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E-Waste Systems Inc. Announces Record 1st Quarter 2014 Results
Announces Solid Increase of Asset Base to $1,631,640 and Achievement of First Major Milestone
|By Marketwired .
|May 21, 2014 11:00 AM EDT
LONDON, UNITED KINGDOM -- (Marketwired) -- 05/21/14 -- E-Waste Systems, Inc. (OTCQB: EWSI) ("EWSI," "EWS," "eWaste Systems," or the "Company"), an electronic waste management, environmentally focused services and technology company, is pleased to announce the release of its first quarter financials for the period ending March 31st, 2014. The results, which are only for the Company's Owned Operations, show increases in both the company's asset base of $477,343 (a 41% increase from same period 2013) and in revenues by $509,056.
The Company's first quarter asset base for the three month period ending March 31, 2013, increased by $477,343 to $1,631,640. The asset growth represents a 41% increase over the audited year-end results.
The Company's revenue per share increased to $0.0017. This is a result of the Company's acquisitions and new operations. The Company's net loss per share was $0.02 compared to the adjusted net loss per share of $0.01 for the same quarter last year. The increase is the direct result of the company's expansive growth during the year, which is measured by the increase per share of $0.0124 for operating expenses. The Company considers this to be within the range for its plan to achieve accelerated revenue growth and faster global market penetration.
The Company record 1st quarter revenues of $509,056 were accompanied by an increase in operating expenses by $4,616,317 from the adjusted results of $599,864 in Q1 2013. "Expenses were an investment in our future with the vast majority spent on business development providing the foundation for our aggressive growth objectives," E-Waste Systems Inc. CEO Martin Nielson stated. "Increases in both the company's asset base as well as revenues are attributable to the company's implementation of its corporate objectives of asset acquisition, brand promotion and partnerships with companies that have a global reach."
"Our quarterly results are a reflection of progress we made in establishing our strong platform for growth. From a year ago, we have reached an unprecedented milestone in our industry. Last year we set up a plan to create a global brand, develop unique technologies for the industry and accelerate our revenue and that plan is well underway. Based upon our progress to date, we are confident that the rest of the year will reap rewards based upon the strength of our foundation and the talent we have attracted to our team," Mr. Nielson stated.
Simultaneously with this press release, EWSI has issued an open letter to shareholders from the CEO which gives a richer and more complete discussion of the Company's achievement to date, including information about its Invested Asset Operations, which are separate from the results of its Owned Operations as reported in the SEC filings. In this letter, Mr. Nielson highlights the Company's success in implementing its business plan and shares insight into the intrinsic values of its global operations.
Mr. Nielson added, "More importantly we have now set a solid platform for growth. We have created a formula that will be the envy of many as we are the first company in our industry to achieve a global brand with a range of innovative technologies. We look forward to sharing the outcome with our shareholders as the next milestones are achieved."
The shareholder letter is available on the Company's website, on its blogsite, and through its social media sites.
About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the first pure play public company in the emerging waste electrical and electronics equipment ("WEEE") industry. EWS leverages its expansive geographical network of affiliates providing best practices in professional management and state-of-the-art engineering to companies facing regulatory or other mandates for handling e-waste. Additional information, including the business plan summary, pictures and descriptions of the facilities, staff, and overall progress of the Company is available on the official website and social media sites: www.ewastesystems.com, Facebook, Twitter, and Linkedin. Or contact: Investor Relations at: [email protected].
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
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