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SPNG, SPNG.OB, SPNG News, SPNG Quote and SPNG Stock.

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SpongeTech Delivery Systems, Inc. Ticker Symbol SPNG.OB designs, produces, and markets unique lines of reusable cleaning products for car care, child care, home care, and pet care usages. These sponge-like products utilize SPNG's proprietary, patent (and patent-pending) technologies, and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices, or other ingredients. The company's sponge-like products are pre-loaded with specially formulated ingredients, such as soap, conditioner, and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SPNG is exploring additional applications for its technology in the health, beauty, and medical markets. It plans to globally brand its company as America's Cleaning Company. The company was founded in 1999 and is based in New York, New York.

 

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Financial Summary

SPNG reported revenue of $13.2MN for the third quarter ended February 28, 2009, a 900+% increase over revenues of $1.3MN reported for the same quarter last year. Net income for the third quarter (Q3) of 2009 was more than $1.5MN, compared to net income of $188,482 for the comparative 2008 quarter, reflecting exponential growth over the same period last year.

For the nine-month period ended February 28, 2009, SPNG reported revenues of $31MN, compared to $1.5MN for the comparative period of 2008. Gross profit for the nine-month period ended February 28, 2009 was $17.6MN compared to gross profit of $1.3MN for the comparative period of 2008. Net income for the nine-month period ended February 28, 2009, was $4.9MN compared to a net income of $197,150 for the comparative period of 2008.

As of February 28, 2009, SPNG held cash/cash equivalents of $34,570 as compared to $19,387 at May 31, 2008. Spongetech Delivery Systems Inc working capital at February 28, 2009, was $19.6MN as compared to $4.9MN working capital at May 31, 2008. The Company has no outside debt. The Company may seek/require external financing to fund the inventory and receivables growth to support new customer additions.

Analyst Consensus

No Analyst coverage



Investment Highlights For Spngetech Delivery Systems Inc.

SpongeTech Delivery System Inc. designs, produces, markets and distributes cleaning products to the consumer through large retail chains. SPNG ’s proprietary sponges contain hydrophilic foam polyurethane matrices and other technologies. The Company’s products include auto care; child care; home care; pet care; health care, as well as beauty, kitchen, bath and medical cleaning products. It plans to globally brand its company as America’s Cleaning Company.

Industry estimates for industrial and institutional cleaning chemicals is projected to increase 3.8% annually to $10BN by 2010. Increased spending reflects the growing popularity of multifunctional cleaning chemicals offering sanitation and other benefits as well as reduced labor costs for janitorial and other cleaning operations.

As of the third quarter (Q3) FY 2009, SPNG continued to announce new orders and customers’ addition. In May, the Company secured approximately $10 million in new orders. For the month of June the Company reported approximately $13.65 million of purchase orders. For the month of July the Company secured approximately $6.9 million in new orders, and most recently reported $13.5 million in new orders for the month of August ’09.

SPNG’s products are in demand via various retail outlets throughout North America, including drugstores, supermarkets, membership warehouse clubs and big box stores. SPNG.OB ’s products are being distributed through such outlets as: CVS, Kroger, Ace Hardware, Bashas’, Price Chopper Strauss Auto, Walgreens, Costco and other distributors.

In early August, the Company announced another initial purchase order from BJ Wholesale Club, but has as of yet to disclose the size of the order. The six-piece “Club Pack” will be offered at BJ’s in Florida, Georgia and North Carolina later in August, with expectations of the “Club Pack” being offered nationwide following the initial order, according to its recent press release.

In July, SPNG announced it has acquired Dicon Technologies for $4.45 million in cash. Dicon Technologies is a company that specializes in research and development of products derived from hydrophilic urethane chemistry. Dicon currently sells various products, including private label brands for multiple industries through established channels of distribution in the U.S., including traditional food, drug and mass market stores such as CVS, Walgreens, Kmart and Wal-Mart, as well as direct sales to large commercial clients, all of which Spongetech Delivery Systems Inc. intends to immediately utilize. In addition to the U.S. distribution, Dicon currently has distribution in Asia.

Another announcement in July included a record month of new orders of approximately $23.5 million, compared with $18 million for June.

SPNG’s revenue growth has been explosive, increasing revenues more than 10-fold in the first quarter of 2009 from the fourth quarter of 2008. Advertising rose sharply as well, yet net profits still rose sharply from $188,482 to more than $1.5 million.

SPNG’s revenue growth is expected to continue through wide exposure via the world’s largest retailers and its brand-awareness marketing and advertising campaigns, which include affiliations with major league sport franchises (i.e. NY Jets; Cleveland Browns etc.) in the United States.

Technical Analysis On SPNG.OB: Tuesday September, 1st

MA 30 days up trend less than a month (30 Days MA break out)
When combined with the other indicators this provides a positive signal. We want to always trade with the trend.
The shorter the time period that the trend had been going up the more risky our potential trade is.
 
MACD upward crossed zero-line 3 days ago and going downward now (MACD 8-17-9)
This is no longer a positive signal. It is not necessarily a negative sign yet until it crosses the signal line and we get a red arrow. This position indicates weakening buying interest. It is not uncommon to see the stock trend flat or down slightly when the MACD goes into decline.
A conservative investor may consider the MACD decline as a negative signal in a bearish market environment. This is especially relevant if profits have already been made.
 
Today's volume is less than the average volume of previous 10 days. (Volume)
Indicates weak interest in the stock. Does not indicate a strong positive or negative signal.
In a down trending market we need higher than average volume of at least 150% to qualify as a positive signal.

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