INTERNATIONAL ABSORBENTS REPORTS RECORD
REVENUES IN SECOND QUARTER
BELLINGHAM, WA, September 9, 1997...International Absorbents Inc. (OTC: IABS),a leading manufacturer and marketer of absorbent products made from waste wood pulp, today announced record results for the second quarter ended July 31, 1997.
Second quarter revenues were $1,381,127, a 37% increase from revenues of $1,009,501 for the same period last year. Net loss for the quarter was $109,133, or less than one cent per share compared to a loss of $96,206, or less than one cent per share, for the comparable period of the previous year.
"We are pleased with our continued revenue growth, led by the Animal Care Division in which sales revenues have increased in 19 of the last 20 quarters," commented Geoff Lawrence, CEO of Absorption Corp, International Absorbents' operating subsidiary. "In addition we are seeing renewed strength in our Industrial Division as its reformulated product line gains acceptance and as export sales continue to expand. The revenue growth, in combination with gains in manufacturing efficiencies and aggressive cost controls, are anticipated to produce a continued trend of improving results.
International Absorbents Inc. develops, manufactures and markets patented and proprietary, cost-effective sorbent products derived from recycled, renewable materials. These environmentally safe products outperform conventional products used in a broad range of industrial and consumer applications, including oil and hazardous liquid spill cleanup and control, oil/water filtration, packaging and commercial/retail animal bedding and litter. Further information about International Absorbents is available at
www.absorbent.com.
CONSOLIDATED
STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
July 31 July 31
1997 1996 1997 1996
Revenues $1,381,127 $1,009,501 $2,497,922 $2,171,417
Net Income (Loss) (109,133) (96,206) (318,238) (146,313)
Income (Loss) per
Common Share ($0.01) ($0.01) ($0.02) ($0.01)
Weighted Average No.
of Common Shares
15,041,092 14,118,832 14,995,590 14,026,272
Contact:
Charles (Chuck) Tait
International Absorbents Inc.
(604) 681-6181
This press release contains forward-looking statements with respect to the operations and business of the Company that involve risks and uncertainties. These risks and uncertainties are detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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