GlyEco, Inc. Announces Unaudited Consolidated Financial Results for the Quarter Ended March 31, 2017
GlyEco, Inc. announced unaudited consolidated financial results for the quarter ended March 31, 2017. For the quarter, the company’s sales increased 59% or $847,000 to $2.3 million as compared to $1.4 million for the quarter ended March 31, 2016. The increase in Net Sales were due to organic revenue growth of $156,000, or approximately 11%, and $692,000 of sales related to the businesses and assets acquired in December 2016. Operating loss was $912,000 compared to $801,000 for the quarter ended March 31, 2016. Loss from operations was $911,936 compared to $800,664 for the quarter ended March 31, 2016. Loss before provision for income taxes was $1,108,154 compared to $805,223 a year ago. Net loss was $1,108,910 or $0.01 per basic and diluted share compared to $805,910 or $0.01 per basic and diluted share a year ago. Adjusted LBITDA was $529,468 compared to $443,369 a year ago.