International Absorbents Announces Second Quarter and Six Months Results
11 Septiembre 2009 - 1:02PM
PR Newswire (US)
FERNDALE, Wash., Sept. 11 /PRNewswire-FirstCall/ -- International
Absorbents Inc. (NYSE:IAX), a leading developer and producer of
environmentally-friendly pet care and industrial products, today
reported financial results for the second quarter and six months
ended July 31, 2009. Sales for the second quarter of fiscal year
2010 were slightly down at $9,256,000 versus $9,298,000 for the
second quarter of fiscal year 2009. Sales for the first six months
of fiscal year 2010 were $17,736,000 versus $17,759,000 for the
first six months of fiscal year 2009. Gross profit for the second
quarter of fiscal year 2010 was $3,380,000 compared to $2,802,000
for the comparable quarter in fiscal year 2009, an increase of 21%.
Gross profit for the first six months of fiscal year 2010 was
$6,496,000 compared to $5,312,000 for the comparable period in
fiscal year 2009, an increase of 22%. Net income for the second
quarter of fiscal year 2010 was $817,000, an improvement of 45%
versus a net income of $562,000 for the second quarter of fiscal
year 2009. Net income for the six months of fiscal year 2010 was
$1,333,000 versus $905,000 for the comparable period in fiscal year
2009. Gordon L. Ellis, Chairman of International Absorbents Inc.
commented, "As is the case in many other industries, the pet care
industry is experiencing a reduction in same store sales throughout
most of the sector. To some extent, we have been able to counter
this trend by expanding our customer base. The good news is that
our margins have improved significantly. With a combination of
greater efficiencies and all time low costs for our major inputs,
our margins are improved by 21 percent for the quarter, even though
we are producing a lower volume of product. We will continue to
strive for greater efficiency as we weather the current economic
downturn and anticipate being able to maintain a healthy bottom
line in the foreseeable future. We expect to face ongoing sales
challenges in the coming quarters as the economy continues to be
uncertain and unemployment grows. We are using this opportunity to
expand our customer base both within North America and in
international markets. Our objective is to be in a strong position
with both lean and efficient manufacturing and a broad sales
platform to take advantage of the next upturn in the global economy
when it arrives." International Absorbents Inc. develops,
manufactures and markets patented and proprietary, cost effective
consumer and commercial products derived from recycled, renewable
materials. These environmentally safe products outperform
conventional products used in a broad range of consumer and
industrial applications, including retail/commercial pet bedding
and litter, oil and hazardous liquid spill cleanup and control,
oil/water filtration, and packaging. Further information is
available at http://www.internationalabsorbents.com/. FINANCIAL
HIGHLIGHTS 3 Months Ended 6 Months Ended Jul. 31, Jul. 31, 2009
2008 2009 2008 ---- ---- ---- ---- Sales, net $9,256,000 $9,298,000
$17,736,000 $17,759,000 Gross profit 3,380,000 2,802,000 6,496,000
5,312,000 Net income before taxes 1,286,000 917,000 2,133,000
1,554,000 Net income 817,000 562,000 1,333,000 905,000 Basic
earnings per share 0.13 0.09 0.21 0.14 Weighted average shares
(basic) 6,410,000 6,410,000 6,410,000 6,410,000 As at Jul. 31, As
at Jan. 31, 2009 2009 ---- ---- Total assets $32,779,000
$31,281,000 Stockholders' equity 21,945,000 20,386,000 Contact:
Charles (Chuck) Tait International Absorbents Inc. Toll Free:
866-514-6559 or 604-681-6181 A number of the matters and subject
areas discussed in this press release that are not historical or
current facts deal with potential future circumstances and
developments, including without limitation, statements referring to
the potential impact on the Company of the economic downturn; the
Company's ability to expand its customer base, reduce costs,
increase efficiencies, enter into new markets, introduce new
products, gain market share, improve profitability and execute on
its future growth strategies; potential financial results; the
capacity of the Company's manufacturing facilities; forecasted
benefits from infrastructure improvements; and the Company's
competitiveness and profitability as a result of new sales and
marketing programs, are forward-looking statements. The words
"believe," "expect," "intend," "estimate," "assume" and
"anticipate," variations of such words and similar expressions
identify forward-looking statements, but their absence does not
mean that a statement is not forward-looking. The discussion of
such matters and subject areas is qualified by the inherent risks
and uncertainties surrounding future expectations generally, and it
is important to note that the Company's actual results could differ
materially from those projected, due to various risk factors. Those
risks include, but are not limited to, the effect on the Company of
the ongoing global economic downturn, any potential decrease or
change in consumer spending, the potential impact on the Company of
any increases in energy and transportation costs; the performance
of the Company's manufacturing facilities, competitor reactions and
their ability to market and price their products, and the
availability of sources of raw materials to meet demand rates
necessary to sustain growth. Additional information concerning
factors that could cause actual results to differ materially from
those in the forward-looking statements is contained from time to
time in the Company's reports filed with the SEC, including, but
not limited to, the Company's annual report on Form 10-K for the
fiscal year ended January 31, 2009 and its quarterly filings on
Form 10-Q. This press release speaks only as of its date, and the
Company disclaims any duty to update the information herein.
DATASOURCE: International Absorbents Inc. CONTACT: Charles (Chuck)
Tait of International Absorbents Inc., 1-866-514-6559, or
+1-604-681-6181, Web Site: http://www.internationalabsorbents.com/
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