Pacific Sands, Inc. Second Quarter Results and Additional Restructuring Achievements
(firmenpresse) - KENOSHA, WI -- (Marketwired) -- 02/23/16 -- Pacific Sands, Inc. (OTCQB: PFSD) (), for the quarter ending December 31, 2015, had a loss from operations of $163,000. Sales declined 80% from the comparable prior year quarter primarily as a result of the lack of working capital caused by very high debt service costs.
The company has been operating without a full time CFO. Accordingly, a full time consultant with both a financial background and experience in small business development and operations was added to the Board of Directors at the beginning of the year.
At that time the company implemented a corporate wide reorganization dubbed Project Lazarus.
To date under this program, the company has restructured nearly a quarter of a million dollars of very high cost debt, some with principal and interest paid daily, to much lower interest rates and on more sustainable payment terms. One CD was refinanced as a traditional low cost loan to cut potential dilution from future conversions.
Nearly $100,000 of concessions, and principal reductions, of vendor claims have been achieved, resulting in a more normal flow of materials into inventory.
As raw material shipments have increased, order backlogs have begun to decline and customers are being reengaged.
In addition, steps have been taken to significantly reduce selling and general overhead cost to less than $200,000 per quarter. While not sustainable for the longer term, these cuts have allowed the company to substantially reduce its profit and loss break-even point.
A fresh, new look to the company website has been implemented to highlight the newly reformulated and rebranded household laundry and cleaning products as well as the unique and singular EcoOne Pool and Spa portfolio. Also, the company has begun to promote and market its products on additional social media platforms.
The company has raised a very modest amount of capital without the use of CDs so far this quarter. A shortage of working capital still limits the ability of the company to increase sales levels significantly. As additional improvements to our operations under our reorganization plan are implemented, we hope to be able to obtain additional non-equity sources of capital to fund operations.
As of this date the company has nearly 250,000,000 shares of common stock outstanding because of the use of CDs to fund past operations. Every officer and director of this company holds shares of stock, and as a group owns nearly 22,000,000 shares. The support of other shareholders, customers, vendors, and especially our loyal employees during this period of transition is appreciated.
Pacific Sands, Inc. develops, markets and sells unique non-toxic, earth, health and child-friendly products for cleaning, personal hygiene, and water maintenance applications. The company''s ecoone® Spa Treatment system earned a third place finish in the "Best Green Product" category at the International Pool and Spa show held November 2012 in New Orleans.
Pacific Sands retail products are available at
The statements contained in this release and statements that the company may make orally in connection with this release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, since these forward-looking statements involve risks and uncertainties that could significantly and adversely impact the company''s business. Therefore, actual outcomes and results may differ materially from those made in forward-looking statements.
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Investor Relations
262-925-0122
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Datum: 23.02.2016 - 08:30 Uhr
Sprache: Deutsch
News-ID 1417084
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Specialty Chemicals
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