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December 2016

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For the first time since the launch of its Internet Paper business, Envision Cleantech Inc. said net income fell from the previous quarter.

Envision said net income for the second quarter of $1.48 million, or 5 cents per diluted share, down from $12.15 million, or 38 cents per diluted share, for the first quarter of 2010.

Envision also reported revenue of $22.6 million, up 5 percent from $21.1 million.

The company attributed the drop in net income to a change in accounting treatment of a valuation allowance it took on its long-term debt following the May 2, 2009, stock market takeover of the company.

The company said its net income declined by $0.76 million, or 2 cents per diluted share, in the second quarter of 2010 versus the same period last year.

Meanwhile, its net sales rose by $0.3 million, or 1 percent, to $22.2 million.

“Envision continues to perform well, garnering record net cash flow despite ongoing decline in paper margins,” said Joe Grilli, president and chief executive officer. “We expect a strong second half of the year despite the economy impacting our revenue.”

During the first quarter of 2010, the company made a net loss of $12.87 million, compared to net income of $9.65 million in 2009. For the second quarter, the company earned $0.97 million versus a loss of $4.15 million in the same period of 2009.
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