Please select your home edition
Edition
RS Sailing 2021 - LEADERBOARD

Brownie's Marine Group announces 53.5% increase in revenues for fiscal year end 2020

by Brownie's Marine Group, Inc. 4 Apr 10:10 PDT
Brownie's Marine Group logo © Brownie's Marine Group

Brownie's Marine Group, Inc. (OTCQB: BWMG), a leading developer, manufacturer and distributor of tankless dive equipment and high-pressure air and industrial compressors in the marine industry, today announced results for the fiscal fourth quarter and twelve months ending December 31, 2020.

Chris Constable, CEO of Brownie's Marine Group, Inc. stated, "Brownie's Marine Group had a break-out year in 2020 achieving an Adjusted Net Income profit, in addition to overall revenue increasing 53% year over year. The strong performance can be attributed in part to the team at BLU3, led by Blake Carmichael, who had a fantastic fourth quarter holiday season with a 35% Q4 revenue increase year over year. The BLU3 division continues to grow sales of our BLU3 Nemo product, which has strong momentum in 2021, and we are looking forward to the introduction of the BLU3 Nomad later this year during the third quarter. Additionally, Brownie's Third Lung division also made a significant leap forward growing Q4 sales by 70% year over year. We have worked to diversify and reduce seasonal impacts to revenue within our Brownie's Third Lung division and are very pleased with the contribution we are seeing from new geographic areas, such as Australia. We are also proud of our efforts to increase Direct to Consumer sales, which grew 59.9% in 2020, and can be attributed primarily to an increased focus on marketing through our social media channels."

Chris Constable added, "We have a strong outlook in 2021 for our platform businesses, in addition to a strategic mindset towards several acquisitions which could further accelerate our growth plans. We are excited for the year ahead and look forward to updating shareholders in the near term."

4th Quarter Fiscal Quarter Highlights

  • Net Revenues increased 26.7% to $0.93 million versus $0.73 million last year;
  • Adjusted Net loss for Q4 2020 was trimmed by 34.3% as compared to the same quarter last year; and
  • At the close of the fourth quarter, cash and cash equivalents totaled $345,200, and the Company had a working capital balance of $439,834.

Fiscal Year ended December 31, 2020 Highlights

  • Net Revenues increased 53.5% to $4.6 million versus $3.0 million last year
  • Revenue from BLU3, launched in Q4, 2019, contributed $1.3 million for the twelve months ended December 31, 2020 or 594.2% of overall growth. The BLU Vent project accounted for 12.6% of consolidated revenues for the twelve-month period.
  • Net Loss through FY 2020 was ($1.35) million versus ($1.42) million through FY 2020
  • Adjusted Net Income for the twelve months ending December 31, 2020 was $57,230 versus ($946,800) in the same period last year.

"We are so proud of our team for what they have accomplished in this last year, persevering through disruptions in parts of the supply-chain as well as a challenging backdrop for consumer confidence. We have increased sales significantly, driven by our market-leading products. And, importantly, we have also taken steps to optimize the cost structure of the company, one which will enable the opportunity for stronger profitability going forward," said Robert M. Carmichael, President and Chairman of the Board. "We are looking to build on this momentum in 2021 and continue to deliver value to our customers, employees and shareholders."

Non-GAAP Financial Measures

This press release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). We report adjusted net income (loss) to measure our overall results because we believe it better reflects our net results by excluding the impact of non-cash equity-based compensation. We believe the presentation of adjusted net income (loss) enhances our investors' overall understanding of the financial performance of our business.

We believe that investors should have access to the same set of tools that we use in analyzing our results. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.

The following is an unaudited reconciliation of adjusted net income (loss) to net income (loss) for the periods presented:

Related Articles

Featured workshops: two ways to hold the line
Midwest Women's Sailing Conference will be held on May 15 Don't be left at the dock! The Midwest Women's Sailing Conference will be held on Saturday, May 15, 2021 as a hybrid event -- with options for in-person or virtual attendance. Posted on 21 Apr
Union Marine adds new location in Issaquah, WA
Expanding their operation with a new showroom just five minutes from Lake Sammamish Union Marine is excited to announce they are expanding their operation with a new location in Issaquah, WA. Located just five minutes from Lake Sammamish, this new location will feature MasterCraft, Bennington Pontoon and Boston Whaler boat brands. Posted on 21 Apr
US Watercraft signs agreement with SeaArk Marine
To utilize the complete portfolio of its commercial fire fighting, military, survey, and work boats US Watercraft is proud to announce that it has entered into an exclusive licensing agreement with SeaArk Marine to utilize the complete portfolio of its commercial fire fighting, military, survey, and work boats. Posted on 21 Apr
Bruce Van Wagoner to receive 2021 HMIL Award
Bruce will be honored at American Boating Congress The NMMA Foundation for Recreational Boating Safety, Education and Environmental Awareness announced today that Bruce Van Wagoner, President-Marine Group of Wells Fargo, is the recipient of the 2021 Hammond Marine Industry Leadership Award. Posted on 20 Apr
Volvo Penta partnership with Bravada Yachts
Invictus marks several important "firsts" for Volvo Penta Luxury houseboat manufacturer Bravada Yachts selected Volvo Penta as the propulsion provider of choice for the builder's new Atlas V Series 80 x 22 custom lake houseboat, Invictus, located on Lake Powell, Arizona. Posted on 20 Apr
ABYC Foundation's Educator of the Year Award
Honoring an outstanding instructor who is shaping future marine service technicians The ABYC Foundation is seeking nominations for its Educator of the Year Award, honoring an outstanding instructor who is shaping future marine service technicians. Posted on 18 Apr
JustLuxe and YATCO launch yacht showroom
Digital sales listing platform for yachts Over the last 17 years, JustLuxe has become recognized as one of the world's best online luxury publications, curating coverage of luxury and premium brands to provide visitors with a comprehensive guide to the finer things in life. Posted on 17 Apr
ICAST is back
Exhibit in the 2021 Marine Accessories Pavilion, July 20-23 Join the Marine Accessories Pavilion (MAP) at ICAST 2021, returning July 20-23 to Orlando. Posted on 16 Apr
ePropulsion offers warranty extension
Company has extended its warranty offering to give customers further peace of mind ePropulsion has announced that all Spirit 1.0 Plus and new Evo series products purchased from 1st January 2021 - 31st December 2021 are eligible for an extended warranty of one year on top of its two year warranty service period, for free. Posted on 16 Apr
OneWater announces Q2 earnings release date
Company's management team will host a conference call to discuss the results OneWater Marine Inc. (NASDAQ: ONEW) (the "Company" or "OneWater") announced today that it will release its fiscal second quarter 2021 financial results on Thursday, April 29, 2021, before the market opens. Posted on 16 Apr
Coast Guard Foundation FOOTER 1Vaikobi 2021 - FOOTERRooster 2020 - Impact BA - FOOTER