Progressive Green Solutions Inc (OTCBB:PGSC)’s wholly-owned subsidiary, known as Green Remanufacturing Solutions LLC has recovered as well as redeveloped its 70,000th consumer return. It continues to offer top tier services in the field of product lifecycle management. The clients can recover value and further can pass the benefits to customers.
Slawek Mochalski, VP of Remanufacturing Operations, said that Progressive Green and Green Manufacturing Solutions are excited to announce that the subsidiary has completed 70,000th consumer return milestone. He added that the commitment to the US environment is highlighted by the overall success of Progressive Green Solutions Inc (OTCBB:PGSC)’s’s business. Keeping consumer products out of the landfill and remodeling consumer goods is an effective and fruitful strategy for partners, US consumers and for future generation.
The financial performance
Progressive Green reported revenue of $694,284 in 3Q2014 compared to revenue of $923,469 in 3Q2013. It was a sharp decline of 25% QOQ. The decrease can be attributed to the quantity and type of consumer returns that it received from different vendors in 2Q and 3Q of 2014. Progressive Green Solutions Inc (OTCBB:PGSC)’s consumer’s demand for the returns was not in line with the returns received.
The other details
The costs of goods declined 13% to $586,289 compared to $672,444 in 3Q2013. The decline was due to the lower sales volume. The gross profit from sales came lower at $107,103, down from $251,025 in 3Q2013. The decline of 57% in gross margins was again due to lower sales volume. The operating expenses came higher at $ 678,301 compared to $ 475,111 in 3Q2013 due to an increase in salaries and rent expenses. The higher operating expenses resulted in a loss of $626,043 in 3Q2014.
Progressive Green Solutions Inc (OTCBB:PGSC) intends to raise at least $2.5 million and a maximum of $3.5 million in order to execute its strategic plan in next twelve months. A large part of funds will be invested in product purchases, marketing, advertising and other development expenses.