International Absorbents Profitable in First Quarter
BELLINGHAM, Wash., June 9 /PRNewswire/ -- International Absorbents Inc. (OTC Bulletin Board: IABS - news), a leading
manufacturer and marketer of sorbent products made from waste wood fiber, today announced record revenues of $1,411,000 for the
quarter ended April 30, 1998, an increase of 26% over the comparable period last year. The Company posted a consolidated profit of
$37,000 for the quarter, versus a loss of $(209,000) for the same period last year.
''Revenue growth remains steady, gross margins have increased to 34% from 28%, and EBIDT is $74,000,'' commented Gordon L. Ellis, Chairman of International Absorbents. ''Significant improvements have been made in all areas of the Company and will continue. Programs are in place to build revenues and the Company, from top-to-bottom, has a keen focus on cost controls and maximizing profitability. We now have a stable financial base from which to grow and capitalize on potential opportunities.''
International Absorbents Inc. develops, manufactures and markets patented and proprietary, cost-effective sorbent products derived
from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of
industrial and consumer applications, including oil and hazardous liquid spill cleanup and control, oil/water filtration, packaging
and commercial/retail animal bedding and litter. Further information about International Absorbents is available at
www.absorbent.com.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited, in thousands)
Three Months Ended
April 30
1998 1997
Revenues $1,411 $1,117
Net income (loss) 37 (209)
Profit (loss) per common share 0.00 (.01)
Weighted avg. number of common shares 16,696 14,951
This news release may contain forward-looking statements with respect to the operations and business of the Company that involve
risks and uncertainties. These risks and uncertainties are detailed from time to time in the Company's filings with the Securities &
Exchange Commission. |
