CES Synergies Reports Q2 2016 Financial Results
OREANDA-NEWS. CES Synergies, Inc. (OTC:CESX) (“CES” or the “Company”), a full service environmental, asbestos abatement and demolition company, today announced financial results for the second quarter ending June 30, 2016 and provided a general business update.
John Tostanoski, CEO of CES Synergies, commented, “Gross margin percentage for the second quarter of 2016 increased to 26% from 18% for the previous six month period in 2015. The increase in margin was primarily attributable to targeted cost-cutting made over the last 9 months directed at making CES more efficient. Moreover, while net sales in our Demolition segment decreased, net sales increased in both our Remediation and Insulation segments over the same six month period. CES expects Remediation sales to remain strong in large part due to the contracts in progress at Eglin Air Force Base.”
“We anticipate improvement in overall sales heading into the third quarter of 2016, including the Demolition segment with four contracts valued at $1.4 million which are expected to commence in that quarter. We will continue our path toward greater gross margins through cost cutting as well as identifying and bidding opportunities utilizing our improved pricing protocols.”
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.