ITI-V This one looks really good. Hit a new 52 week high today on this news. Trades at 8.75 trailing 12 months EPS. This company should do $35-40 million in sales this year. 65% of their revenues come in the second half of the year. The current market cap is only $6.4 million
Int'l Technologies posts $239,000 Q2 earnings in 2003
2003-08-06 11:11 ET - News Release
Mr. Lindsay Malcolm reports
ITC REPORTS STRONG 2ND QUARTER RESULTS
International Technologies (ITC) has released its unaudited financial results for its second quarter ended June 30, 2003, which confirm the continued profitable trend. A copy of the complete financial results are posted on Stockwatch SEDAR files.
Revenues were $5.1-million for the three months ended June 30, 2003, compared with $4.9-million for the corresponding quarter of 2002. This represents an increase in sales of $169,000, or 3.4 per cent. This increase is due to the continued market acceptance of ITC's product lines, reflected by increased purchase commitments from ITC's major customers.
ITC showed a profit of $239,000, or three cents per share for the quarter ended June 30, 2003, compared with a loss of $65,000 or one cent per share for the corresponding quarter of 2002. The increase in profit between the two periods results from higher gross profit margin and the company's ability to capitalize on exchange rate differentials. Gross margin for the quarter was $808,000, or 15.7 per cent, compared with $ 504,000 or 10.3 per cent. The increase in gross margin is reflective of the company selling more diversified product lines. ITC continues 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 $162,000 or 3 per cent for the three months ended June 30, 2003, compared with $162,000 or 3.2 per cent for the corresponding quarter of 2002. This decrease is directly related to the company's efforts to reduce operating costs in all sectors.
"Our strategy of diversifying and expanding product lines has proven successful and we are immensely satisfied with our financial performance, especially during the traditionally weak second quarter," stated Michael Uhm, chief executive officer of International Technologies.
WARNING: The company relies upon litigation protection for "forward-looking" statements. |
