Totally Green, Inc. (PINKSHEETS: TLGN), a
pioneer in organic food processing systems and compostable
packaging alternatives, reported results for the third quarter
ended September 30, 2011.
Q3 2011 Operational Highlights
- Oklahoma State University Athletics purchased the ORCA Green™
Machine for the Boone Pickens Stadium. Learfield Sports, a pioneer
in the collegiate marketing industry, participated in the purchase
decision, and plans to monitor the installation for potential use
in its network of more than 50 university partners.
- Reasor's, a retail grocery store chain in Oklahoma with 15
locations, purchased the ORCA Green Machine following a successful
pilot trial, with further roll out under consideration.
- The University of Texas Southwestern Medical Center purchased
an ORCA Green Machine for its University Hospital - Zale Lipshy.
This installation at Zale Lipshy marks UT Southwestern Medical
Center's second ORCA Green Machine purchase, with the original
machine currently in use at their University Hospital - St. Paul
location.
- One of the nation's largest wholesale clubs purchased its
fourth ORCA Green Machine.
- Installed ORCA Green Machine at Durango and Silverton Narrow
Gauge Railroad, which has also become a seller of Totally Green's
Ingeo™ Green Bottle Spring Water. The Railroad plans to partner
with local restaurants in an effort to reduce the amount of food
waste sent to landfills.
- Launched two ORCA Green Machine pilot trials for one of the
largest supermarket chains in the U.S.
- Pilot trial program achieves 90% sales conversion rate since
inception 18 months ago.
- New ORCA Green Machine installations totaled 12 machines in the
quarter, as compared to 11 in the previous quarter and none
reported in the third quarter of 2010.
Q3 2011 Summary of Financial Results
Revenue in the third quarter of 2011 was $225,000, up 64% from
$137,000 in the same year-ago quarter, as the company emerges from
its development stage to initial commercial sales. The increase in
revenue was primarily due to improving sales and market penetration
of the company's ORCA Green Machine, as well as an increasing
amount of recurring supply-related revenue.
Gross profit in the third quarter of 2011 was $95,000 or 42% of
revenue, as compared to gross profit of $5,000 or 4% of revenue in
the same year-ago quarter.
Net loss in the third quarter of 2011 was $427,000 or $(0.00)
per share, as compared to a net loss of $361,000 or $(0.00) per
share in the same year-ago quarter. The third quarter 2011 net loss
included depreciation and amortization costs of $158,000, versus $
139,000 in the same year-ago quarter.
Cash and cash equivalents at September 30, 2011 totaled $53,000,
versus $127,000 at June 30, 2011. Totally Green has a $2 million
line of credit designated for operations, of which approximately
$439,000 was available at the end of the third quarter.
Financial Guidance For the fourth quarter
of 2011, the company expects revenues of $200,000 to $220,000.
Management Commentary "The substantial
increase in revenue over the same year-ago quarter reflects the
increasing market penetration of our revolutionary ORCA Green
Machine," said Nate Baker, president and interim CFO of Totally
Green. "This growth is largely attributed to our 90% pilot
conversion ratio for the ORCA Green Machine, which includes the
continued adoption by one of the nation's largest wholesale clubs,
as well as further traction in our government, hospital and
university verticals.
"During the quarter, several new commercial targets approved our
technology for company-wide adoption, and we expect purchase orders
in the near future. Also in the pipeline are several new pilot
trials, including one of the largest supermarket chains in the
U.S.
"Meanwhile, we are in advanced discussions for strategic
business partnerships with one of the world's largest dining
service contract companies and a major Canadian waste management
service company. A pilot trial with another U.S. military branch is
also in the works. This activity demonstrates customer interest in
our products is strong and growing, and that we are enjoying
tremendous momentum going into the New Year. In fact, our
certification for the ETL product safety mark is expected in
January, which we believe will help further drive sales.
"In line with our previously announced plan to eventually become
a fully reporting company with the SEC, we recently completed an
independent audit of our 2009 and 2010 financial statements. These
are available on our website starting today. We anticipate our
first SEC filings will be completed in 2012, and for this to
coincide with our up listing to the OTCQX or NASDAQ stock exchange.
We plan to provide a review of our Q4 and full year 2011 on our
next investor conference call in late February. This will include
our objectives and outlook for 2012, as well as an update on some
very big customer wins we're currently pursuing."
