ABCO Energy, Inc. (OTCQB: “ABCE”) Tucson, Arizona (April 18, 2019) announced Tuesday April 16, 2019 it had filed the annual report on Form 10-K for the year ended 12/31/18 with the SEC and posted the report on the recently achieved OTCQB website. The results of operations shows that sales increased to $2,867,442 in 2018, an increase of $1,420,386, or 98%, doubling 2017 sales of $1,447,056.
Cost of sales increased by $888,746, or 77% to $2,040,339 in 2018 from $1,151,593 in 2017 due primarily to the increase in sales. However, the important part of the report shows that the Company achieved a gross margin of 29% as a percentage of total sales in 2018, up from 20% in 2017, primarily due to better management of costs and the focus on commercial projects in 2018.
“We are very proud of our production and sales staff for the accomplishments of 2018,” says Charles O’Dowd, President. “We also give many accolades for our administration and IR staff, who brought us back to the OTCQB from many months on the “pinks”. We have also seen a 455% increase in our stock price over the past three months”.
General and administrative expenses increased by $182,403 to $1,016,860 (35% of sale) in 2018 from $834,457 (57% of sales) in 2017, a decrease of 22%. This increase in expense is due primarily to a 98% increase in sales revenue. However, the administration staff had better control over operations, we trained and hired additional sales force, and had better control over the public company expenses in 2018.
About ABCO Energy
ABCO Energy, Inc. is a commercial and residential installer of Photovoltaic (PV) solar systems, LED lighting solutions and HVAC products and services. ABCO Energy, Inc. is a Nevada corporation, which maintains offices located in Tucson and Phoenix, Arizona. ABCO is a fully reporting public company trading under the symbol ABCE. Since its inception in 2008, ABCO Energy has taken great pride in delivering quality solar installations and has a reputation for outstanding customer service. These qualities have allowed us to grow the business primarily through referrals, many of those based on actual customer reviews.
Safe Harbor Statement Note: Certain statements in this news release may contain “forward-looking” information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-5 under the Securities Act of 1934 and are subject to the safe harbor created by those rules. All statements, other than the statements of fact, included in this press release may include forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will be accurate and actual results and future events could differ materially from those anticipated in such statements. ABCO undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances or to reflect unanticipated events or developments.
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