News Releases
December 01, 2004
Fiscal Q1 Financial Report
Watkins, MN, Vancouver, BC, December 01, 2003 - International Barrier Technology Inc. ("Barrier") (IBTGF: OTCBB; IBH: TSX-V), a provider of environmentally friendly fire resistant building materials, has released unaudited financial results for its fiscal first quarter ending September 30, 2003.
Sales of CDN $565,088 were equivalent to sales in the same period last year. Volume of product shipped was 10% lower. Gross profit was down by $46,218, with the gross margin declining to 14.2% from 22.3%. The decline in the gross margin occurred largely due to unprecedented high prices for OSB and plywood. Barrier passes on this cost increase in its pricing, but the gross profit per sheet stays relatively consistent and effectively resulted in a smaller gross margin. The company realized a $136,321 net loss, or $.01 per share, compared to $140,400 in the same period last year.
"With sheathing prices more than doubling over the last year, not only has our gross margin declined relatively, but distributors were reluctant to maintain their usual inventory levels of these materials for fear of being exposed to potentially sharp price drops," noted Dr. Michael Huddy, Barrier's President. "Despite this impact, we've continued to show volume and revenue growth in Florida, our primary market for Blazeguard. With the success of our manufacturer's representatives in this market, we are now actively seeking manufacturer's representatives for the mid-Atlantic and mid-western markets as well."
"While our financials reflect a slightly slower quarter, we established a strong foundation for sales growth in calendar 2004 by achieving the Underwriter's Laboratories certification of the new Class C and Class A roof deck assemblies for commercial modular buildings and concluding an agreement with Mule-Hide Products to market this new product," noted Dr. Michael Huddy, Barrier's President. "We are at the beginning of an important growth phase."
To view Barrier's financial statements ( pdf 59K)
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
_______________________
Michael Huddy
President & Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
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Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including but not limited to the ability to generate and secure product sales. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
Contact:
International Barrier Technology Inc.
Richard Angle, 866-735-3519
ir@intlbarrier.com
or
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
pkletas@investorideas.com
Source: International Barrier Technology Inc.
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