Gross Margin Percentage Increases to 26%
CRYSTAL SPRINGS, Fla., Aug. 15, 2016 (GLOBE NEWSWIRE) -- CES Synergies, Inc. (OTC:CESX) (“CES” or the “Company”), a full service environmental, asbestos abatement and demolition company, today announced financial results for the second quarter ending June 30, 2016 and provided a general business update.
John Tostanoski, CEO of CES Synergies, commented, “Gross margin percentage for the second quarter of 2016 increased to 26% from 18% for the previous six month period in 2015. The increase in margin was primarily attributable to targeted cost-cutting made over the last 9 months directed at making CES more efficient. Moreover, while net sales in our Demolition segment decreased, net sales increased in both our Remediation and Insulation segments over the same six month period. CES expects Remediation sales to remain strong in large part due to the contracts in progress at Eglin Air Force Base.”
“We anticipate improvement in overall sales heading into the third quarter of 2016, including the Demolition segment with four contracts valued at $1.4 million which are expected to commence in that quarter. We will continue our path toward greater gross margins through cost cutting as well as identifying and bidding opportunities utilizing our improved pricing protocols.”
About CES Synergies Inc.
CES Synergies, Inc., through its subsidiary, Cross Environmental Services, Inc., is a specialty environmental services company providing quality environmental contracting solutions, demolition and remediation services to commercial and industrial customers, as well as federal, state and municipal entities. More information may be found at the Company's website: www.crossenv.com.
SAFE HARBOR STATEMENT: This press release may contain "forward-looking statements" that are made pursuant to the "safe harbor" provisions as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. These statements are based upon management's current expectations as of the date of this press release. Such forward-looking statements may include statements regarding the Company's future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses and other future or expected performances. The Company cautions readers there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those indicated in the forward-looking statements. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC.
Investor Relations: James S. Painter III Emerging Markets Consulting LLC 15701 State Road 50 Suite 205 Clermont, Florida 34711 48 Wall Street Suite 1100 NY, NY 10005 321-206-6682Source: CES