About Totally Green Totally Green, Inc.
develops, manufactures, and markets the company's ORCA Green™
Machine and markets the Ingeo™ Green Bottle Spring Water. The ORCA
(Organic Refuse Conversion Alternative) machine allows for rapid
composting of most organic material in institutional and commercial
end-user applications, after which the liquid compost is either
returned to the soil as nourishment or disposed of through the
ordinary sewer system. The machine creates meaningful cost savings
for customers while diverting food waste from landfills and
reducing methane gas production. Both products offer businesses and
consumers innovative and affordable solutions for food &
beverage by-product disposal. For more information, please visit
www.totallygreen.com.
Important Cautions Regarding
Forward-Looking Statements This press
release contains "forward-looking statements." Forward-looking
statements are statements concerning plans, objectives, goals,
strategies, expectations, intentions, projections, developments,
future events, or performance, underlying (expressed or implied)
assumptions and other statements that are other than historical
facts. These forward-looking statements are only predictions. No
assurances can be given that such predictions will prove correct.
Actual events or results may differ materially. Forward-looking
statements should be read in light of the cautionary statements and
risks that include, but are not limited to, the risks associated
with a small company, our comparatively limited financial
resources, the uncertainty of market trends, the competition faced
from other current and future technologies and the uncertainties of
competitive pressures we face. These or other risks could cause
actual results to differ materially from the future results
indicated or implied in such forward-looking statements. We
undertake no obligation to update or revise such statements.
TOTALLY GREEN, INC.
CONDENSED BALANCE SHEETS
ASSETS
September 30, December 31,
2011 2010
------------- -------------
(Unaudited)
Current Assets
Cash & Cash Equivalents $ 52,668 $ 17,538
Temporary Investments - Restricted 25,000 25,000
Trade Accounts Receivable 209,498 700
Accounts receivable - Other 23,000 5,000
Prepaid Expenses 362,641 12,641
Inventory 320,366 130,816
------------- -------------
Total Current Assets 993,173 191,695
------------- -------------
Property and Equipment
Machinery and Equipment 45,400 38,640
Accumulated Depreciation (7,624) (2,760)
------------- -------------
Property and Equipment, net 37,776 35,880
------------- -------------
Intangible Assets, net 688,416 774,827
Prepaid Marketing Fees 1,137,550 -
Other Assets 13,527 13,527
Discontinued Operations - Assets 536,987 681,167
------------- -------------
Total Assets $ 3,407,429 $ 1,697,096
============= =============
TOTALLY GREEN, INC.
CONDENSED BALANCE SHEETS
LIABILITIES AND EQUITY
September 30, December 31,
2011 2010
------------- -------------
(Unaudited)
Current Liabilities
Accounts Payable $ 195,189 $ 172,014
Sales Tax Payable 1,751 -
Customer Deposits - 27,962
Dividends Payable 48,000 48,000
Fees Payable 106,280 106,280
------------- -------------
Total Current Liabilties 351,220 354,256
------------- -------------
Fees Payable - Long-Term 216,773 216,773
Line of Credit 1,561,102 603,009
------------- -------------
Total Liabilities 2,129,095 1,174,038
------------- -------------
Equity
Common Stock - $0.001 Par Value, 750,000,000
shares authorized 625,777,894 and
587,732,546 shares issued and outstanding 625,778 587,733
Preferred Stock
Series A - $0.001 Par Value 1,900,000
shares authorized, issued and outstanding 1,900 1,900
Series B - $0.001 Par Value, 3,000 shares
authorized, issued and outstanding 3 3
Additional Paid in Capital:
Common Stock 4,565,373 2,703,418
Preferred Stock - Series A 55,100 55,100
Preferred Stock - Series B 1,149,997 1,149,997
Retained Earnings (Deficit) (5,119,817) (3,975,093)
------------- -------------
Total Equity 1,278,334 523,058
------------- -------------
Total Liabilities and Equity $ 3,407,429 $ 1,697,096
============= =============
TOTALLY GREEN, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Three Months
Ended Ended
September 30, 2011 September 30, 2010
------------------ ------------------
Net Sales $ 224,746 $ 136,752
Cost of Goods Sold 129,292 131,749
------------------ ------------------
Gross Profit 95,454 5,003
Selling, General and Administrative
Expenses 520,937 401,588
------------------ ------------------
Operating Loss (425,483) (396,585)
------------------ ------------------
Other Income (Expenses)
Other Income 1,743 36,000
Interest Expense (3,415) -
------------------ ------------------
Total Other Income (Expenses) (1,672) 36,000
------------------ ------------------
Net Loss $ (427,155) $ (360,585)
================== ==================
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Company Contact: Nate Baker President & Interim CFO
Totally Green, Inc. Tel 918-619-9700 Investor Relations
Contact: Liolios Group, Inc. Scott Liolios or Chris Tyson Tel
949-574-3860
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