International Absorbents Announces Increases in Net Income and Sales for the Third Quarter and Nine Months
December 15 2008 - 5:07PM
PR Newswire (US)
FERNDALE, Wash., Dec. 15 /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 third quarter and nine months
ended October 31, 2008. Sales for the nine months increased by 10%
to $27,362,000, versus $24,794,000 for the previous year's nine
months. Sales for the third quarter of fiscal year 2009 improved by
6% to $9,603,000, versus $9,028,000 for the third quarter of fiscal
year 2008. Gross profit for the nine months was $8,563,000,
compared to $7,544,000 for the previous year's nine months, an
improvement of 14%. Gross profit for the third quarter of fiscal
year 2009 increased by 19% to $3,251,000 compared to $2,741,000 for
the third quarter fiscal year 2008. Net income for the nine months
improved by 17% to $1,741,000, compared to $1,493,000 during the
prior year's nine months. Net income for the third quarter of
fiscal year 2009 was $836,000, an increase of 12% versus a net
income of $744,000 for the third quarter of fiscal year 2008. Cash,
restricted cash and short term investments for the nine months
increased to $4,706,000 compared to $2,809,000 for the nine months
last fiscal year. For the nine months, cash generated from
operations was $3,469,000. "As is reflected in our improving
margins, efficiency levels at our production facilities continue to
get better. These improvements are ongoing as we continue to focus
on being in the best possible position to weather the current
challenging financial environment, while maintaining flexibility
for growth." stated Gordon L. Ellis, Chairman of International
Absorbents Inc. "Although we have not yet seen any drastic change
in our sales levels, we are watching closely to ensure that we can
react quickly and effectively in the event that there is a
significant change. Our cash flow is strong and we believe that we
are in a relatively good position to endure any recession and
possibly take advantage of opportunities that could arise as a
result of difficult economic times." 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 Oct. 31, 9 Months Ended Oct. 31, 2008
2007 2008 2007 ---- ---- ---- ---- Sales, net $9,603,000 $9,028,000
$27,362,000 $24,794,000 Gross profit 3,251,000 2,741,000 8,563,000
7,544,000 Net income before taxes 1,197,000 1,169,000 2,751,000
2,440,000 Net income 836,000 744,000 1,741,000 1,493,000 Basic
earnings per share 0.13 0.12 0.27 0.23 Weighted average
shares(basic) 6,410,000 6,410,000 6,410,000 6,410,000 As at Oct.
31, As at Jan. 31, 2008 2008 ---- ---- Total assets $31,172,000
$28,589,000 Stockholders' equity 19,760,000 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., +1-866-514-6559, or
+1-604-681-6181, Web Site: http://www.internationalabsorbents.com/
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