ALRG Reports. 11% Revenue growth, 300% earnings growth.
Press Release Source: Allergy Research Group, Inc.
Allergy Research Group, Inc. Reports Profits For Third Quarter 2003
Friday November 14, 4:00 pm ET
HAYWARD, Calif.--(BUSINESS WIRE)--Nov. 14, 2003--Allergy Research Group, Inc. (OTCBB:ALRG - News) announced financial results for the third quarter ending September 30, 2003.
ALRG recorded total revenue of $3,326,957 for the quarter, up 11% from 2002. The increase of $326,032 is primarily due to increased sales to distributors and increased demand at retail for current and new products.
"Our overall commitment to good health and concern for our customers, coupled with our excellent brand identification, has continued to have a positive effect on sales," said Chief Executive Officer and Chairman, Dr. Stephen A. Levine, Ph.D.
Cost of sales increased $82,404 to $1,898,692 for the quarter ended September 30, 2003, compared to $1,816,288 for the quarter ended September 30, 2002. The increase in cost of sales corresponds with the increase in sales. Gross profit margins increased approximately 3.9%, approximating 42.8% for 2003 resulting from the higher margins associated with retail sales.
During the quarter ended September 30, 2003, the Company recorded net income of $397,517, as compared to net income of $122,064 for the same period in 2002. The increase is a reflection of the increase in sales at higher profit margins and reduced operating expenses. Interest expense decreased $7,600 for the quarter ended September 30, 2003, as compared to September 30, 2002 as result of the Company paying down its line of credit from $570,064 at December 31, 2001 to zero at September 30, 2003.
Complete copies of the company's financial statements, including notes to the financials, can be found on its website at www.nutricology.com. |
