GORX .85/.95...2nd qtr released this am...rev $7.6m vs $3.6m and net inc plus $.09 vs loss ($.10) or plus $650,000 vs loss ($705,000)...7m shares outstanding:
Innovative Companies, Inc. Reports Record Sales and Profits for
Innovative Companies, Inc. Reports Record Sales and Profits for the Second
Fiscal Quarter Ended September 30, 2002
Innovative Companies, Inc. Records Third Consecutive Profitable Quarter
LARGO, Fla., Oct. 30 /PRNewswire-FirstCall/ --
Innovative Companies, Inc. (Nasdaq: GORX) today announced record revenues for
the three months ended September 30, 2002 increasing approximately 76% to
approximately $3,253,000 as compared to approximately $1,844,000 for the same
three-month period in 2001. Net income for the three months ended September
30, 2002 was approximately $274,000 or $0.04 per share as compared to a loss
of $(303,000) or $(0.04) per share for the same period in 2001.
For the six months, ended September 30, 2002, revenues increased 111% to
$7,664,000 as compared to approximately $3,632,000 for the same six-month
period in 2001. Net income for the six months ended September 30, 2002 was
approximately $650,000 or $0.09 per share as compared to a loss of $(706,000)
or $(0.10) per share for the same period in 2001.
"We continue to be optimistic about our continued improvements in our
Company's overall performance given the positive net income we have achieved
in the last three consecutive quarters. Continuing to increase sales
revenues, control costs and heighten the awareness about our Company's overall
capabilities will remain our main focus through the remainder of our fiscal
year ending March 31, 2003," stated Carol Dore-Falcone, Vice President and
Chief Financial Officer. "Our wholly-owned subsidiary, Breakthrough
Engineered Nutrition, Inc., continues to rapidly expand distribution channels
for both product lines, Lean Protein and Thermo Fuel ZXE. Currently, the
demand for our new product launch of our energy drink line, Thermo Fuel ZXE,
has exceeded projections. The Company is working closely with our
distributors and outside brokers to quickly fill back orders," said Dore-
Falcone.
Innovative Companies, Inc. manufactures packages and distributes high-
quality, private label dietary supplements, over-the-counter drugs, and health
and beauty care products for companies worldwide. In addition, we develop and
manufacture our own branded dietary supplements, health and beauty care
products and long-term care nutritional products for distribution through
various outlets. Innovative's subsidiary, Breakthrough Engineered Nutrition,
Inc., has introduced a new line of energy drinks to compliment its established
product line, Lean Protein, its high-protein, zero- and low-carbohydrate
product line. Through both of these product lines, the Company will continue
to add a wide variety of high-protein, zero- and low-carbohydrate products as
well as other products targeted for the gym, sports and other fitness-related
markets. For more about Innovative Companies, Inc. go to our websites at
www.ihp-inc.com and www.leanprotein.com. |
