ALRG P/REL ... !! Press ReleaseSource: Allergy Research Group, Inc.
Allergy Research Group, Inc. Reports Profits For 2002
Friday March 14, 2:23 pm ET
HAYWARD, Calif.--(BUSINESS WIRE)--March 14, 2003--Allergy Research Group, Inc. (OTCBB:ALRG - News) today announced financial results for the year ending December 31, 2002.
ALRG recorded total revenue of $12,684,413 for the year, up 8% from 2001. The increase of $935,214 is primarily due to increased marketing efforts and the introduction of new products.
"We are encouraged by the increase in sales which is instrumental in meeting our financial goals," said Chief Executive Officer and Chairman, Dr. Stephen A. Levine, Ph.D., who has implemented a strategy that includes cost controls, the development of a comprehensive management team, increased sales and marketing efforts and reduction of debt.
Cost of sales increased $480,016 to $7,587,795 for the year ended December 31, 2002, compared to $7,107,779 for the year ended December 31, 2001, a corresponding increase resulting from the increase in sales. Gross profit margins increased approximately .7%, approximating 40.2% for 2002 resulting from the higher margins associated with retail sales.
During the period ended December 31, 2002, the Company recorded net income of $997,862, as compared to net income of $326,557 for the period ended December 31, 2001. The increase is a reflection of the increase in sales, higher profit margins, a reduction in selling and general and administrative expenses, from $4,070,974 in 2001 to $3,924,080 in 2002 and a reduction of interest expense. Interest expense decreased approximately $122,393 for the year ended December 31, 2002, as compared to December 31, 2001 due to declining interest rates and the reduction of our outstanding line of credit to zero during the fourth quarter of 2002.
Complete copies of the company's financial statements, including notes to the financials, can be found on its website at www.nutricology.com
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