Int'l Technologies earns $162,000 in third quarter
2003-11-06 11:33 ET - News Release
Mr. Michael Uhm reports
INTERNATIONAL TECHNOLOGIES CORPORATION: FIVE QUARTERS OF GROWTH - 3RD QUARTER 2003 RESULTS
International Technologies has released its unaudited financial results for the third quarter ended Sept. 30, 2003, which confirm the continued profitable trend. A copy of the complete financial results is posted on Stockwatch SEDAR files.
Financial highlights for the nine months ended Sept. 30 include:
revenues of $18.1-million, up 27 per cent or $15.4-million from 2002;
gross profit of $2.3-million, up $600,000 from last year;
earnings before interest, taxes, depreciation and amortization of $597,000, up $480,000 from last year; and
earnings per share of seven cents.
Financial highlights for the third quarter include:
revenues of $6.3-million, up 0.4 per cent from third quarter 2002;
gross profit of $762,000, up $83,000 from last year;
EBITDA of $161,945, up $11,000 from last year; and
earnings per share of two cents.
Revenues were $6.3-million for the three months ended Sept. 30, 2003, compared with $6.2-million for the corresponding quarter of 2002. This represents an increase in sales of $29,000, or 0.4 per cent. The company anticipated stronger sales growth during the quarter, however, acute product supply shortages from manufacturers hampered the company's ability to fully capitalize on its revenue opportunities.
ITC showed a profit of $162,000, or two cents per share for the quarter ended Sept. 30, 2003, compared with a profit of $151,000 or two cents 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 some marginal exchange rate differentials. Gross margin for the quarter was $762,000, or 12.2 per cent, compared with $679,000 or 10.9 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 $165,000 or 2.6 per cent for the three months ended Sept. 30, 2003, compared with $186,000 or 3.0 per cent for the corresponding quarter of 2002. This decrease is directly related to the company's continuing efforts to reduce operating costs in all sectors.
"We have now recorded five consecutive quarters of EBITDA growth and our revenues have grown to over $25.2-million for the last months ended Sept. 30, 2003," stated Michael Uhm, chief executive officer of International Technologies Corporation. Mr. Uhm added: "We are committed to building a strong and profitable business which is becoming an important player in our marketplace. We have entered the traditional strong second half of the year and we are experiencing solid organic growth while we continue to diversify both our product lines and customer base." |
