International Absorbents Announces Record Financial Results for 2008 Fiscal Year; Net Income Increases 188%, Sales Increase 12%
29 Avril 2008 - 12:29AM
PR Newswire (US)
FERNDALE, Wash., April 28 /PRNewswire-FirstCall/ -- International
Absorbents Inc. (AMEX:IAX), a leading developer and producer of
environmentally-friendly pet care and industrial products, today
reported financial results for the fiscal year ended January 31,
2008. Net income for fiscal year 2008 improved 188% to a record
$2,016,000, or $0.31 per share, versus $701,000, or $0.11 per
share, for fiscal year 2007. Sales increased 12% to a record
$33,095,000 for fiscal year 2008, compared to $29,495,000 in the
previous fiscal year. Gross profit for fiscal year 2008 was
$9,956,000 compared to $9,593,000 the prior fiscal year. Gordon L.
Ellis, Chairman of International Absorbents Inc. commented on the
Company's excellent financial results. "As the numbers indicate,
the Company believes that it is on track to continue to deliver
improved profitability. Net income is up considerably over the
previous year despite the fact we shut down and moved our
Bellingham, Washington manufacturing facility during the year. Our
three-phase infrastructure build-out strategy we put in place a few
years ago is now complete and we expect to be in position to take
advantage of our up-to-date facilities and grow the business. From
an operations viewpoint, we have moved from the build-out stage to
working on optimizing efficiencies and fine-tuning our systems. As
an example, our SG&A costs were reduced during fiscal year 2008
as compared to the prior year, even though sales increased. From a
corporate viewpoint, we believe we are now in a position to focus
more resources on market and product expansion. We have recently
hired additional market development and sales personnel and
continue to look for more excellent people to help drive our market
growth initiative. Management's objective continues to be to
support long term growth and profitability while protecting the
Company's core business. We anticipate that completion of the
build-out phase and related recent improvements will allow us to
dedicate more of our physical, financial and personnel resources
towards a market expansion strategy. We look forward to interesting
and productive times ahead." International Absorbents Inc.
develops, manufactures and markets patented and proprietary, cost
effective consumer and commercial products derived from recycled,
renewable materials. These environmentally safe products outperform
conventional products used in a broad range of consumer and
industrial applications, including retail/commercial pet bedding
and litter, oil and hazardous liquid spill cleanup and control,
oil/water filtration, and packaging. Further information is
available at http://www.internationalabsorbents.com/. FINANCIAL
HIGHLIGHTS Year Ended January 31, 2008 2008 2007 Sales, net
$33,095,000 29,493,000 Gross profit 9,956,000 9,593,000 Net income
before taxes 3,270,000 1,278,000 Net income 2,016,000 701,000 Basic
earnings per share 0.31 0.11 Weighted average shares (basic)
6,410,000 6,404,000 Total assets $28,589,000 $27,691,000
Stockholders' equity 17,689,000 15,390,000 Net Cash Flows from
operating activities 3,571,000 2,416,000 Contact: Charles (Chuck)
Tait International Absorbents Inc. Toll Free: 866-514-6559 or
604-681-6181 A number of the matters and subject areas discussed in
this press release that are not historical or current facts deal
with potential future circumstances and developments, including
without limitation, statements referring to the Company's future
growth strategies, prospects for the future, potential financial
results and the Company's capacity to improve profitability,
ability to expand and grow its markets and product lines, abilities
to enter new markets, ability to introduce new products, benefits
from infrastructure improvements and the Company's competitiveness
and profitability as a result of new sales and marketing programs,
are forward-looking statements. The words "believe," "expect,"
"intend," "estimate," "assume" and "anticipate," variations of such
words and similar expressions identify forward-looking statements,
but their absence does not mean that a statement is not
forward-looking. The discussion of such matters and subject areas
is qualified by the inherent risks and uncertainties surrounding
future expectations generally, changes in energy and transportation
costs, and it is important to note that the Company's actual
results could differ materially from those projected, due to
various risk factors. Those risks include, but are not limited to
installed equipment performance, consumer acceptance of the
Company's products at a new location, competitor reactions and
their ability to market and price their products, general economic
conditions outside of the control of the Company, and the economic
availability of sources of raw materials to meet demand rates
necessary to sustain growth. Additional information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to
time in the Company's reports filed with the SEC, including, but
not limited to, the Company's annual report on Form 10-K for the
fiscal year ended January 31, 2008 and its quarterly filings on
Form 10-Q. This press release speaks only as of its date, and the
Company disclaims any duty to update the information herein.
DATASOURCE: International Absorbents Inc. CONTACT: Charles (Chuck)
Tait of International Absorbents Inc., 1-866-514-6559, or
+1-604-681-6181, Web site: http://www.internationalabsorbents.com/
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