Here is a new one to look at. Next set of financials due very soon. website: itcco.com
International Technologies Inc.
1st Quarter Results Continue Profitable Upward Trend
Highlights for the Quarter Ended March 31, 2003
- Revenue up 59%
- Profit up 84%
- Profit margins increase
Richmond, BC ~ May 12, 2003 ~ International Technologies Corporation (“ITC”) ( TSX-V : ITI ) a leading distributor of computer and electronic products, is pleased to announce its unaudited financial results for its 1st Quarter ended March 31, 2003, which confirm the continued profitable trend. A copy of the complete financial results are posted on SEDAR at www.sedar.com
Revenues reached $ 6,700,000 for the 3 months ended March 31, 2003, compared to $ 4,200,000 for the corresponding Quarter of 2002. This represents an increase in sales of $ 2,500,000, or 59%. This increase is due to the continued market acceptance of ITC’s product lines, reflected by increased purchase commitments from ITC’ major customers.
ITC showed a profit of $196,000, or $0.02 per share for the Quarter ended March 31, 2003 compared to a profit of $ 32,000 or $ 0.004 per share for the corresponding Quarter of 2002. The increase in profits between the two periods is the result higher sales and gross profit margin. Gross margin for the Quarter was $ 747,000, or 11.2 %, compared to $ 512,000 or 9.9 %. The increase in gross margin is reflective of the company selling more flat screen displays (LCD / TFT monitors) in addition to our existing product lines and the Company continuing to build and expand an infrastructure that allows the Company to attain better margins by enhancing existing client and supplier relationships.
Office and General Administration expenses decreased to $137,000 or 2.1% for the three months ended March 31, 2003 compared to $173,000 or 4.1 percent for the corresponding Quarter of 2002. This decrease is directly related to the Company’s efforts to reduce operating costs in all sectors. A large portion of this expense was incurred in securing distribution rights to new products in order to diversify sales, to its acquisitions strategy and to an increased marketing effort for existing product lines across Canada.
About ITC www.itcco.com
International Technologies Corporation (“ITC”) ( TSX-Venture : ING) is a leading distributor of computer display devices, sound devices, peripherals and a variety of other computer/electronic accessories to value-added resellers (VARs), corporate resellers, system integrators, other distributors and select computer retailers. ITC is also a rapidly growing aggregator of established, profitable computer distribution businesses throughout North America. The wholesale distribution model continues to be well-suited to the changing dynamics of the computer industry. ITC believes the computer industry favors strong regional players with specialized product lines and that in a competitive industry, consistent profit margins, economies of scale, geographic coverage in key areas and strong vendor relationships are critical to continued financial strength. ITC’s corporate strategy is to expand our product line and geographical reach by establishing more relationships with computer/electronic manufacturers and by making additional strategic acquisitions. |
