March 10, 2005
International Barrier Reports Record Q2-2005 Revenue of $1,174,054 (CDN) and an “All Time” Record Quarterly Sales Volume
Watkins, MN; Vancouver, BC, March 10, 2005 - International Barrier Technology Inc. (“Barrier”) (IBTGF: OTCBB; IBH: TSXV), a manufacturer of proprietary fire resistant building materials, reports financial results for the fiscal 2005 quarter ending December 31, 2004.
Sales reported for the second quarter of fiscal 2005 were $1,174,054 (CDN), up 109% from the same period last year. Year to date sales, for the six month period ending December 31, 2004 were $2,574,673(CDN) an increase of 129% from last year’s six-month total of $1,126,354 (CDN).
Highlights of Barrier’s Q2 (FY2005) include:
“Barrier continues to be pleased with our growth in sales volume and the improvements we have achieved in manufacturing efficiency,” reports Dr. Michael Huddy, President, International Barrier Technology, Inc. “To sustain these rates of growth, however, new and improved production technology is required. The $2.75 Million US (estimated) capital improvement project, which began with our groundbreaking ceremony on October 13, 2004, will be the impetus for our future success. We expect our new production line to begin to have an impact as early as September, 2005.”
- An “All Time” Record Quarterly Sales Volume of 1,290,600 sq.ft of Blazeguard panelling and a continuation of the aggressive pace established since the beginning of calendar year 2004 which marks the fourth consecutive quarter exceeding one million sq.ft of production.
- Quarterly year to year sales volume increases of 111% and 182% in Florida and the Mid-Atlantic regions respectively.
- Gross profit improved dramatically to $227,870, a 224% increase over last year. Gross margin, as a percentage of sales revenue improved from 13% year to date to 23%.
- Mulehide Products, Inc., Barrier’s business partner in the commercial modular business, accounted for 33% of sales. Demand and sales from existing territories continue to show strength and growth and will continue to grow dramatically.
View the full financial statements
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials. Its patented, non-combustible, non-toxic Pyrotite formulation has an extraordinary capability: it releases water when exposed to the heat of fire. Barrier's award-winning Blazeguard wood panels exceed International Building Code requirements in every targeted fire test and application, and uniquely combine properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include D.R. Horton (DHI: NYSE), KB Home (KBH: NYSE), and Lennar (LEN: NYSE). Lowe's Companies (LOW: NYSE), Stock Building Supply, and Mule-Hide Products Co., Inc. are Blazeguard distributors. Pyrotite has potential applications with engineered wood products, paint, plastics, and expanded polystyrene
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "David J. Corcoran"
David J. Corcoran
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
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.
International Barrier Technology Inc.
Richard Angle, 866-735-3519
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
Source: International Barrier Technology Inc.
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