MagneGas Corporation announced that it has generated record sales of $505,000 for the combined full-month operations. These represent the highest combined industrial gas and welding supply sales in corporate history.
MagneGas Corporation (NASDAQ: MNGA), announced that it has generated record sales of $505,000 for the combined full-month operations of ESSI, Green Arc Supply, and Complete Welding of San Diego. These represent the highest combined industrial gas and welding supply sales in corporate history. This record growth was primarily due to recent acquisitions that expanded the company into California, Texas and Louisiana.
Ermanno Santilli, CEO of MagneGas, commented:
We are excited to see the immediate positive impact of our recent acquisitions. We acquired Green Arc and Complete Welding for access to the leading industrial gas markets in the U.S., as well as their experienced and strong local sales teams that have delivered excellent sales results for those businesses. In addition, we recently announced aggressive expansions of the sales teams in Texas and California, and we have implemented a comprehensive product training program to educate our newly acquired customer base on the benefits of MagneGas2®, the world’s only renewable metal cutting fuel. We have had strong recent results in San Diego, where we presented MagneGas2® to four existing clients, and all four placed orders, switching from acetylene to MagneGas2®. We expect to replicate this success at scale as we drive training, customer support and marketing campaigns to further enhance our growth in these new markets.
We see these sales results as a great example of the positive impact of our accretive acquisition strategy, as well as our growth potential as expand nationwide,” commented Scott Mahoney, CFO of MagneGas. “Our core strategy in 2018 is to make a series of highly accretive acquisitions that drive value strategically and operationally, as we undertake a complete financial transformation of our business. As an example, we exited 2017 with approximately $0.15 of revenue per share. Today, we are projecting almost $1.00 in revenue per share, with significantly improved profitability, clearly demonstrating the accretive nature of our growth strategy. We look forward to driving near term revenue growth, improved EBITDA, and ultimately strong positive free cash flows as we continue to expand the scale and scope of our business.