LRDI.07filed 10k.Revenues up.Profitable,about .007 per share.Undervalue IMO, and it says to continue sales up for 2004.Results of Operations
2003 2002
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Sales $ 5,042,189 $ 3,936,595
Cost of Sales 3,712,178 2,619,412
Gross Profit 1,330,011 1,317,183
Gross Profit Margin 26.38% 33.46%
Administrative Expenses 889,320 903,139
Administrative Expenses as a % of sales 17.64% 22.94%
For the year ended December 31, 2003, sales were approximately $1,105,594 higher than 2002 and are expected to continue to grow during 2004. During 2003 and 2002 49% and 58% of sales, respectively were to Prairie Naturals Inc., a wholesale distributor for which Laredo manufactures private label products. Laredo has a verbal arrangement to manufacture, on an as-ordered basis, private label products that Prairie Naturals Inc. distributes under the Prairie Naturals Inc. name. Laredo also has an exclusive written contract to manufacture one product that Prairie Naturals Inc, distributes for a third party private label. |
