International Absorbents Announces First Quarter Results; Sales Exceed Previous Year's Strong Q1 Results
13 Juin 2008 - 11:56PM
PR Newswire (US)
FERNDALE, Wash., June 13 /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 first quarter ended April 30,
2008. Sales for the first quarter of fiscal year 2009 increased by
1% to a record first quarter level $8,461,000, versus $8,365,000
for the first quarter of fiscal year 2008. Gross profit for the
first quarter of fiscal year 2009 was $2,510,000 compared to
$2,767,000 for the comparable quarter during the prior year.
Increased costs were primarily a result of higher depreciation,
plus increases in the costs of raw materials, maintenance and
labor. Improvements in shipping logistics were offset by increased
fuel surcharges for freight during the period. Net income for the
first quarter of fiscal year 2009 was $343,000, a decrease of 43%
versus a net income of $623,000 for in the first quarter of fiscal
year 2008. "Last year's first quarter sales were exceptionally good
at the expense of lower sales in later quarters. The fact that this
year's first quarter sales exceeded last year's but on the basis of
a much more even growth curve is a compliment to our sales groups."
stated Gordon L. Ellis, Chairman of International Absorbents Inc.
"We are particularly pleased that this has taken place in what
appears to be a struggling overall economy. In order to take full
advantage of continued sales growth and ensure that we have staying
power if the struggling economy does affect us directly we must
focus on further controlling our costs. We are well into
incorporating additional initiatives to stabilize and reduce raw
material costs and reduce maintenance costs." 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 3
Months Ended Apr. 30, 2008 2007 Sales, net $8,461,000 $8,365,000
Gross profit 2,510,000 2,767,000 Net income before taxes 637,000
1,034,000 Net income 343,000 623,000 Basic earnings per share 0.05
0.10 Weighted average shares (basic) 6,410,000 6,410,000 As at Apr.
30, As at Jan. 31, 2008 2008 Total assets $29,003,000 $28,589,000
Stockholders' equity 18,139,000 17,689,000 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, capacity to improve profitability, intent to improve
production efficiencies and decrease costs, 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., Toll Free, 1-866-514-6559, or +1-604-681-6181, Web site:
http://www.internationalabsorbents.com/
Copyright
International Absorbents (AMEX:IAX)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
International Absorbents (AMEX:IAX)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024