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Press Releases
August 31, 2005
FOR IMMEDIATE RELEASE
Company Contact:
Ryan L. Roth, Corporate Communications Manager
772.223.5151 ext. 245, rroth@iwttesoro.com
IWT TESORO CORPORATION REPORTS SECOND QUARTER 2005 REVENUE OF $14.4 MILLION
Revenue Increased $2.8 Million, Up 24.7 Percent Over Same Period Last Year
WESTPORT, CONN. Ð August 31, 2005 Ð IWT Tesoro Corporation (OTCBB: IWTT), a leading provider of ceramic, porcelain and natural stone wall and floor covering materials today announced second quarter 2005 revenue of $14.4 million, an increase of $2.8 million over the quarter ended June 30, 2004. This represented a 24.7 percent growth over the same quarter last year. Revenue for the six months ended June 30, 2005 was $28.1 million compared to $21.1 for the same period in 2004, an increase of $7.0 million or 33.2 percent.
The CompanyÕs net income for the quarter ended June 30, 2005 was $164,312 up from a loss of $66,786 for the quarter ended June 30, 2004. The CompanyÕs net income for the six months ended June 30, 2005 was $215,793 up from a loss of $707,290 for the same period in 2004.
The revenue increase is primarily attributable to continued growth in sales distribution channels. The profitability improvement is a result of process efficiencies gained in delivering these services, as well as the restatements made by the company to properly reflect certain costs of doing business that affected 2004 performance.
ÒWe are pleased to report our second consecutive quarter of profitability. Our intention is to continue to grow the company in the depth and breadth of product offered to our customers, the geography we serve and alternative methods we offer our customer for purchasing product,Ó said Henry ÒBudÓ Boucher, CEO and chairman of the board.
The CompanyÕs report on Form 10-Q for the quarter ended June 30, 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 CorporationÕs long-term growth and market strategy. Its flagship subsidiary, International Wholesale Tile Inc. (www.internationalwholesaletile.com), is located in Palm City, Fla.; Dallas, Texas; Pomona, Calif. 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 Collectionâ , 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 CorporationÕs 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., an entity that will license the distribution rights to designer and artistic-based decorative wall tiles and the parent company of Import Flooring Group, a member-only organization of distributors facilitating the purchase of direct containers of ceramic, wood and rugs from affiliated factories. 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 CompanyÕs business and financing plans, regulatory environments in which the Company operates or plans to operate, and trends affecting the CompanyÕs 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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