ALAMEDA, Calif., Mar 31, 2005 (BUSINESS WIRE) -- Allergy Research Group, Inc. (ALRG) today announced financial results for the year ending December 31, 2004.
ALRG announces record earnings before tax of $2,213,397 for the year ended December 31, 2004, an increase of 12% compared to $1,972,163 for the same period ending December 31, 2003. Net income after tax for December 31, 2004 and 2003 was $1,282,736 and $1,643,770, respectively. Revenues also reached a record high of $15,136,592 for the year, up 11% from 2003. The increase in revenue of $1,483,736 is primarily due to effective marketing efforts, the introduction of new products and the continued growth in sales of existing products.
"Our continued effort to expand our product line with innovative hypoallergenic nutritional supplements has translated into increased sales, as well as, meeting our goal of providing quality products to our customers," said Chief Executive Officer and Chairman, Dr. Stephen A. Levine, Ph.D.
Cost of sales increased $843,120 to $8,667,078 for the year ended December 31, 2004, compared to $7,823,958 for the year ended December 31, 2003. The increase corresponds to the increase in sales. Gross profit margins remained stable at approximately 43% for 2004 and 2003.
Complete copies of the company's financial statements, including notes to the financials, can be found on its website at www.nutricology.com.
About Allergy Research Group, Inc.
Allergy Research Group, Inc. is an innovative leader in nutraceutical research and product formulation. Since its inception in 1979, the company has been noted for quality, hypoallergenic nutritional supplements and supplies products to physicians and healthcare practitioners worldwide.
Except for historical information contained herein, this release contains, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, forward-looking statements that are based on management's beliefs and assumptions, current expectations, estimates and projections. Many of the factors that will determine the Company's financial results are beyond the ability of the Company to control or predict. These statements are subject to risks and uncertainties and therefore actual results may differ materially. The Company disclaims any obligation to update any forward-looking statements whether as a result of new information, future events, or otherwise. Important factors and risks that may affect future results include but are not limited to: the impact of competitive products, changes in law and regulations, adequacy and availability of insurance coverage, availability of raw materials, dependence on distributors and customers, litigation, limitations on future financing, the effect of adverse publicity, uncertainties relating to acquisitions, managing and maintaining growth, customer demands, as well as other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission, copies of which are available upon request from the Company's investor relations department or via the SEC's website located at www.sec.gov.