HAYWARD, Calif., May 13, 2004 (BUSINESS WIRE) -- Allergy Research Group, Inc. (ALRG) announced financial results for the first quarter ending March 31, 2004.
ALRG recorded total revenue of $3,724,899 for the quarter, up 8% from 2003. The increase of $276,137 is primarily due to increased sales to distributors and increased demand at retail for current and new products.
Cost of sales increased $179,779 to $2,134,619 for the quarter ended March 31, 2004, compared to $1,954,840 for the quarter ended March 31, 2003. The increase in cost of sales corresponds with the increase in sales. Gross profit margins decreased approximately .6%, approximating 42.7% for 2004 as a result of a slight increase in discounts allowed and cost of material.
During the quarter ended March 31, 2004, the Company recorded income before tax of $599,708 as compared to income before tax of $550,972 for the same period in 2003. The increase is a reflection of the increase in sales offset by increased operating expenses. Due to the difference in timing between the two years of the utilization of net operating loss carryforwards net income for the first quarter 2004 is $384,063 compared to $502,266 for the same period last year.
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.