IDAHO FALLS, Idaho, Feb. 20, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) a renewable energy company (OTCBB:IESV) is pleased to announce that they have completed their fifth consecutive quarter of profitability.
Revenue increased 21% to $630,473 over the comparable quarter ending December 31, 2002 and was up 23% for the six-month period. Net income for the quarter was $8,619 reflecting additional costs associated with the new renewable energy plants. For the six month period income was $53,975 vs. a loss of $99,770.
ITR notes that they are able to absorb much of the costs associated with the design and implementation of their 1st anaerobic digester-methane gas plant located near Rupert, Idaho through a strong combination of high employee productivity and sound cost controls.
Furthermore the company is seeing a substantial increase in interest from the agriculture industry in their anaerobic digestion-methane gas plants that are operated off of animal and industrial wastes. ITR believes that the most economically viable portion of their business lies in the sales, building, operating and marketing of natural gas through the anaerobic digestion process and as such will begin to dedicate more resources towards this large and economically viable industry. ITR sees a window opening up over the next 2 years where due to stringent changes in both federal and various state laws governing air quality and water quality ITR has a unique opportunity to aggressively grow the company.
About Intrepid Technology
We are a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to those discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.