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Press Releases
May 11, 2005
FOR IMMEDIATE RELEASE
Company Contact:
Ryan L. Roth, Corporate Communications Manager
772.223.5151 ext. 245, rroth@iwttesoro.com
IWT TESORO CORPORATION REPORTS 2004 YEAR-END RESULTS,
REVENUE INCREASE OF 38 PERCENT
WESTPORT, CONN. — May 11, 2005 — IWT Tesoro Corporation (OTCBB: IWTT), a leading provider of ceramic, porcelain and natural stone wall and floor covering materials through our subsidiary International Wholesale Tile (IWT), today announced 2004 year-end results and reported a revenue increase of 38% over its 2003 year-end results.
Net revenues for the year ending December 31, 2004 increased to $44.9 million from $32.7 million for the year ending 2003.
This is the fourth year in a row that IWT Tesoro Corporation has reported year-over-year revenue increases of more than 25%. From 2000 to 2001, revenues were up 29%, and from 2001 to 2002, revenues were up 31%. From 2002 to 2003, revenues were up 29%.
For 2004, the revenue increase of 38% is partially attributable to the Company’s geographical expansion in its truckload and factory-direct business. This includes the Southwest and the Western U.S. Other factors impacting the revenue growth were increased emphasis by the Company on home center stores and dealers who specialize in servicing builders of new residential construction.
IWT Tesoro Corporation’s net loss after restatement improved from $1,268,121 for the year ending December 31, 2003 to $1,209,396 for the year ending December 31, 2004. As part of preparing its annual report for the year ending December 31, 2004, IWT Tesoro Corporation’s management concluded that its previously filed financial statements should each be restated. These corrections impacted the Company’s financial reports for the years ending December 31, 2003 and 2002 and the interim quarters. Company management believes that these adjustments make IWT Tesoro Corporation’s financial information more comparable to other companies in the industry.
Henry “Bud” Boucher, chairman and chief executive officer of IWT Tesoro Corporation stated, “I am quite pleased with IWT Tesoro Corporation’s continuing sales growth. Additionally, we believe that the accounting adjustments made during 2004 will make it easier for our investors to understand the nature of our business and bring our cash results more in line with our operating income.”
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 plan 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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