ABCO Energy, Inc (OTC Pink: ABCE) Tucson, Arizona (October 19, 2021) announced Tuesday October 19, 2021 that they had filed their mid-year 10Q report with the SEC and was posted on the Over The Counter Markets website. The results of operations reported therein shows that sales increased to $768,399 for the six months ended June 30, 2021 compared to the $522,031 for the same six months period ended June 30, 2020. This is an increase of $246,368 or 47% above the 2020 sales. The Solar sales revenue in 2021 and 2020 reflected seasonal and changing market conditions in the financing of solar installations in the Arizona markets and the effects of the COVID-19 Pandemic.
ABCO’s cost of sales for the six months ended June 30, 2021 and 2020 was $453,439 and $434,320 respectively. Gross margins were 41% of revenue for the first six months ended June 30, 2021 compared to 17% of revenue for the six months ended June 30, 2020. During 2021 and 2020 we have been offering new products and have found our market prices for steel parking structures have added gross margins higher than usual.
The combination of significantly greater sales and higher profit margins decreased the loss for the six months ended June 30, 2021 to $(49,183) as compared to $(371,205) for the six months ended June 30, 2020, respectively. This is an increase of $322,022 or 42% of sales revenue.
“We are very proud of our production and sales staff for the accomplishments of the first six months of 2021,” says David Shorey, President, “especially because we are still locked in the horns of the COVID 19 pandemic. We also have many accolades for our administration staff who have maintained our stock price over the past three months. This has positioned us to once again qualify for a listing on the OTCQB in the near future”.
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 Statemen
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.
Contact ABCO ENERGY: firstname.lastname@example.org Phone: 520-777-0511