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International Absorbents Announces Solid Profit for the Year
BELLINGHAM, Wash., April 14 /PRNewswire/ -- International Absorbents Inc. (OTC Bulletin Board: IABS - news), a leading manufacturer and marketer of sorbent products made from waste wood fiber, today announced results for the fiscal year (1999) ended January 31, 1999.
The Company posted net earnings of $519,000 or $0.03 per share, compared to a loss of $(593,000) or $(0.04) per share for the previous year. Total sales were $5,969,000, a 15.5% increase over last year's total of $5,170,000.
Gross margins increased by $2,263,000 to 38%, compared to $1,610,000 or 31%, for the previous fiscal year. General and administrative expenses decreased by 37% from $1,313,000 to $830,000.
''Management of our wholly owned subsidiary, Absorption Corp., has done a magnificent job this past fiscal year,'' stated Gordon L. Ellis, Chairman of International Absorbents Inc. ''While sales increased by $800,000 to almost $6,000,000, the bottom line increase by more than $1,100,000 to give the Company its first profitable year. This is a solid profit derived from the summation of four increasingly strong quarters capped by a final quarter profit of $240,000.
Management has focused on fundamentals, implemented comprehensive cost controls and expanded marketing efforts. The net result is solid foundation from which to continue and accelerate growth through the coming years.'' |
