HINGHAM, Mass., Aug. 25, 2009 (GLOBE NEWSWIRE) -- Evercel, Inc. (Pink Sheets:EVRC) today announced the release of its audited financial statements for the year ended December 31, 2008.
Revenues for the year were $7,361,661 compared to $7,835,989 for the year ended December 31, 2007, a decline of 6%. Loss for the year was $(64,039) compared to a profit of $358,775 in the prior year. The decline in profitability was largely due to the difficult operating environment for New England Crab Company. Profits were impacted by both a decrease in restaurant sales as a result of the recession and increased contract labor costs.
Garry Prime, CEO stated: "Our largest investment, Zipcar Inc., continued its dramatic growth and we remain very optimistic about its future. Julia Therapeutics LLC has substantially completed trials of its skin wrinkle reduction device and we are awaiting an analysis of the results by several dermatologists. Recently we purchased Stretch and Cover Inc. We are working to rapidly increase sales and reduce costs. Current operations are near break-even and we remain very optimistic about future potential."
Interested parties can view the audited statements at: www.evercel.com.
Hingham, MA, based Evercel is a multi-industry company whose operations include crab processing for both fresh and frozen markets, sales of Swivel Y-valves used in the treatment of patients on respirators and investments in Zipcar Inc. (car sharing), Oxygen SpA (light electric vehicles), and Julia LLC (skin wrinkle reduction technology).