June 3, 2003
International Barrier Technology Reports Second Consecutive Quarterly Profit
Fire Resistant Building Materials Company Achieves Nine-Month Revenue of $1.6 Million
Watkins, MN, Vancouver, BC, June 3, 2003 - International Barrier Technology Inc. ("Barrier") (IBTGF: OTCBB, TSXV: IBH), a provider of environmentally friendly fire resistant building materials, has released unaudited financial results for its third quarter ending March 31st, 2003.
Sales increased 33.5% to CDN $1,634,135 for the nine-month period ending March 31, 2003, compared to $1,223,667 for the same period last year. Gross profit was up by $39,003 (12.8 percent) to a total of $342,604. The gross profit margin declined slightly to 21.0 percent versus 24.8 percent in the previous year. Barrier reported a net loss of $27,419 or $0.00 per share for the nine-month period, down from a net loss of $223,097 or $0.01 per share in the previous year. Barrier's net income was $98,130 for the three months ending March 31, 2003. This is Barrier's second consecutive quarter of profitability.
"Barrier has achieved impressive sales growth in the year to date," said Dr. Michael Huddy, Barrier's President. "Particularly exciting is the success of our marketing strategy in our primary market of Florida, where we achieved 82.7% year-over-year growth in sales volume. We are now extending this successful marketing strategy to significant new markets and product applications, and I am confidant Barrier will continue to deliver sales growth."
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials branded as Blazeguard®. The award-winning Blazeguard wood panel uses a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water when exposed to the heat of fire. The panels exceed International Building Code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include Centex, D.R. Horton, KB Home, and Lennar. Lowe's Companies and Stock Building Supply are Blazeguard distributors.
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
President & Director
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