San Juan Capistrano-based Seychelle Water Filtration Products saw its sixth consecutive quarterly profit in the period that ended Nov. 30, further contributing to its revenue and income gains during the first nine months of the 2011 fiscal year. And the company is moving forward with plans for a share buy-back program, thanks to that continued growth.
During the third quarter, Seychelle's net income rose to $308,777, up 110 percent over the same period in the prior year, and its sales revenue rose 60 percent to $1.3 million. For the first nine months of the year, its net income rose 231 percent to $799,098 and its revenue jumped 74 percent over the prior year. The number totaled $3.2 million.
Carl Palmer, Seychelle’s president and CEO, attributes the company’s recent success to increased sales of several of the company’s key products.
“With just three of our fiscal quarters complete in the current fiscal year, the company is already at 116.3 percent of the full 12 months of prior year sales and 141.9 percent of net income,” Palmer said. “This was achieved with the increased sales of the 28-ounce plastic bottle, its replacement filter, the water pitcher, the mission pack and the 27-ounce stainless steel bottle.”
The increased sales and revenue led to the decision by Seychelle's board of directors to initiate a buy-back program of 500,000 of the company’s common shares, which Palmer said are currently undervalued in the marketplace.
“This common share buy-back program will be reviewed by our board on at least a quarterly basis,” Palmer said.
Palmer emphasized the importance of “superior water filtration technology” in the world market, particularly in the wake of the recent cholera outbreak in Haiti, where the company’s 28-ounce advanced filter bottle is being used.
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