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ZBB Energy Q4 loss declined

Staff writer |
ZBB Energy Corporation announced its financial results for its fourth quarter and fiscal year ended June 30, 2013.

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On September 27, 2013 the Company closed a preferred stock and warrant financing transaction for gross proceeds of $3 million.

The net proceeds from the transactions will be used to meet the Company's working capital needs and for general corporate purposes while the Company works toward finalizing strategic relationships with large, multi-national partners.

Financial results for the fiscal year ended June 30, 2013 as compared to the year ended June 30, 2012 were: Product sales increased 224% to $7,305,516 from $2,252,412; product sales gross profit increased to $1,030,239 compared to $184,704 in the prior year; and total revenues, including engineering and development revenue, increased 61% to $7,723,699 from $4,805,568.

Net loss decreased to $11,878,915 compared to $13,710,226. The decrease in net loss is due primarily to the increase in commercial gross profit, reduction in engineering and development costs and lower interest expense. Loss per share declined to $0.15 from $0.37.

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