HAYWARD, Calif., Mar 30, 2004 (BUSINESS WIRE) -- Allergy Research Group, Inc. (OTCBB:ALRG) today announced financial results for the year ending December 31, 2003.
ALRG announces record earnings of $1,643,770 for the year ended December 31, 2003, an increase of 64.73% compared to $997,862 for the same period ending December 31, 2002. Revenues reached $13,652,856 for the year, up 8% from 2002. The increase of $968,443 is primarily due to effective marketing efforts, the introduction of new products and the continued growth in sales of existing products.
"The quality of our hypoallergenic nutritional supplements and the successful launch of new products provides the impetus to maintain our current level of growth," said Chief Executive Officer and Chairman, Dr. Stephen A. Levine, Ph.D., who has implemented a strategy that includes a new and comprehensive management team, tighter cost controls, and the further development of the sales and marketing approach.
Cost of sales increased $236,163 to $7,823,958 for the year ended December 31, 2003, compared to $7,587,795 for the year ended December 31, 2002, a corresponding increase resulting from the increase in sales. Gross profit margins increased approximately 2.5%, to 42.7% for the year 2003.
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.