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Last10K.com | 10-Q Quarterly Report Tue Nov 14 2017
Exhibit 99.1
Abtech Holdings, Inc. Reports First Quarter 2017 Financial Results
Scottsdale, AZ, – May 15, 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 first quarter ended March 31, 2017.
Key First Quarter 2017 Financial Results Summary
| · | Revenues for the first quarter of 2017 were approximately $107,000 (including $42,000 for the Company’s first sale of filters containing its new heavy metals filtration media, Smart Sponge HM) compared to revenues of $43,000 for the same period of the previous year and $150,000 in the fourth quarter of 2016. Although revenue during the first quarter of 2017 is predominantly attributed to stormwater product applications, AbTech’s commercial and industrial opportunity pipeline and planned pilot projects have been active during the first quarter of 2017; |
| · | The monthly cash burn for the first quarter 2017 averaged approximately $296,000, a decrease from the average monthly cash burn during the first quarter of 2016 of $322,000. |
| · | Operating expenses totaled $1.6 million in first quarter of 2017, an increase of $144,000 over first quarter of 2016 and an increase of $979,000 over fourth quarter 2016, due predominately to an increase in legal fees in the first quarter of 2017. |
| · | Operating loss for the first quarter of 2017 totaled $(1.6) million, compared to an operating loss of $(1.5) million for the same period of the prior year and an operating loss of $(605,000) in the fourth quarter of 2016; |
| · | In 2017, AbTech has continued its activity with several water treatment field trials, of note: |
| · | Prepared for 2nd field test of evaporative technology for produced and frac flowback water with focus on emissions. |
| · | Successfully completed a Smart Sponge® hydrocarbon removal and recycling of spent media demonstration in a produced water application for our Colombian distributor, advancing discussions to economics and design issues. |
| · | Achieved low phosphorus results on a sanitary wastewater application in China with a larger pilot scale demonstration scheduled for June 2017. |
| · | During the first quarter, the Company received cash advances totaling $932,000 from a related party investor. Subsequent to quarter-end, the Company received an additional $464,000 in short-term funding from this investor. |
“2015 marked a year of corporate restructuring, with a clean-up of our balance sheet, a broadening of our treatment capabilities to include heavy metals development, and an expansion of the focus of our business to include industrial and commercial market segments. During 2016, we focused on educating our target markets and customers about our capabilities to help them meet new regulatory requirements, reestablished our presence at the most notable and heavily trafficked trade shows, reengaged in active marketing and social media presence, and dynamically sought opportunities for testing and pilot projects. Today, with strong data and proven results from pilots and test projects addressing water contamination issues within several industries globally under varied conditions, we are now attempting to convert these past efforts into positive revenue results,” commented Jeff Gutierrez, AbTech’s Vice President of Sales.
An important potential early industrial revenue contributor exists through AbTech’s distributor in Colombia, South America, KLIMA Projects, S.A.S. (“KLIMA”). After working together for over a year and applying Smart Sponge media to remove hydrocarbons in produced water, KLIMA is advancing it sales effort with two large energy companies. KLIMA has made tremendous progress educating the oil and gas industry on uses of Smart Sponge media to reduce operating costs and meet new discharge regulations that came into effect during 2016.
The following information was filed by Abtech Holdings, Inc. (ABHD) on Wednesday, May 17, 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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Abtech Holdings, Inc. provided additional information to their SEC Filing as exhibits
Ticker: ABHD
CIK: 1405858
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-17-058773
Submitted to the SEC: Tue Nov 14 2017 11:57:27 AM EST
Accepted by the SEC: Tue Nov 14 2017
Period: Saturday, September 30, 2017
Industry: Miscellaneous Metal Ores
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