March 01, 2004
International Barrier Reports Fiscal Q2 Financials
Watkins, MN, Vancouver, BC, March 01, 2004 - International Barrier Technology Inc. ("Barrier") (IBTGF: OTCBB; IBH: TSX-V), a manufacturer and marketer of fire resistant building materials, has released unaudited financial results for its fiscal second quarter ending December 31, 2003.
Barrier recognized revenue of CDN $561,266, down 7.5% from the same period last year. Year-to-date revenue was $1,126,354, down 3.9% from last year. Sales volume was up 5.4% over the prior quarter, but was down 13.3% compared to the same period last year. Six month sales volume was down 11.8% compared to the prior year. Barrier reported a net loss for the fiscal second quarter of $121,987, or $(0.01) per share, compared to a net profit of $14,851, or $(0.00) in the prior year. The year-to-date net loss of $258,308 compares to the prior year's net loss of $125,549.
Historically high plywood and oriented strand board prices continued to cause many of our distributors to maintain reduced inventory levels of Blazeguard, resulting in lower sales volume, revenue, and gross profit. At the same time, Barrier invested in production trials to prepare for the expected Mule-Hide Products Co., Inc. product launch into the commercial modular building market in calendar 2004 and incurred higher expenses such as legal fees for marketing and other agreements. This combination of factors resulted in the increased year-over-year net loss.
"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
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
President & Director
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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.
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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