FORM 8-K
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Act of 1934
 
 Date of Report (Date of earliest event reported)  October 9, 2015

SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)


Nevada
0-29373
33-0836954
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer
Identification No.)
 
 
 

 32963 Calle Perfecto
San Juan Capistrano, California 92675
(Address of principal executive offices and Zip Code)

(949) 234-1999
(Registrant's telephone number including area code)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Act of 1934
 
 

References in this document to "us," "we," or "Company" refer to Seychelle Environmental Technologies, Inc., a Nevada corporation and our two wholly-owned subsidiaries, Seychelle Water Technologies, Inc. and Fill 2 Pure International, Inc., both also Nevada corporations.
 
 
Item 7.01 Regulation FD Disclosure

On October 9, 2015, we announced revenues and earnings for our second fiscal quarter end and information concerning our operations. In accordance with General Instruction B.2. of Form 8-K, the information set forth in this Item 7.01 (including Exhibit 99.1) is furnished pursuant to Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("the Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or in the Exchange Act except as may be expressly set forth by specific reference in such a filing.
 
 
Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit
 
Number
Description
 
 
99.1
News release dated October 12, 2015 announcing revenues and earnings for our second fiscal quarter end and information concerning our operations.
 
 
 

 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
 
 
 
SEYCHELLE ENVIRONMENTAL TECHNOLOGIES, INC.
 
 
Date: October 9, 2015.
By:    
/s/ Carl Palmer
 
Carl Palmer
 
Chief Executive Officer
 
 
 




Exhibit 99.1
 
 

For Immediate Release                
Media Contact
Carl Palmer
 (949) 234-1999
cpalmer@seychelle.com


 

Seychelle Reports Q2 Earnings Gapped up 2 ½ Times for Period
Ended August 31, 2015 vs. Prior Year

Anticipated Guidance for Q3 is for Sales to increase to the $2.8 to $3.0 Million Range


SAN JUAN CAPISTRANO, Calif. -- (BUSINESS WIRE) –  October 12, 2015 –Seychelle Water Filtration Products, a DBA of Seychelle Environmental Technologies, Inc. (Seychelle) (OTCQB: SYEV), a worldwide leader in the development, assembly and sale of proprietary portable water filtration bottles made several announcements today relating to its most recent fiscal quarter's end and issued forward guidance for Q3.

For Q2 ended August 31, 2015, Revenue was $2,724,829 compared to $767,216 in the prior year, an increase of $1,957,611 (+255%). In addition, Net Income after taxes of $515,077 was an increase of $857,665 (+250%) compared to the prior year's Net Loss after taxes of $342,588. This is more than         2 1/2 times the Net Income vs. prior year.

In addition, the Company reported that sales revenue for the first six months of the fiscal year ended August 31, 2015 was $5,072,012 compared to $1,874,514 in the prior year, up $3,197,498 (+171%). Net Income after income taxes was $987,585 for the same period and was up $1,392,901 (+344%) vs. the prior year Net Loss of $405,316. This is almost 3 ½ times the Net Income vs. prior year.

The increase in Q2 sales to $2.7 million (up $0.4 million over Q1) is primarily due to continued increases in the demand for private label products; targeted sales toward the emergency & disaster preparedness market, the success of which we attribute to increased worldwide awareness of the importance of preparedness due to highly-publicized natural disasters during the year; and the launch of our pH20 product line which increases the alkalinity of tap water to between 8.0 and 9.5 pH.   Our current anticipated guidance for Q3 is for sales to increase to the $2.8 to $3.0 Million range.

Gross margins improved significantly from 46% to 53%.due to implementing pricing structures that require minimum order quantities as well as higher margins on our newer product lines.  We introduced a Minimum Advertised Pricing policy during Q1 that has allowed us to also increase our margins.  The Company expects the gross margin percentages to remain at approximately 50% in the foreseeable future.

Net income (19% of Sales) was up 250% for the three-month period ended August 31, 2015.  This was primarily due to an increase of approximately $866,000 in sales. We remain focused on the primary factors affecting our bottom line and look to continue to improve the Company's profitability in fiscal 2016.
"Dedicated to improving the quality of life through the quality of our drinking water."
 
Note to Investors

This press release may contain certain forward-looking information about the Seychelle's business prospects/projections.  These are based upon good-faith current expectations of Seychelle's management. Seychelle makes no representation or warranty as to the attainability of such assumptions/projections. Investors are expected to conduct their own investigation with regard to Seychelle. Seychelle assumes no obligation to update the information in this press release. For more information, please visit www.seychelle.com  or call (949) 234-1999.


 
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