Annual financial information for the year ended October 31, 2007



    VAUDREUIL-DORION, Feb. 18 /CNW Telbec/ - IMMUNOTEC INC. (TSX Venture
Exchange: IMM) (the "Company" or "Immunotec"), is engaged primarily in the
development, manufacturing and marketing of health and wellness products which
are classified as dietary supplements or natural health products. These
products are distributed and sold in Canada and the United States through a
network marketing system and in other countries under exclusive
distributorship agreements.
    Immunotec recorded sales of $8.55 million for the fourth quarter ended
October 31, 2007 compared with $8.58 million in the fourth quarter ended
October 31, 2006. This was achieved despite the decrease from the
strengthening of the Canadian currency in 2007 ($338,000). Net sales for the
year ended October 31, 2007 were lower by 2.4 million or 6.4%, which included
an unfavourable foreign exchange effect of $520,000 due to the stronger
Canadian dollar relative to 2006. In the first six month period ended
April 30, 2007, net sales were down by 11.6% compared to the same period in
2006, while in the second half of the year ended October 31, 2007 net sales
decreased only by 0.3% compared to the same period in 2006. This positive
turnaround in the Company's sales for the second half of the fiscal year
results from the new sales and marketing initiatives which were implemented
starting in May 2007.

    
    SELECTED CONSOLIDATED ANNUAL INFORMATION

                                                    Year Ended    Year Ended
                                                    October 31,   October 31,
                                                       2007          2006
                                                      Audited       Audited
                                                        ($)           ($)
                                                   ------------- ------------
    Net Sales                                       34,528,236    36,907,812
    Cost of Sales                                    6,138,492     6,221,046
    Sales Incentives                                14,356,993    15,272,762
    Selling, General and Administrative             12,586,457    10,315,734
    Earnings before income taxes                     1,446,294     5,098,270
    Net Earnings                                       884,785     3,448,017
    Net Earnings per share:
      Diluted                                            0.013         0.052
    Weighed average number of common shares
     outstanding:
      Diluted                                       69,573,727    66,924,115
    -------------------------------------------------------------------------

                                                       As at        As at
                                                    October 31,   October 31,
                                                       2007          2006
                                                      Audited       Audited
                                                        ($)           ($)
                                                   ------------- ------------
    ASSETS:
    Cash and equivalent                              3,874,558     1,481,835
    Accounts receivable                                505,366       887,847
    Other current Assets                             3,728,109     3,744,153
                                                   ------------- ------------
    Total current Assets                             8,108,033     6,113,835
                                                   ------------- ------------

    Other Assets                                    12,246,573     9,081,735
                                                   ------------- ------------
      TOTAL ASSETS                                  20,354,606    15,195,570
                                                    ----------    ----------
                                                    ----------    ----------
                                                   ------------- ------------

    LIABILITIES:
    Current Liabilities                              3,475,800     3,548,523
    Long Term Liabilities                              393,600    11,571,590
                                                   ------------- ------------
      TOTAL LIABILITIES                              3,869,400    15,120,113
                                                     ---------    ----------
                                                     ---------    ----------

    SHAREHOLDERS' EQUITY:
    Share Capital                                    3,465,548         3,406
    Other Equity-Stock Options                         736,416             -
    Contributed surplus                             11,326,406             -
    Retained Earnings                                  956,836        72,051
                                                   ------------- ------------

      TOTAL SHAREHOLDERS' EQUITY                    16,485,206        75,457
                                                    ----------        ------
                                                    ----------        ------
                                                   --------------------------


    OPERATING RESULTS FOR THE YEAR ENDED OCTOBER 31, 2007

    Net earnings were $884,785 for the year ended October 31, 2007 compared to
$3.4 million for the comparable period in 2006. The decrease of the net
earnings is mainly attributable to the decrease in net sales of $2.4 million,
the strengthening of the Canadian currency and the increase in selling,
general and administrative expenses. The increase in selling, general and
administrative expenses is attributable to expenses relating to the reverse
takeover and the Company becoming a public corporation : its new Board of
Directors, stock option compensation of $736,416 (a non-cash expense),
additional professional fees, an allowance of $820,000 (a non-recurring
expense) to the former President and CEO following his departure, the
re-organization of the Sales and Marketing division and the integration of the
manufacturing operations.

