ABCO Energy, Inc. (OTCQB: ABCE) Tucson, Arizona (May 21, 2019) announced financial results from the quarter ended March 31, 2019 and provided a corporate update. ABCO is a producer of sustainable infrastructure products for solar, energy-efficient lighting and HVAC products.
First Quarter 2018 Financial Highlights
- Sales revenues continued to strengthen with an increase of $131,715 (25%) from $522,295 in the First Quarter 2018 to $654,010 for the First Quarter 2019. Gross profit grew $49,870 (26%) from $193,917 in the First Quarter 2018 to $243,787 in the First Quarter 2019.
- Operating expenses were increased $101,325 (63%) from $159,936 in the First Quarter 2018 to $261,051 in the First Quarter 2019.
- Loss from operations for the First Quarter 2019 was $(17,275) compared to $(33,981) for the First Quarter 2018.
- Net loss after interest and derivative expenses for the First Quarter 2019 was $(518,835) versus a net loss of $(6,827) in the First Quarter 2018. The first quarter loss was charged with $(501,560) consisting of $78,914 interest on derivatives, $177,934 loss on derivatives and $244,712 extinguishment of debt on derivatives. Derivatives are accounting charges for future possible stock dilution for convertible debt.
Capital Resources and Outlook ABCO Energy’s primary source of capital for the First Quarter of 2019 was cash flow from operations and borrowing through financial institutions. Our S1 offering documents were approved by the SEC on May 7, 2019 and this will assist us raising capital from non-convertible stock sales to bolster our acquisition programs in the coming months.
“With improved margins and acquisitions, we expect a return to profitability by year end 2019, “said Charles O’Dowd, President. “We expect that our sales will continue to grow as energy-efficiency, solar, HVAC and LED Lighting industry activities increase.”
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.
ABCO Energy Phone 520-777-0511 or email “email@example.com”