Westport, CT, May 12--IWT Tesoro Corp., a leading provider of ceramic, porcelain and natural stone wall and floor covering materials through subsidiary International Wholesale Tile (IWT), today announced 2004 year-end results and reported a revenue increase of 38% over its 2003 year-end results.
Net revenues for the year ending December 31, 2004 increased to $44.9 million from $32.7 million for the year ending 2003.
This is the fourth year in a row that IWT Tesoro has reported year-over-year revenue increases of more than 25%. From 2000 to 2001, revenues were up 29%, and from 2001 to 2002, revenues were up 31%. From 2002 to 2003, revenues were up 29%.
For 2004, the revenue increase of 38% is partially attributable to the company's geographical expansion in its truckload and factory-direct business. This includes the Southwest and the Western U.S. Other factors impacting the revenue growth were increased emphasis by the company on home center stores and dealers who specialize in servicing builders of new residential construction.
IWT Tesoro Corporation's net loss after restatement improved from $1,268,121 for the year ending December 31, 2003 to $1,209,396 for the year ending December 31, 2004.
As part of preparing its annual report for the year ending December 31, 2004, IWT Tesoro Corporation's management concluded that its previously filed financial statements should each be restated. These corrections impacted the company's financial reports for the years ending December 31, 2003 and 2002 and the interim quarters. Company management believes that these adjustments make IWT Tesoro Corporation's financial information more comparable to other companies in the industry.
Henry 'Bud' Boucher, chairman and chief executive officer of IWT Tesoro Corporation stated, "I am quite pleased with IWT Tesoro Corporation's continuing sales growth. Additionally, we believe that the accounting adjustments made during 2004 will make it easier for our investors to understand the nature of our business and bring our cash results more in line with our operating income."
