IHTC .49/.56:
(PR NEWSWIRE) Integrated Health Technologies, Inc. Reports Third Quarter Fina
Integrated Health Technologies, Inc. Reports Third Quarter Financial Results
HILLSIDE, N.J., May 14 /PRNewswire-FirstCall/ -- Integrated Health
Technologies, Inc. (OTC Bulletin Board: IHTC.OB) today announced its financial
results for the third quarter ended March 31, 2002.
Third quarter and year to date revenues increased 24% and 72%,
respectively. Net income for the third quarter was $.02 per share as compared
to a loss of $(.05) per share for the comparable quarter of last year. Net
income for the nine months ended March 31, 2002 was $.17 per share compared to
a loss of $(.22) per share for the corresponding nine months of the prior
year.
The following tables set forth the financial results:
For the Three Months Ended
March 31, 2002 March 31, 2001
Total Revenue $5,278,366 $ 4,255,484
Pretax Operating Income/(Loss) 305,963 (466,009)
Provision for Income Taxes 164,650 (151,968)
Net Income/(Loss) 141,313 (314,041)
Diluted EPS $.02 $(.05)
Average Common Shares
Outstanding-fully diluted 7,370,298 6,228,720
For the Nine Months Ended
March 31, 2002 March 31, 2001
Total Revenue $ 16,739,241 $9,747,573
Pretax Operating Income/(Loss) 768,643 (1,819,206)
Provision for Income Taxes 303,932 (557,683
Net Operating Income/(Loss) 464,711 (1,261,523)
Proceeds from Lawsuit (net of taxes) 706,000 --
Net Income/(Loss) 1,170,711 (1,261,523)
Diluted EPS $.17 $(.22)
Average Commons Shares
Outstanding-fully diluted 7,092,811 5,876,025
"We are pleased that the increase in revenues and profits recorded in the
first half of the year continued through the third quarter", commented Seymour
Flug, President and Chief Executive Officer of Integrated Health Technologies,
Inc. "We are entering the fourth quarter with significant momentum and are
confident of ending the fiscal year with record operating earnings.
Integrated Health Technologies, Inc. is a unique grouping of companies
presently serving the diversified needs of the nutraceutical industry;
Manhattan Drug Company, Inc. provides contract manufacturing, IHT Health
Products, Inc. provides raw material sourcing and Integrated Health Ideas,
Inc. provides new product development and technical services.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to certain risks and
uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
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SOURCE Integrated Health Technologies, Inc.
-0- 05/14/2002
/CONTACT: Investor Relations - Eric Friedman of Integrated Health
Technologies, Inc., +1-973-926-0816, ext. 106/
(IHTC IHTC.OB)
CO: Integrated Health Technologies, Inc.
ST: New Jersey
IN: MTC OTC
SU: ERN
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