ERJ staff report (DS)
Atanta, Georgia -- Vystar Corp. said revenues for the three months to 31 March 2011 were $119,000, a 43 percent increase over the $83,000 reported for the first quarter of 2010. Gross profit increased to $41,000 for the current quarter up to 34 percent margin, versus $11,000 and 13 percent margin for the first quarter of 2010.
EBITDA was a loss of $433,000 for the quarter ended March 31, 2011; however, this is an improvement over the negative EBITDA for the first quarter of 2010 of $461,000, an improvement of 6 percent.
William R. Doyle, Chairman, President and Chief Executive Officer of Vystar, commented: "We are pleased with the improvements in the first quarter of 2011 over 2010; however, our results only hint at the strong pipeline of new business we expect to come through during the remainder of 2011."
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Press release from Vystar