AXION International, a provider of recycled plastic and plastic composite technologies, has earned $4.1 million in revenue for second quarter 2014, representing a 170% year-over-year increase over second quarter 2013.
Of this $2.2 million of revenue is attributed to the engineered products for the second quarter 2014, compared to $1.5 million for the second quarter of 2013, with the balance of revenue for the second quarter of 2014 coming from sales of reprocessed plastics.
Net loss for the second quarter ended June 30, 2014 was $20.4 million, as compared to net income of $3.5 million for the corresponding period of 2013.
AXION reported $8.9 million in revenues for the six months ended June 30, 2014, a 173% increase from $3.3 million for the same period in 2013, of which $5.0 million was attributable to engineered products with the remainder attributable to reprocessed plastics sales.
For the six months ended June 30, 2014 and 2013, net loss was $16.9 million and $3.4 million, respectively.
For the three months ended June 30, 2014, the company recognized final sales of $668,900 to its Class 1 railroad customer pursuant to a three year supply agreement completed during this quarter.
In another significant achievement, AXION received third purchase order for ECOTRAX rail ties from Russia, the second largest rail network in the world and third purchase order from major transit system in Europe.
The company saw continued growth in international business with multiple purchase orders for ECOTRAXrail ties and expanded interest in STRUXURE heavy construction and laminated temporary road mats with multiple test orders shipped.
The company recently announced it is converting their Zanesville, OH, facility to support the increasing demand for their engineered products. The conversion will add capacity to process raw materials and allow the company to increase manufacturing capacity to their engineering products, company officials said.
AXION’s vice chairman, Steve Silverman, said, “Our ECOTRAX rail ties performed extremely well in the US and worldwide leading to larger and more substantial orders as we continued to diversify our customer base.”
The company is also finalizing multiple supply agreements around the world as the test projects previously initiated by our rail customers, are now leading to new orders that will be quite significant for our business.
“Since our Waco, TX facility is nearing full capacity with the equipment we have in place, we are undergoing the expansion now in order to meet the anticipated demand for our engineered products,” Silverman added.
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