Westport, CT, August 31--IWT Tesoro Corp., a leading provider of ceramic, porcelain and natural stone wall and floor covering materials, announced second quarter 2005 revenue of $14.4 million, an increase of $2.8 million over the quarter ended June 30, 2004.
This represented a 24.7 percent growth over the same quarter last year. Revenue for the six months ended June 30, 2005 was $28.1 million compared to $21.1 million for the same period in 2004, an increase of $7.0 million or 33.2 percent.
The company's net income for the quarter ended June 30, 2005 was $164,312 up from a loss of $66,786 for the quarter ended June 30, 2004. The company's net income for the six months ended June 30, 2005 was $215,793 up from a loss of $707,290 for the same period in 2004.
Its flagship subsidiary, International Wholesale Tile Inc., is located in Palm City, Fla.; Dallas, Texas; Pomona, Calif. and Irvine, Calif. and is a distributor of ceramic, porcelain and natural stone products with more than 17 million square feet of material in stock,
The revenue increase is primarily attributable to continued growth in sales distribution channels. The profitability improvement is a result of process efficiencies gained in delivering these services, as well as the restatements made by the company to properly reflect certain costs of doing business that affected 2004 performance.
"We are pleased to report our second consecutive quarter of profitability. Our intention is to continue to grow the company in the depth and breadth of product offered to our customers, the geography we serve and alternative methods we offer our customer for purchasing product," said Henry "Bud" Boucher, CEO and chairman of the board.
