International Absorbents Announces First Quarter Results
June 13 2007 - 6:03PM
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 fiscal quarter ended April
30, 2007. Sales increased for the first quarter of fiscal year 2008
by 26% to $8,365,000, compared to $6,621,000 for the same period of
fiscal year 2007. Net income for the first quarter grew by more
than three times to $623,000, or $0.10 per share, versus $142,000,
or $0.02 per share, for the first quarter in the prior fiscal year.
Gross profit for the first quarter increased by 35% to $2,767,000,
compared to $2,055,000 for the comparable quarter in the previous
fiscal year. "We are pleased with these results for our first
quarter, especially when we consider that during the same period we
completed the move of our Bellingham, Washington plant to our new
Ferndale, Washington facility, which required us to temporarily
shut down west coast production," commented Douglas Ellis,
President of Absorption Corp, the Company's wholly-owned
subsidiary. "Pulling this off took a tremendous effort from the
whole team. Our Georgia facility ramped up to a round-the-clock,
7-day operation in order to compensate for shutting down the
Washington plant. Logistics, planning, sales, marketing and
customer service all did a great job of coordinating with customers
to ensure everyone's needs were met at a time when we had near
record sales and limited production capabilities. It was an
outstanding effort all around." "Traditionally our first quarter is
the slowest quarter of the year, so we were happy with the strong
sales. And, our team's ability to satisfy customer needs while
shutting down our west Coast plant is a tribute to their dedication
and abilities," commented Gordon L. Ellis, Chairman of
International Absorbents Inc. "With this final stage of our
three-stage infrastructure build-out nearing completion we
anticipate continued sales growth backed by improved production
capabilities and efficiencies." 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, 2007 2006 Sales, net $8,365,000
$6,621,000 Gross profit 2,767,000 2,055,000 Net income before taxes
1,034,000 273,000 Net income 623,000 142,000 Basic earnings per
share 0.10 0.02 Weighted average shares (basic) 6,410,000 6,384,000
As at Apr. 30, As at Jan. 31, 2007 2007 Total assets $28,141,000
$27,691,000 Stockholders' equity 16,024,000 15,390,000 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 and sales results, ability
to improve production capabilities and efficiencies, prospects for
the future, potential financial results, market and product line
growth, 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, 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, risks related to
commissioning a new manufacturing plant, newly installed equipment
performance, consumer acceptance of the Company's products,
competitor reactions, the Company's ability to market and price its
products, general economic conditions outside of the control of the
Company, fuel prices, 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,
2007 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/
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