BEDMINSTER, N.J., Mar 31, 2005 (BUSINESS WIRE) -- PURE WORLD, INC., (PURW - NASDAQ) today announced that revenues for the year ended December 31, 2004 were $37,082,000 with net income of $635,000 ($.08 per share) compared to revenues of $21,890,000 with a net loss of $245,000 ($.03 per share) in 2003.
For the quarter ended December 31, 2004, revenues were $8,115,000 with a net loss of $470,000 ($.06 per share) compared to revenues of $4,538,000 with a net loss of $620,000 ($.08 per share) for the quarter ended December 31, 2003.
Paul O. Koether, Chairman, stated that although the results for the last quarter of the year were disappointing, the Company was proud of its accomplishments during 2004. Sales and net income increased significantly in 2004. The increase in sales was due to the sale of a new product that accounted for approximately $18.2 million in sales to one customer in 2004. Production and shipment of this product is continuing in 2005, but it is not known at this time if sales of this product will reach the same revenue level as achieved in 2004.
Koether also said that 2004 was a rewarding year for the highly skilled and dedicated R&D department at Pure World, citing the patent issued to Pure World in January 2004, for a unique sterilization technology for agriculture and botanic products (U.S. patent number 6,682,697) without using irradiation or ETO (ethylene oxide) treatment. "We believe our R&D is second to none in the nutraceutical industry," Koether stated.
Pure World has 8,082,093 shares of common stock outstanding.
This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Pure World cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of the news release are diluted earnings per share.