IDAHO FALLS, Idaho, May 14, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV) a renewable energy company is please to provide investors with an overview of the March 31, 2004 quarterly report.
Revenue for the third quarter was $414,987 versus $585,367 for the same quarter in 2003. Net income was ($69,511) compared to a net of $13,726 for the 2003 period. The previously announced reallocation of personnel to the companies bio-fuel and alternate energy business, the Whiteside Methane production facility and the WOBF acquisition, neither of which were recorded as revenue contributors in the quarter but required significant personnel allocations were primarily responsible for the decline in revenues and net income.
ITR however experienced a dramatic increase in cash in the March quarter to $332,299 from $27,175, as well as a 29% reduction in Current Liabilities, a 23% increase in Current Assets and a 21% increase in Shareholder Equity. Further, for the nine months ending March 31, net income was ($15,533) verses ($95,893), an 83% improvement, and net cash increased to $305,124 from ($62,267). These very favorable financial trends reflect a strong commitment by ITR to enhance their balance sheet and improve shareholder equity.
Dr. Dennis Keiser, President, commented on the quarter, "This is the quarter which turns the corner from being a company totally dependent on engineering service work for others, to a legitimate member of the burgeoning bio-fuel and alternate energy market. We are currently a distributor of compressed natural gas product; we have designed and are overseeing the first large-scale commercial Methane bio-refinery that can produce large quantities of industrial and consumer energy. By the end of the September quarter we will be operating and generating revenue from that Methane refinery and preparing to start on the second plant." Dr. Keiser further noted, "We have for some time now stated that ITR would experience a reallocation of personnel from immediate revenue contracts and begin to focus those people on alternate energy projects for our own use. The decline in net income for the quarter was a predictable event, however, we are committed to being profitable for the fiscal year."
Statements released by Intrepid 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. The company does not undertake any responsibility to update the forward-looking statements.