    FINANCIAL SITUATION AND LIQUIDITY

    As at October 31, 2007, the Company had a cash position of $3.9 million
compared to $1.5 million as at October 31, 2006. The Company believes that
cash requirements in the ordinary course of business for next year can be met
with its available cash, cash generated from its operating activities and the
reduction of income tax payments caused by the realization of prior years
income tax losses.
    The Company shows a solid balance sheet as at October 31, 2007 and a
working capital of $4.6 million, a ratio of 2.33 compared to a working capital
of $2.6 million with a ratio of 1.72 as at October 31, 2006. This improvement
is mainly attributable to the fact that the Company reinvests the majority of
the funds generated by the operations.

    RECENT DEVELOPMENTS

    On November 5, 2007, Mr. James A. Northrop became President and Chief
Executive Officer replacing Mr. Charles Roberts who had retired. Mr. Roberts
will continue as an active member of the Board and as a Co-founder of the
Company. Mr. Northrop has impressive experience in the direct selling industry
and is a seasoned chief executive with a record of success in rapid growth
situations.

    OUTLOOK

    On November 13, 2007, the Company announced that it had received
regulatory approval from Health Canada to market HMS 90(R) / IMMUNOCAL(R) with
the following health claim: "a natural source of the glutathione precursor
cysteine for the maintenance of a strong immune system." It was issued a
Natural Product Number (NPN) for these products based on the credibility,
strength and quality of evidence provided to support the claim.
    President and Chief Executive Officer Jim Northrop notes: "The imposition
of high standards to ensure the quality, safety and efficacy of natural
products supports Immunotec's commitment to excellence in product development
and manufacturing. The issuance of this NPN reinforces to consumers and
Distributors alike that superb scientific evidence is the foundation for
HMS 90 / IMMUNOCAL. This fact, along with the important associated health
claim could have a significant impact on Immunotec's business growth."
    On January 17, 2008, the Company announced the successful completion of a
multi-center randomized, double-blind clinical trial on cancer-related weight
loss (cachexia) in lung cancer patients which was performed in collaboration
with various Canadian clinical centers. The results showed that patients in
the placebo group continued to lose weight whereas patients treated with
IMN 1207, a specially-prepared glutathione enhancing cysteine-rich whey
protein isolate supplied by Immunotec, showed a significant increase in body
weight. Incidentally, these patients also showed an increase in strength and
quality of life parameters.
    Dr. Gerald Batist, Chair, Department of Oncology, McGill University stated
"Having been involved in the early mechanistic studies of the therapeutic use
of whey proteins, I'm pleased to see this particular formulation being tested
in the clinic. The data to date encourage additional and expanded clinical
trials". Dr. Wulf Drvge, Senior Vice-President Research and Development at
Immunotec emphasized that the results of this first trial can be viewed with
cautious optimism. A second clinical trial has been initiated by the Company
to confirm the results.
    Moreover, management is of the opinion, that its investment in current
research in such areas as cancer cachexia, aging and aging related conditions
will enable Immunotec to produce and bring to market more value added products
which will continue to differentiate its products from competing products.
Immunotec, following recommendations from its Product Development Committee,
is constantly developing new products that are appropriate for its health and
wellness markets.
    Immunotec benefits from a solid balance sheet, skilled and motivated
employees, well established suppliers, repeat customers and a dedicated
network of distributors. Management believes that the new measures and sales
and marketing initiatives being implemented will help increase sales and
profits in the next year.

    FORWARD LOOKING STATEMENTS

    Some statements included in this management report contain forward-looking
information about the Company's future financial positions, operating results
and sales. They may be based on market expectations, management opinions and
assumptions. Such information involves significant risks and uncertainties
that are difficult to predict and rely on assumptions that may prove
inaccurate. Actual results and events may differ materially from these
forward-looking statements.

    ABOUT IMMUNOTEC

    Immunotec operates out of a 37,000 square foot facility located in
Vaudreuil-Dorion, Quebec, Canada as well as a manufacturing facility located
in Blainville, Quebec, Canada and a distribution centre located in Swanton,
Vermont, USA. Immunotec is engaged primarily in the development and marketing
of dietary supplements, food, vitamins, personal care products and natural
health products, some of which are manufactured on its behalf by third
parties. Immunotec's products are distributed and sold in Canada and the
United States through a network marketing system and in other countries under
exclusive distributorship agreements.

    The TSX Venture does not accept responsibility for the adequacy or
    accuracy of this release.
    
    %SEDAR: 00011993EF




For further information:

For further information: Richard Patte, CA, Executive Vice-President and
Chief Financial Officer, (450) 510-4445

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IMMUNOTEC INC.

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