International Absorbents Announces Record Sales for Fiscal Year 2004 - Tabular Information
April 02 2004 - 2:34PM
PR Newswire (US)
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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