GlyEco, Inc. Announces Earnings and Operating Results for the First Quarter Ended March 31, 2015
GlyEco, Inc. announced earnings and operating results for the first quarter ended March 31, 2015. The company's revenue was $1.34 million for the quarter ended March 31, 2015 compared to $1.65 million for same period last year, a decrease of $310,590 or 18.8%. Operating loss for the quarter improved by $210,713 to negative $935,851, an improvement of 18.4% when compared to the negative $1.15 million of operating loss for the same period last year. Net loss available to common shareholders for the quarter improved by $2.46 million to negative $978,766, an improvement of 71.5% when compared to the negative $3.44 million of net income available to common shareholders for the same period last year. Basic loss per share was $0.02 compared to basic loss per share of $0.07 for the same period last year. Adjusted EBITDA (non-GAAP) for the quarter improved 25.8% to negative $399,943 from negative $539,282 in the same period last year.
For the quarter, the company reported the processing centers (excluding New Jersey), total gallons sold increased 19% to 264,000 from 221,000 in the same period last year. For the processing centers (Elizabeth, New Jersey), total gallons sold decreased 76% to 75,000 from 315,000 in the same period last year.