SASKATOON, Aug. 29 /CNW/ - Fytokem Products Inc. (TSX:FYT), today
announced its financial results for the quarter ended June 30, 2006 showing
both record sales and record income for the quarter.
Fytokem recorded net income of about $43,000 on record quarterly sales of
$339,762. This brings the year to date net income to $68,634, a new
performance milestone. This is the first time in the Company's history that
two consecutive quarters have produced net income through product sales. The
strong growth trend established over the past years continued, with sales
during the first half of 2006 equaling 95% of sales during the entire 2005
year. The Company is working with its marketing partners, and its major
international customers to expand the market for products containing the
Company's proven actives.
"I am very pleased to see this steady expansion in sales. The
improvements and efficiencies made to our processing and quality control
systems are yielding greater profitability and growing sales," said Art Hesje,
President and CEO of Fytokem.
Product and process improvements drove improved gross margin during the
first half of the year, more consistent with previous years and management's
expectations. The combination of sales growth and strong margins collectively
produced these milestone results.
The Company continues to invest in new product and market development,
and looks forward to on-going progress in these areas.
About Fytokem Products Inc.
Fytokem Products Inc. develops and delivers proven natural ingredients to
leading formulators in the personal care, nutraceutical and pharmaceutical
industries. The Company has been issued patents for technology related to two
of its products and has other patent applications pending.
Fytokem has two product lines currently offered in the market. Canadian
Willowherb(TM) is a multi-function plant extract with strong efficacies as an
anti-irritant, and anti-oxidant that also has application as an acne
treatment. Tyrostat(TM) is a multi-efficacy plant extract sold primarily for
its use as a tyrosinase inhibitor which provides skin-lightening efficacy.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. Statements contained in this news release, which
are not historical facts, are forward-looking statements that involve risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Fytokem disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events or otherwise.