BEDMINSTER, N.J.--(BUSINESS WIRE)--Aug. 14, 2002--PURE WORLD, INC., (PURW - NASDAQ) today announced that revenues for the quarter ended June 30, 2002 were $4,299,000 with a net loss of $485,000 ($.06 per share) compared to revenues of $6,184,000 and net income of $43,000 ($.01 per share) for the quarter ended June 30, 2001.
For the six months ended June 30, 2002, revenues were $7,931,000 with a net loss of $1,079,000 ($.13 per share), compared to revenues of $10,492,000 and a net loss of $644,000 ($.08 per share) for the six months ended June 30, 2001.
Paul Koether, Pure World's Chairman, said that revenues continue to suffer from the slowdown of sales of botanical products in the mass market. Although it is not possible to predict a turnaround given the current status of the market, Pure World has adjusted its operations to maximize its cash position. The Company continues to pay down its bank loans and to reduce the level of inventory. At the same time, it has made investments to improve processing capabilities which are expected to make significant contributions to operations in the third quarter. Pure World believes it is poised to benefit from any industry recovery. Mr. Koether further said that Pure World had acquired 680,500 shares of its common stock during the quarter. The acquisitions were made in accordance with the Company's on-going stock repurchase plans.
Pure World has 7,555,834 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. The per share earnings in the text of the news release are diluted earnings per share.