International Barrier Technology - Fire Resistant Building Materials Company Reports Record 3rd Quarter Net Income
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WATKINS, Minn. & VANCOUVER, British Columbia - May 11, 2006 - International Barrier Technology Inc. ("Barrier") (OTCBB: IBTGF; TSX VENTURE: IBH), a manufacturer of proprietary fire resistant building materials, is pleased to report a record net income of $60,887 in the release of third quarter financial results for the period ending March 31, 2006.
Financial highlights of Barrier's Q3 FY 2006 include:
Record sales volume of 2,155,400, up 58% from same period previous year;
Gross profit up 64% to $443,679 from $269,762 Q3 FY2005;
Record net income of $60,887, previous record $55,800 in Q1 FY2006;
Working capital surplus of $1,383,892, total assets over $6,000,000, and long term debt of only $589,233.
"Barrier is encouraged by the trends evident in our quarterly financial performance" says Dr. Michael Huddy, Barrier's President and CEO. "The results are even more exciting when you factor in they were achieved through sales and growth on the existing manufacturing line, not the new, high speed, high efficiency line due to come on line June, 2006. The significant cost savings anticipated with the new line, coupled with continued growth in sales volume, bodes well for steadily improving bottom line performance."
International Barrier Technology Inc.
International Barrier Technology Inc. (OTCBB: IBTGF; TSX VENTURE: IBH) develops, manufactures, and markets proprietary fire resistant building materials branded as Blazeguard®. Barrier's award-winning Blazeguard wood panels use a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water in the heat of fire. The panels exceed "model" building code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact. Blazeguard provides Barrier's customers a premium material choice meeting an increasingly challenging combination of requirements in residential and commercial building construction. Blazeguard customers already include many of the top multifamily homebuilders, and commercial modular building manufacturers, in the United States.
Source: International Barrier Technology
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Contact:
International Barrier Technology
Investor Relations:
Melissa McElwee, 866-735-3519
mmcelwee@intlbarrier.com
