FORT LAUDERDALE, Fla.,
April 5, 2013 /PRNewswire/
-- Brownie's Marine Group, Inc. (OTCBB: BWMG), a leading
developer, manufacturer and distributor of highly specialized dive
and safety products, today announced that revenues increased to
$2.864 million in 2012, an increase
of 29.81% compared to 2011. "Our sales and marketing efforts,
and a review of our dealer pricing and structure, paid off
handsomely in 2012," said Robert
Carmichael, Brownie's Marine Group, Chairman and CEO,
http://www.browniesmarinegroup.com
Full Year 2012 Results Compared to 2011
- Revenue increased $657,761 or
29.81% to $2.864 million in 2012
compared to $2.207 million in
2011
- Gross profit increased to $852,415 in 2012, up 75.78 percent from
$502,000 in 2011
- The gross profit margin increased to 30.8% in 2012 compared to
22.8% in 2011
- Operating expenses increased from $1.674 in 2011 to $2.505
million in 2012
Balance Sheet and Cash Flows 2012 Compared to 2011
- Net cash used in operating activities decreased from
$441,134 in 2011 to $125,323 in 2012
- Working capital deficit decreased from $1,902,580 in 2011 to $875,930 in 2012
The entire 10K filing is available at http://www.sec.gov.
"Investors will note the significant progress achieved in 2012
with higher revenues, and higher gross profits. Investors
will also want to now how we will continue and further improve upon
this momentum," Mr. Carmichael said.
"During 2012 we implemented a number of major measures that had
a positive impact on our financial metrics. This resulted in
significant progress in 2012 as evidenced by higher revenues,
improved gross margins as well as major improvement in our working
capital deficit. These measures included a strong restructuring of
the dealership pricing policy, increased marketing efforts and
implementation of several parts of our strengthened strategy. We
also implemented a restructuring and reduction of salaries and we
still have more plans to be implemented," continued Robert Carmichael.
"Our previous years' efforts in product development and
innovation is coming to fruition as we are now ready to capture and
win new markets. We are trying to revolutionize the diving industry
with new markets and with a new class of divers emerging.
What we are accomplishing is to stay on top of these opportunities
with state-of-the-art, patented products. We intend to be
there for the entry level consumer, providing them a safe,
uncomplicated introduction to diving," Mr. Carmichael said.
"We also can provide divers with a full array of products and
services, including education, travel planning, outfitting and
product options serving all types of divers. In a highly
fragmented industry, we are providing solutions."
"Further we believe that the most efficient and effective method
for future growth is to acquire existing companies and to form
strategic alliances in the marine industry. This is our
future and one, we believe, that will pay dividends for our
investors," Mr. Carmichael concluded.
About Brownie's Marine Group, Inc.
Brownie's Marine Group, Inc. and its wholly owned subsidiary,
Trebor Industries, Inc., d/b/a Brownie's Third Lung, based in
Fort Lauderdale, Florida designs,
tests, manufactures and distributes recreational hookah diving,
yacht based scuba air compressor and Nitrox Generation Systems, and
scuba and water safety products. The Company sells its products
both on a wholesale and retail basis and is comprised of three
highly specialized dive product groups. The Company is an industry
leading manufacturing and distribution company that serves middle
income boat owners, higher income yacht owners, recreational
divers, military operators and public safety personnel. The Company
holds more than ten patents and enjoys a robust product development
and intellectual property program that has yielded several
proprietary products. Many of these products and innovations have
become the "standard" for the marine industry. The Company is known
for its meticulous devotion to detail, high quality production and
design ingenuity. In the boating and diving community, Brownie's is
known as the market leader when it comes to surface supplied "Third
Lung" dive systems and Scuba Tankfill Systems for yacht-based
diving. Brownie's products and support service divers at all levels
of the underwater world, from shallow-water dive systems to
deep-water mixed gas support systems for exploration divers and
submariners.
In 2011, Brownie's introduced the first in a series of
patent-pending Variable Speed Battery Powered Third Lung (hookah
diving) devices engineered to conserve energy while delivering
performance to the diver.
FORWARD-LOOKING STATEMENTS
Information included or incorporated by reference in this news
release may contain forward-looking statements. This information
may involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements to be materially different from the future results,
performance or achievements expressed or implied by any
forward-looking statements. Forward-looking statements, which
involve assumptions and describe our future plans, strategies and
expectations, are generally identifiable by use of the words "may,"
"will," "should," "expect," "anticipate," "estimate," "believe,"
"intend" or "project" or the negative of these words or other
variations on these words or comparable terminology. This news
release contains forward-looking statements. Actual events or
results may differ materially from those discussed in
forward-looking statements as a result of various factors,
including, without limitation, the risks outlined under "Risk
Factors" described in our Form 10-K filing. In light of these risks
and uncertainties, there can be no assurance that the
forward-looking statements contained in this news release will in
fact occur.
Contact:
Paul Knopick
E & E Communications
pknopick@eandecommunications.com
940.262.3584
SOURCE Brownie's Marine Group, Inc.