Deep Green Reports 31% Revenue Growth to $9,875,869 in Year Ended December 31, 2017
MARIETTA, Ga., April 16, 2018 /PRNewswire/ -- Deep Green Waste & Recycling, Inc. (OTCMarkets: DGWR) reported $9,875,869 in revenue for the year ended December 31, 2017 which represents an increase of $2,347,091 or 31% versus $7,528,778 in 2016. Gross profit margin for the company increased by 43.3% over the same period. Deep Green incurred an EBITDA operating loss of $843,491 in 2017 compared to a $498,330 loss in 2016.
"2017 was a momentous year for Deep Green. We achieved very good revenue growth and increase in gross profits. We also closed our first acquisitions in the fourth quarter. Throughout 2017 we invested heavily in organizational structure and professional services to pursue our organic growth and acquisition strategy, which put significant stress on operating margins. To help improve margins, in addition to concentrating only on higher margin business coming in, we are reviewing all existing managed service contracts to improve or eliminate low margin performers. On the acquisition front, we are pursuing several candidates both in the managed services business and in the equipment sales and service segment," stated David Bradford, Chief Operating Officer. "We believe our overall strategy of organic growth and acquisitions in managed waste services combined vertically with tactical geographic acquisitions and development of fixed waste equipment sales and service centers will continue to create value for our shareholders."
About Deep Green
We are a full-service waste & recycling company that manages services to and logistics for large commercial properties throughout the continental U.S. We have presence in 35 states across the Midwest, South and East regions of the United States, and serve approximately 300 commercial customers. www.deepgreenwaste.com
We also provide complete waste equipment handling solutions, which includes design, engineering, fabrication and installation of new and used equipment along with maintenance services through our wholly owned subsidiary, Compaction and Recycling Equipment Inc. www.waste-equipment.com
This press release contains forward-looking statements that reflect the Company's current beliefs, expectations or intentions regarding future events. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "will," "will be," "anticipate," "predict," "expect" "continue," "future," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of the Company and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: future revenues, expenditures, capital or other funding requirements, the adequacy of the Company's current cash and working capital to fund present and planned operations and financing needs, and the growth of the Company's business and operations through acquisitions and loss of material contracts. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent current Disclosure Statements available at www.otcmarkets.com. The Company anticipates that subsequent events and developments may cause their views and expectations to change. The Company assumes no obligation, and they specifically disclaim any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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