SASKATOON, May 30 /CNW/ - Fytokem Products Inc. (the Company), today
announced its financial results for the quarter ended March 31, 2006.
Fytokem recorded net income of about $26,000 on near record quarterly
sales of $282,000. This is the first quarter that the Company has realized
positive net income solely from revenue generated through product sales. The
strong growth trend established over the past years continued, with sales
growing 26% when compared to the same quarter in 2005. The Company's marketing
partner, Atrium Biotechnologies Inc. of Quebec, continues to expand the market
for products containing the Company's proven actives.
Product and process improvements also increased gross margin during the
quarter, to a level more consistent with previous years. 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 continued progress in these areas.
"I am very pleased to see this improved financial performance. The
improvements and efficiencies made to our processing and quality control
systems are yielding greater profitability on growing sales" said Art Hesje,
President and CEO of Fytokem. "2006 promises to be an exciting year."
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.