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Press Releases
May 18, 2005
FOR IMMEDIATE RELEASE Company Contact: Ryan L. Roth, Corporate Communications Manager 772.223.5151 ext. 245, rroth@iwttesoro.com IWT TESORO CORPORATION REPORTS FIRST QUARTER 2005 PROFITABILITY Revenue Increased $4.1 Million, Up 44 Percent Over Same Period Last Year WESTPORT, CONN. ¬– May 18, 2004 ¬– IWT Tesoro Corporation (OTCBB: IWTT), a leading provider of ceramic, porcelain and natural stone wall and floor covering materials through its subsidiary International Wholesale Tile (IWT), today announced first quarter 2005 revenue of $13.6 million, an increase of $4.1 million over the quarter ended March 31, 2004. This represented a 43.6 percent growth over the same quarter last year. The revenue increase and profitability is primarily attributable to IWT Tesoro Corporation’s subsidiary, IWT, continuing to expand its distribution channels, particularly in the Southwestern and Western U.S. The Company’s net income for the quarter ended March 31, 2005 was $51,481, up from a loss of $640,504 for the quarter ended March 31, 2004. “It is very positive for the company to begin to realize the benefit of the investments we have made in new distribution channels during the last two years. Our improved profitability confirms that the Company is attaining the economies of scale envisioned by its expansion plans,” said Henry “Bud” Boucher, Jr. president and CEO of IWT Tesoro Corporation. The Company’s report on Form 10-Q for the quarter ended March 31, 2005 is available on its Web site at www.iwttesoro.com. About IWT Tesoro Corporation IWT Tesoro Corporation of Westport, Conn. is a publicly traded building products company that is purely wholesale-driven. This focus is at the core of IWT Tesoro Corporation’s long-term growth and market strategy. Its flagship subsidiary, International Wholesale Tile Inc. (www.internationalwholesaletile.com), is located in Palm City, Fla.; Dallas, Texas; and Irvine, Calif. and is a distributor of ceramic, porcelain and natural stone products with more than 17 million square feet of material in stock, including Tesoro, The Collection, a compilation of premium porcelain and natural stone materials (www.tesorocollection.com). In addition to International Wholesale Tile, IWT Tesoro Corporation has three additional subsidiaries. The first is IWT Tesoro Transport Inc., a federally licensed freight carrier that handles in- and out-bound freight operations. The second is IWT International Ltd., formed to leverage IWT Tesoro Corporation’s international purchasing network developed as a result of its strong partnerships with international buying groups and factory agents representing natural stone and tile manufacturers from around the world. The third subsidiary is The Tile Club Inc., organized to acquire licensing, manufacturing and distribution rights for high-end designer and artistic-based decorative tiles and to also act as an agent for foreign manufacturers from whom International Wholesale Tile has acquired exclusive distribution rights. On the Web: www.iwttesoro.com. Safe Harbor Statement Certain statements in this press release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s business and financing plans, regulatory environments in which the Company operates or plans to operate, and trends affecting the Company’s financial condition or results of operations, the impact of competition, the start up of certain operations, roll out of products and services and acquisition opportunities. When used herein, the words "believes", "expects", "plans", "estimates" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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