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Press Releases
April 2, 2004
WESTPORT, CONN. — April 2, 2004 — IWT Tesoro Corporation (OTC BB: IWTT), a leading provider of ceramic, porcelain and natural stone wall and floor covering materials through our subsidiary International Wholesale Tile (IWT), today announced 2003 year-end results and reported a revenue increase of 29% over its 2002 year-end results.
Revenues for the annual period ending December 31, 2003 increased to $32.7 million from $25.4 million in 2002.
This is the third year in a row that IWT Tesoro Corporation has reported year-over-year revenue increases of greater than 25%. From 2000 to 2001, revenues were up 29%, and from 2001 to 2002, revenues were up 31%.
For 2003, the revenue increase of 29% is partially attributable to the results of the Company’s factory-direct/truckload program, as well as the home centers sales channel. Through subsidiary IWT, IWT Tesoro Corporation has created individual brands for the factory-direct/truckload program and the home centers sales channel (International Collectiontm and RomanCertm respectively), each with their own merchandising and marketing programs, has introduced products that have leading-edge styling and outstanding quality, and most importantly, has continued to offer dependable, ”on-time” delivery and service.
Henry “Bud” Boucher, chairman and chief executive officer of IWT Tesoro Corporation stated, “This year’s strong financial performance, along with the Corporation’s operating successes and progress in implementing our strategies, positions us well to achieve our goal of providing consistent returns to our stockholders.
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