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NEW YORK, Jan 15, 2009 /PRNewswire-FirstCall via COMTEX News Network/ --
SpongeTech(R) Delivery Systems, Inc., America's Cleaning Company(TM), (OTC Bulletin Board: SPNG) is pleased to announce today for the second quarter of 2009 it has generated revenues of $12,341,737. Revenues for the second quarter of 2009, increased by $12,062,761 over revenues reported for the same quarter last year. Net income for the second quarter of 2009 was $2,320,985, compared to $8,668 for the second quarter of 2008, and reflected significant growth over the same period last year. Gross margin for the second quarter was $7,462,726, or 60.5 percent. Gross margin for the six months ended November 30, 2008 was $11,338,793 or 63 percent. Revenue for six months ending November 30, 2008 was $17,886,356, an increase of $17,543,304 from the same period last year. Net Income for the six months ended November 30, 2008, was $3,397,038. The Company had a net loss of $1,593 for the six months ended November 30, 2007.
SpongeTech(R) Delivery Systems, Inc., COO, Steven Moskowitz said, "We are thrilled to report such tremendous second quarter growth in what has been an amazing year for the company. The increase in sales of our SpongeTech(R) 3-Pack Car Care Kits, combined with the launch of our new Puddle Pals, Uncle Norman's Pet Sponge, and Gold Bar Tub & Tile Cleaner led to an incredible quarter for the company." He added, "The outlook through our continued and successful marketing efforts as well the ongoing addition of new retailers and the continued strong demand for our products, the company expects to have a strong third quarter and full fiscal year."
Steven Moskowitz also commented, "We anticipate a continued share reduction in the Company going forward as I stated last week. Which we believe will maximize our shareholder value. We will be updating this information in the near future."
For more information, please contact Investor Relations at 1-877-SPONGE-T, and/or visit the Company's website at: www.spongetech.com
About SpongeTech(R) Delivery Systems, Inc.
SpongeTech(R) Delivery Systems is a company, which designs, produces, and markets a unique line of reusable cleaning products for household use. These sponge-based products utilize SpongeTech(R)'s proprietary, patent (and patent-pending) technologies involving hydrophilic (liquid absorbing) foam and polyurethane matrices. The Company's sponges are specially configured with an outer contact layer and an inner matrix, the latter of which comes pre-loaded with specially formulated soaps and wax that are released when the sponge is wetted and applied to a surface with minimal pressure. The Company's current product line is designed for Car Care and Pet Care, however, SpongeTech(R) is currently exploring additional applications for its technology including an anti-bacterial, kitchen and bath cleaner, as well as a unique 'foaming' bath sponge for children.
Safe Harbor Statement
Under The Private Securities Litigation Reform Act of 1995: The statements in this presentation that relate to the Company's expectations with regard to the future
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