BlastGard reports revenue decline

Published 23 April 2007

Despite its popular bomb-proof garbage cans, company fails to break $1 million in revenue; project delays to blame, says CEO

Mixed news for Clearwater, Florida-based BlastGard International — best known to Washington, D.C. residents for its blast-proof garbage cans now found on Metro station platforms. Last June, we reported, the company had secured $1.2 million in financing as part of an expansion and development. In the meantime, BlastGard has seen some success, not only receiving liability-stopping SAFETY Act certification but making a series of lucrative deals for its “mitigated trash receptacles” with the Washington Metro Authority, the Sears Tower, and the New York City Transit Authority. Nevertheless, revenue is down on the year, with the company reporting $925,880 for 2006 (as compared with with $1,129,271 in 2005) and also reporting a net loss of $2,451,476 or $0.11 per share.

We fell short of our profitability goals due in part to the delay in the capture and implementation of certain projects forecasted for the fourth quarter,” admitted CEO James Gordon. “We have made significant corrective steps to ensure greater visibility and operating efficiencies in our business including a stronger management team and Board, enhanced forecasting and greater oversight.”