Business News

ECO2 Plastics, Inc. Reports First Quarter Financial Results

Thursday 14. May 2009 - ECO2 Plastics, Inc., (BULLETIN BOARD: EOPI) , the eco-friendly recycling company that is changing the way plastics are recycled, today reported its 2009 first quarter financial results in a Form 10-Q filing.

The Company reported revenues of $525,000 for the quarter ended March 31, 2009 versus $1.5 million during the same period in 2008. Operating losses were reduced to $2.3 million during the period from $3.3 million in the prior year period. Net Losses for the first quarter 2009 were $4.6 million versus net losses of $11.6 million for the prior year. Cash losses from operating activity were $1.0 million in the first quarter of 2009 versus $2.1 million for the first quarter of 2008.

As announced in November 2008, the Company executed on a strategy of reduced operations in an effort to minimize near term operating losses and conserve cash, while focusing on additional process enhancements. Significant investments in equipment have occurred during the quarter and subsequent period with the goal of improving quality and yields, continued reductions in operating costs and increased throughput.

Rod Rougelot, CEO of ECO2 Plastics stated, “Although operations are improving, our continued focus must be on raising additional funds to strengthen our balance sheet and deliver positive cash flow from operations.”