International Absorbents Announces Financial Results For Fiscal Year 2009; Net Income Increases 11%, Sales Increase 8%
April 29 2009 - 2:16PM
PR Newswire (US)
FERNDALE, Wash., April 29 /PRNewswire-FirstCall/ -- International
Absorbents Inc. (NYSE Euronext: 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, 2009. Net income for fiscal year 2009 improved
11% to $2,239,000, or $0.35 per share, versus $2,016,000, or $0.31
per share, for fiscal year 2008. Sales increased 8% to $35,752,000
for fiscal year 2009, compared to $33,095,000 for fiscal year 2008.
Gross profit for fiscal year 2009 was $11,482,000 compared to
$9,956,000 for fiscal year 2008. Gordon L. Ellis, Chairman of
International Absorbents Inc. commented on the Company's financial
results, "The economic downturn is having its effect on us as sales
slowed in the latter part of the year resulting in overall growth
of 8 percent, the first time in many years that we have had less
than double digit growth. As companies worldwide tighten up their
inventories our customers have been doing the same such that sales
continue to slow as we move into the new year. To counter this, we
continue to focus on becoming a more cost-effective manufacturer
through both increased efficiencies and innovative cost saving
initiatives. Success in these areas are reflected in the results
for fiscal year 2009 including improved margins and a 11 percent
increase in net profit. Consistent with our long term strategy we
are pushing into both new market channels and geographies.
Additionally, our objective is to take advantage of this downturn
to give our customers value for their money and thereby secure as
much market share as possible. With two modern manufacturing
facilities and increased efficiencies we have significant excess
capacity to support future growth, and our strong balance sheet can
weather short term sales disruptions. These are interesting
economic times and we look forward to coming out of this recession
a stronger, more profitable organization." 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, 2009 2009 2008 Sales, net
$35,752,000 33,095,000 Gross profit 11,482,000 9,956,000 Net income
before taxes 3,654,000 3,270,000 Net income 2,239,000 2,016,000
Basic earnings per share 0.35 0.31 Weighted average shares (basic)
6,410,000 6,410,000 Total assets $31,281,000 $28,589,000
Stockholders' equity 20,386,000 17,689,000 Net Cash Flows from
operating activities 3,644,000 3,571,000 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 potential impact on
the Company of the recession; the Company's ability to reduce
costs, increase efficiencies, enter into new markets, introduce new
products, gain market share, improve profitability and execute on
its future growth strategies; potential financial results; the
capacity of the Company's manufacturing facilities; forecasted
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, the effect on the Company of
the ongoing global economic downturn, any potential decrease or
change in consumer spending, the potential impact on the Company of
any increases in energy and transportation costs; the performance
of the Company's manufacturing facilities, competitor reactions and
their ability to market and price their products, and the
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, 2009 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, 866-514-6559, or
+1-604-681-6181, Web Site: http://www.internationalabsorbents.com/
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