IHTC .55......today:
Integrated Health Technologies, Inc. Reports Year End Financial Results
Thursday September 12, 1:48 pm ET
HILLSIDE, N.J., Sept. 12 /PRNewswire-FirstCall/ -- Integrated Health Technologies, Inc. (OTC Bulletin Board: IHTC - News) today announced its financial results for the year ended June 30, 2002.
Fourth quarter revenues increased 23% to $6,807,389 from $5,545,517 for the same period a year ago. Net income for the quarter was $222,334 or $.03 per share on 7,114,970 shares outstanding as compared to a net loss of $(188,380) or $(.02) per share on 5,963,956 shares outstanding for the comparable quarter of last year.
Revenues increased 54% to $23,546,630 from $15,293,090 for the year ended June 30, 2002. Net income for the year ended June 30, 2002 was $1,393,045 or $.20 per share on 7,114,970 shares outstanding compared to a net loss of $(1,449,903) or $(.24) per share on 5,963,956 shares outstanding for the year ended June 30, 2001.
The following tables set forth the financial results:
For the Three Months Ended
June 30, 2002 June 30, 2001
Total Revenue $6,807,389 $5,545,517
Pretax Operating Income/(Loss) 357,868 (278,162)
Provision for Income Taxes 135,534 (89,782)
Net Income/(Loss) $222,334 $(188,380)
Diluted EPS $0.03 $(0.02)
Average Common Shares
Outstanding-fully diluted 7,114,970 5,963,956
For the Year Ended
June 30, 2002 June 30, 2001
Total Revenue $23,546,630 $15,293,090
Pretax Operating Income/(Loss) 1,126,511 (2,097,368)
Provision for Income Taxes 439,466 (647,465)
Net Operating Income/(Loss) 687,045 (1,449,903)
Proceeds from Lawsuit (net of taxes) 706,000 --
Net Income/(Loss) $1,393,045 $(1,449,903)
Diluted EPS $0.20 $(0.24)
Average Common Shares
Outstanding-fully diluted 7,114,970 5,963,956
"We are pleased that the increase in revenues and profits recorded for the first nine months of the year continued through the fourth quarter resulting in record operating earnings", commented Seymour Flug, President and Chief Executive Officer of Integrated Health Technologies, Inc.
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. |
