International BioChemical Industries, Inc. (IBCI) Reports 29% Sales Increase For the Fiscal Year 2002 as Compared to Fiscal Year 2001
Wednesday October 16, 10:15 am ET
ATLANTA, Oct. 16 /PRNewswire-FirstCall/ -- International BioChemical Industries, Inc. (OTC Bulletin Board: IBCL - News) announced the Company's sales increased to $1,937,122 for fiscal year 2002 as compared to $1,500,648 for fiscal year 2001 -- a 29% increase. The year over year sales increases were attributable to stronger demand in distribution and licensing of the Company's core antimicrobial line of products. In addition, IBCI will be working in the next two quarters to improve upon its current write down of uncollected receivables; however, the company has elected to write down anything in excess of 120 days in this 10-KSB filing. Ms. Deirdre Baker, IBCI General Manager, stated, "The first two quarters of the new fiscal year will be slower than the previous fiscal first two quarters due to the economic slow down. However, we believe the third and fourth quarters will show dramatic improvement, which overall for the year should show an increase in demand for our products because of our refined and repriced distributor program. IBCI believes that increasing demand for its products, both domestically and internationally, can facilitate continued growth due to the heightened need for a safe antimicrobial alternative that is environmentally friendly, resistant to adaptation and mutation, and has a broad range of applications."
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