Converted Organics reports sales of US$1.4M for quarter ended June 30 versus US$1.1M in year-ago period, sales of US$2.1M for 2011 year-to-date versus US$1.7M in 2010
July 13, 2011
– Converted Organics Inc. (OTCBB:COIN - News) announced today that 2011 year-to-date sales for the Company totaled $2,136,000, compared to $1,721,000 for the same period in 2010. Sales for the quarter ended June 30, 2011 were $1,398,000 compared to the sales for the same period in 2010, of $1,127,000 (Comparative Sales results for 2010 exclude $727,000 for the six month period and $579,000 for the quarter from discontinued operations).
"We are pleased with sales for 2011 overall, and with our progress in developing our businesses. TerraSphere announced that it had entered into a new license agreement with Eco-Leaf Farms for its vertical farming business in New Brunswick and the Atlantic Provinces this quarter and our Industrial Waste Water business continues to pursue opportunities while simultaneously contributing to sales. Our California facility sales in June were expected to help us achieve a quarterly record. However, June sales of $292,000 were not what we anticipated primarily due to weather. Our primary business is in agriculture, and as our customers are affected by weather so are we," said Edward Gildea, President & CEO of Converted Organics. Gildea continued, "April and May 2011 sales showed a strong increase over the prior year in California, and we hope to make up for the weather impact on June sales throughout the remainder of the year."
About Converted Organics
Converted Organics' (OTCBB:COIN - News) mission is to promote, develop and operate profitable innovative clean technologies that contribute to the improvement of our environment by use of sustainable business practices and the judicious use of natural resources. Converted Organics Inc. is currently composed of three primary lines of business at the intersection of Agriculture, Water and Waste Recycling. Each business contributes to our mission and uses sustainable business practices that protect and value the environment. The three lines of business are Organic Fertilizer (Converted Organics), Vertical Farming (TerraSphere Systems -- www.terraspheresystems.com), and Industrial Wastewater Treatment (Industrial Wastewater Resources).