0.003 per diluted share versus net income of $309 thousand or $0.01 per diluted share during the third quarter of the prior fiscal year.  The decrease in net income was the primarily the result of lower revenues and higher operating expenses that was only partially offset by lower cost of goods sold as a percentage of sales.

For the first nine months of fiscal 2012, revenues increased 28.9% to $4.11 million compared to $3.19 million during the same period in fiscal 2011.  The increase was the result of higher sales to two major customers and increased sales from the website.  Net income for the first nine months fell 46.4% to $428 thousand or $0.01 per diluted share versus $799 thousand or $0.03 per diluted share during the same period in the prior fiscal year.  Net income was negatively impacted by a 98% increase in selling, general and administrative expenses.

The balance sheet at November 30, 2011 reflected cash/cash equivalents of $1.35 million, current assets of $2.66 million, total assets of $3.4 million, current liabilities of $412 thousand and total liabilities of $430 thousand.  Stockholders’ equity increased 30.6% to $2.98 million from $2.28 million on February 28, 2011.

Seychelle Environmental Technologies, Inc. engages in the design, assembly, distribution of ionic adsorption micron filters for portable filter devices that remove up to 99.99% of all pollutants and contaminants found in any fresh water.


Source: Seychelle Environmental Technologies, Inc.

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