International Absorbents Announces Record Sales for Fiscal Year 2004 - Tabular Information BELLINGHAM, Wash., April 2 /PRNewswire-FirstCall/ -- International Absorbents Inc. and Subsidiary Consolidated Balance Sheets As at January 31, 2004 and 2003 (in thousands of U.S. dollars, except per share amounts) 2004 2003 Assets Current assets: Cash and cash equivalents $1,453 $3,051 Restricted cash 432 -- Short term investments 211 207 Accounts receivable, net 1,525 1,489 Inventories, net 1,335 1,042 Prepaid expenses 148 151 Receivable from related party -- 26 Income taxes receivable 271 -- Deferred income tax asset 31 273 Total current assets 5,406 6,239 Property, plant and equipment, net 10,348 3,971 Intangible assets, net 39 69 Other assets, net 150 30 Total assets $15,943 $10,309 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $1,976 $1,295 Related party payable 4 5 Current portion of long-term debt 142 -- Income taxes payable -- 28 Total current liabilities 2,122 1,328 Deferred income tax liability 384 162 Long-term debt 2,934 -- Total liabilities 5,440 1,490 Stockholders' equity: Common stock, no par value - 100,000,000 shares authorized, 5,773,970 and 5,667,345 issued and outstanding at January 31, 2004 and 2003, respectively 7,256 7,052 Additional paid in capital 489 444 Retained earnings 2,758 1,323 Total stockholders' equity 10,503 8,819 Total liabilities and stockholders' equity $15,943 $10,309 International Absorbents, Inc. and Subsidiary Consolidated Statements of Earnings For the years ended January 31, 2004 and 2003 (in thousands of U.S. dollars, except per share amounts) 2004 2003 Sales $19,618 $16,077 Cost of goods sold 12,162 9,278 Gross Profit 7,456 6,799 Selling, general and administrative expenses 5,187 4,620 Income from operations 2,269 2,179 Interest expense (92) -- Interest income 43 48 Income before provision for income taxes 2,220 2,227 Income tax provision (785) (724) Net income $1,435 $1,503 Basic earnings per share $.25 $.27 Fully diluted earnings per share $.24 $.26 Weighted average number of shares outstanding (in thousands) Basic 5,710 5,663 Diluted 5,983 5,750 International Absorbents Inc. and Subsidiary Consolidated Statement of Cash Flows For the years ended January 31, 2004 and 2003 (in thousands of U.S. dollars, except per share amounts) 2004 2003 Cash flows from operating activities Net income $1,435 $1,503 Adjustments to reconcile net income to net cash used for operating activities Depreciation and amortization 430 346 Amortization of stock-based compensation 10 156 Tax benefit from exercise of stock options 35 -- Deferred taxes 464 738 Changes in operating assetsand liabilities Accounts receivable (36) (354) Inventory (293) (363) Prepaid expenses 3 35 Accounts payable and accrued liabilities 20 302 Income taxes receivable/payable (299) (24) Due to related parties (1) 5 Interest receivable from related party 1 (1) Net cash flows from operating activities 1,769 2,343 Cash flows from investing activities Purchase of short-term investments (420) (107) Proceeds from short-term investments 416 -- Purchase of property, plant and equipment (6,110) (2,910) Purchase of other assets (126) (60) Loan to related party -- (25) Proceeds from related party 25 -- Investment in restricted cash (2,910) -- Proceeds from restricted cash 2,478 -- Net Cash flows from investing activities (6,647) (3,102) Cash flows from financing activities Proceeds from long-term debt 3,171 -- Repayment of long-term debt (95) -- Proceeds from exercise of stock options 154 13 Proceeds from exercise of common stock warrants 50 -- Repurchase of common stock -- (9) Net cash flows from financing activities3,280 4 Net change in cash (1,598) (755) Cash and cash equivalents, beginning of period 3,051 3,806 Cash and cash equivalents, end of period $1,453 $3,051 Cash paid for interest $138 $-- Cash paid for income taxes $592 $-- Non-cash investing activities Increase in property, plant and equipment and accounts payable forpurchase of plant and equipment $661 $-- DATASOURCE: International Absorbents Inc. CONTACT: Charles (Chuck) Tait of International Absorbents Inc., Toll Free, 1-866-514-6559, or +1-604-681-6181, or Web site: http://www.absorbent.com/

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