IAX Intl Absorbents

International Absorbents Announces Third Quarter Results: Sales Increase 32%; Net Income Up 35% BELLINGHAM, Wash., Dec. 11 /PRNewswire-FirstCall/ -- International Absorbents Inc. , a leading developer and producer of environmentally-friendly pet care and industrial products, today reported record revenues of $5,663,000 and improved earnings of $547,000 for the third quarter ended October 31, 2003. Sales for the three months were a record $5,663,000 versus $4,299,000 for the prior year's third quarter, a 32% increase. Net income increased 35% to $547,000, or $0.10 per share, compared to $405,000, or $0.07 per share, for the same quarter last year. Sales for the nine months were $15,012,000 a new record and 30% better than the nine month period during the previous year. Net income for the nine months was $1,203,000 against $1,055,000 for the prior year, an increase of 14%. "We have demonstrated steady progress toward our strategic goals during the quarter," stated Gordon L. Ellis, Chairman of International Absorbents Inc. "We completed the construction and the first part of our planned relocation to our new West Coast location on time and on budget. We also began construction of our new East Coast facility. We have continued to focus on gaining market share for our current product lines and launching new and existing products into new markets to fuel our short and long-term growth. Record sales for the quarter reflect the effectiveness of this sales acceleration program." "It's been a year of transformation for our company and we are pleased with the results to date," added Mr. Ellis. "Our infrastructure is vastly improved and further significant improvements are underway and planned. Our marketing department has been greatly strengthened with the addition of seasoned executives. Aggressive sales programs are ongoing and in development. Overall, these initiatives will help to ensure our long-term competitiveness and profitability." 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.absorbent.com/. FINANCIAL HIGHLIGHTS 9 Mos. Ended Oct. 31 3 Mos. Ended Oct. 31 2003 2002 2003 2002 Sales revenue $15,012,000 $11,557,000 $5,663,000 $4,299,000 Net income before taxes 1,878,000 1,651,000 842,0000 680,000 Net income 1,203,000 1,055,000 547,000 405,000 Basic earnings per share 0.21 0.19 0.10 0.07 Weighted average shares (basic) 5,691,000 5,662,000 5,715,000 5,663,000 As at Oct. 31 As at Jan. 31 2003 2003 Total assets 15,581,000 10,309,000 Stockholder's equity 10,178,000 8,819,000 Contact: Charles (Chuck) Tait International Absorbents Inc. 604-514-6559 or 604-681-6181 Statements made in this document referring to the Company's future growth strategies, potential financial results, market and product line growth, abilities to enter new markets, ability to introduce new products, benefits from infrastructure improvements and our competitiveness and profitability as a result of new sales and marketing programs are forward-looking statements. 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 contractor performance, newly installed equipment performance, weather related construction issues, 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 SEC filings, including but not limited to forms 10-KSB, 10-QSB and the proxy statement. DATASOURCE: International Absorbents Inc. CONTACT: Charles (Chuck) Tait of International Absorbents Inc., +1-604-514-6559, or +1-604-681-6181, or Web site: http://www.absorbent.com/

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