Ecosphere Technologies, Inc., diversified water engineering, technology licensing and environmental services company for industrial markets, today announced that it will report in excess of $20 million in revenues for 2011.
“We will report over $20 million in revenue for 2011 which more than doubles our performance in 2010. With revenue greater than $8 million in the Q4 2011, we will report a 228 percent revenue increase versus the comparative quarter in 2010. In addition to solid revenue growth, we have made significant strides in reducing our debt from $3.1 million to $2.3 million,” Adrian Goldfarb, CFO of Ecosphere Technologies, stated in the press release.
Charles Vinick, chairman and CEO of Ecosphere Technologies, said the company’s progressive financial performance reflects efforts directly aimed at such improvements.
“2011 was a milestone year for Ecosphere’s financial growth and increased technical capability. Our results in 2011 have demonstrated our focus on a number of key financial metrics including revenue growth, improvements in working capital and increased cash flow from operations,” Vinick stated.
Ecosphere Technologies also announced that it and its majority-owned subsidiary, Ecosphere Energy Services, LLC, have received the purchase order from Hydrozonix, LLC for units 5 and 6, of 16 total units, to be delivered in the first quarter of 2012.
“Hydrozonix has had great success introducing themselves and the latest Ozonix EF80 technology to the U.S. oil and gas market. During its first 90 days in operation, Hydrozonix has already processed approximately 100 million gallons of flowback and produced water for its customers in the Permian Basin, Eagle Ford Shale and Marcellus Shale. For 2011, Ecosphere Energy Services expanded its operations in the Fayetteville Shale by approximately 34 percent, resulting in increased revenue generation and profit margins. We look forward to working with Hydrozonix in 2012 to continue our growth in the U.S. market,” Robbie Cathey, CEO of Ecosphere Energy Services stated.
This purchase order follows the on-schedule delivery of units 3 and 4 in fourth quarter 2011 of a 16-unit, $45-million contract with Hydrozonix.
For more information, visit www.EcosphereTech.com
Let us hear your thoughts below: