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Last10K.com | 10-Q Quarterly Report Mon May 15 2017
Exhibit 99.1
Abtech Holdings, Inc. Reports Fiscal Year 2016 Financial Results
Scottsdale, AZ, – March 31, 2017 – Abtech Holdings, Inc. (OTC QB: ABHD) (“AbTech” or the “Company”), an environmental technologies firm dedicated to providing innovative solutions to communities, industry and governments addressing issues of water pollution and contamination, today reported financial results for its full year ended December 31, 2016.
Key Full Year and Fourth Quarter 2016 Financial Results Summary
| · | Revenues for the full year and fourth quarter 2016 were approximately $310,000 and $150,000, respectively. While full year revenues declined year over year as the Company continued the restructuring and redirection of its sales effort, revenue in the fourth quarter increased 6% over the same quarter of 2015; |
| · | Operating expenses decreased by approximately $1.4 million or 24% to $4.5 million for the full year 2016 compared the full year 2015. Fourth quarter 2016 operating expenses totaled approximately $648,000, a 57% decrease compared to the fourth quarter of 2015, and a 42% decrease from the third quarter of 2016; |
| · | The net loss for full year 2016 decreased 54% to $(4.8) million, with the fourth quarter 2016 net loss declining significantly to $(712,000). Lower legal fees, a decrease in interest expense and the absence of $3.2 million of the debt conversion expense incurred in the fourth quarter 2015, all contributed to significantly lower expenses in 2016; |
| · | During 2016, the Company received cash advances totaling $3.7 million from related party investors. Subsequent to year-end, the Company secured an additional $932,000 in short-term funding from these investors; |
| · | In 2016, AbTech successfully participated in several water treatment field trials, of note: |
| · | Initial field trial of an evaporative technology for produced and frac flowback water |
| · | Demonstration for Colombian distributor of Smart Sponge® media’s ability to treat produced water |
| · | Low selenium results on a flue gas desulfurization wastewater power plant application |
| · | Low phosphorus results on a yogurt wastewater application |
| · | Removal of molybdenum to low levels for a customer who services the power industry; |
| · | Fourth quarter 2016 AbTech was awarded its first contract to supply Ultra Urban® Filters with AbTech’s new heavy metal and nutrient removal technology to reduce phosphorous in stormwater for a municipality. Revenue recognition for this initial order occurred in first quarter 2017; and, |
| · | Senior personnel appointments during 2016: |
Shawn Lolling, AbTech Director of Engineering (August 26) joined from Culligan International with a focus on non-conventional media technologies - adds significant support and credibility to the Company’s sales effort and ultimately expedites the project proposal process.
Dipak P. Jogia, Board of Directors (February 2016) – Mr. Jogia is the Managing Partner and Co-Founder of Highmore Funds, an investment advisor to the Hugo Neu Corporation, the owner of approximately 13% of AbTech’s outstanding common stock.
“2016 was a rough year as we worked to transition the sales effort. During 2016, we expanded the Company’s capabilities and addressable markets, reestablished our presence at the most notable and heavily trafficked trade shows, reengaged in active marketing and social media presence, and began to open customer dialog and relationships that we anticipate could yield positive results in 2017,” commented Jeff Gutierrez, AbTech’s Vice President of Sales. “We firmly believe that as our distribution channels mature, economic conditions improve, and targeted market applications are validated and accepted, AbTech will be able to generate significant revenue growth.”
Revenue from traditional stormwater sales has been relatively consistent from AbTech’s customer base, which is predominately comprised of municipalities, airports and commercial entities, including construction companies. However, with the hiring of additional engineering leadership mid-year 2016 and the introduction of the heavy metals (“HM”) product line for the removal of heavy metals and ortho-phosphates, AbTech is anticipating sales growth in this market with an opportunity pipeline that is beginning to fill. In addition, AbTech has been working with multiple distributors focused on civil water projects and is exploring an opportunity to add Smart Sponge into pre-existing designs of other vendors for end of pipe applications.
The following information was filed by Abtech Holdings, Inc. (ABHD) on Monday, April 3, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Abtech Holdings, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statements Of Cash Flows
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Going Concern
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Promissory Notes And Other Debt
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Stockholders' Deficiency (additional Information) (detail)
Stockholders??? Deficiency
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Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (computation Of Antidilutive Securities) (detail)
Summary Of Significant Accounting Policies (policies)
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Abtech Holdings, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ABHD
CIK: 1405858
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-17-027339
Submitted to the SEC: Mon May 15 2017 2:26:51 PM EST
Accepted by the SEC: Mon May 15 2017
Period: Friday, March 31, 2017
Industry: Miscellaneous Metal Ores
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