SAN DIEGO, May 24, 2007 (PRIME NEWSWIRE) -- Ethos Environmental, Inc. (OTCBB:ETEV), a manufacturer and distributor of a unique line of fuel reformulating products, namely EthosFR(r), today announced financial results for its first quarter 2007.
First Quarter Results
The Company reported net income for the first quarter 2007 at $1.01 million compared to net income of $698,033 for the same quarter in 2006, representing a 45.93 percent increase. Net income per Common Share for the first quarter 2007 was $0.04 per share versus $0.62 per share for the same quarter in 2006 due to the effects of a merger in November 2006.
The Company reported first quarter 2007 revenues of $2,697,133, an increase of 105 percent from $1,318,925 for the first quarter of 2006. Revenues increased primarily due to higher demand for the Company's product, Ethos FR(r). Gross profit, defined as revenues less cost of goods sold, was $1.83 million or 68 percent of sales for the first quarter 2007, compared to $1.08 million or 82 percent of sales for the same quarter in 2006.
"We expect our tremendous growth to continue as sales increase and the sales and marketing strategies are implemented into the targeted markets and we create an understanding and awareness of our technology through proof of performance demonstrations with potential customers," said Enrique de Vilmorin, CEO of Ethos Environmental, Inc. "Our future growth is significantly dependent upon our ability to generate sales. Our main priorities relating to revenue are: increasing market awareness of Ethos FR(r) product through our sales and marketing plan, growth in the number of customers and vehicles per customer, and providing extensive customer service and support," continued Mr. de Vilmorin.
About Ethos Environmental, Inc.
Ethos Environmental manufactures and distributes an array of fuel reformulating products under the name Ethos FR(r), Ethos Fuel Reformulators. The mission of Ethos Environmental is to be recognized as the industry standard for high-quality, non-toxic cleaning and lubricating products that increase fuel mileage and reduce these ecologically damaging emissions from vehicles, and at a price everyone can afford. The goal of the Company is to make the world a better place, "one gallon at a time." According to the Environmental Protection Agency (EPA), "The burning of fuels releases carbon dioxide (CO2) into the atmosphere and contributes to climate change (Global Warming), but these emissions can be reduced by improving your car's fuel efficiency."
For further information regarding Ethos Environmental, Inc. visit: www.EthosFR.com.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from prior periods, and those projected in forward-looking statements. Information with respect to these factors which could materially affect the Company and its operations are included on certain forms the Company files with the Securities and Exchange Commission.