CRYSTAL SPRINGS, FL--(Marketwired - November 14, 2016) - CES Synergies, Inc. (OTC PINK: CESX) ("CES" or the "Company"), a full service environmental, asbestos abatement and demolition company, today announced financial results for the third quarter ending September 30, 2016 and provided a general business update.
John Tostanoski, CEO of CES Synergies, commented, "Gross margin percentage for the third quarter of 2016 was 26% -- an 18-percentage point increase over the quarter ended September 30, 2015 -- continuing its improvement for this fiscal year. The continued increase in margin was largely attributable to the fact that the Company had a higher percentage of Remediation and Insulation jobs, which have lower non-labor costs. As such, the Company has increased net sales in both our Remediation and Insulation segments over the same nine month period while net sales in our Demolition segment decreased. CES expects Remediation sales to remain strong for the balance of 2016, and demolition revenues to increase in the fourth quarter, because of long-term contracts with FDOT and at Eglin Air Force Base."
"As we focus on improvement of our gross margins, the Company will continue to increase its work in the Remediation and Insulation segments while targeting Demolition projects best suited to our business model. We will continue our path toward greater gross margins through cost cutting as well as identifying and bidding opportunities utilizing our improved pricing protocols, which we believe will make the Company profitable by the end of 2016."
About CES Synergies Inc.
CES Synergies, Inc., through its subsidiary, Cross Environmental Services, Inc., is a specialty environmental services company providing quality environmental contracting solutions, demolition and remediation services to commercial and industrial customers, as well as federal, state and municipal entities. More information may be found at the Company's website: www.crossenv.com.
SAFE HARBOR STATEMENT: This press release may contain "forward-looking statements" that are made pursuant to the "safe harbor" provisions as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. These statements are based upon management's current expectations as of the date of this press release. Such forward-looking statements may include statements regarding the Company's future financial performance or results of operations, including expected revenue growth, cash flow growth, future expenses and other future or expected performances. The Company cautions readers there may be events in the future that the Company is not able to accurately predict or control and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those indicated in the forward-looking statements. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the SEC.