Immunotec announces third quarter financial results



    VAUDREUIL-DORION, QC, Sept. 25 /CNW Telbec/ - Immunotec Inc. (TSX-V: IMM)
(the "Company" or "Immunotec"), is engaged primarily in the development,
manufacturing and marketing of health and wellness products which are
classified as nutraceuticals, 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
distributorship agreements.

    HIGHLIGHTS

    The Company, for the third quarter ended July 31, 2008, realized net
sales of $8,942,007 compared to $8,526,260 in 2007, an increase of $415,747 or
4.9%. By individual markets and in their respective local currencies, net
sales in Canada posted an increase of 5%, the U.S. market posted an increase
of 11.8% and International markets realized a 63.9% increase.
    For the third quarter, net sales by final destination were as follows;
49.5% in Canada and 40.0% in the United States, with the remainder 10.5%,
through export to other International markets.

    
             SELECTED CONSOLIDATED FINANCIAL INTERIM INFORMATION

                                           For the                   For the
                          three-month period ended   nine-month period ended
                                           July 31,                  July 31,
                          ------------------------- -------------------------

                               2008         2007         2008         2007
                               ($)          ($)          ($)          ($)
                            unaudited    unaudited    unaudited    unaudited
                          ------------------------- -------------------------

    Net sales               8,942,007    8,526,260   26,766,768   26,016,559
    Cost of sales           1,573,609    1,585,667    4,940,520    4,646,780

    Sales incentives        3,697,379    3,538,010   10,971,475   10,808,460
    Selling, general and
     administrative         3,173,318    2,700,585    9,099,446    8,462,019
    Earnings before
     income taxes             497,701      701,998    1,755,327    2,099,300
    Net earnings              354,168      566,751    1,099,278    1,497,579
    Net earnings per
     share:
      Basic                     0.005        0.008        0.016        0.022
      Diluted                   0.005        0.008        0.016        0.022
    Weighted average
     number of common
     shares outstanding:
      Basic                69,994,300   69,994,300   69,994,300   66,593,421
      Diluted              69,994,805   69,994,300   70,055,400   69,431,995


                                           As at        As at        As at
                                          July 31,     April 30,  October 31,
                                            2008         2008         2007
                                            ($)          ($)          ($)
                                         unaudited    unaudited     audited
                                       ------------ ------------ ------------
    ASSETS:
    -------
    Cash and cash equivalents            6,879,139    5,863,208    3,874,558
    Accounts receivable                    490,579      601,836      505,366
    Other current Assets                 4,194,403    3,749,327    3,728,109
                                       ------------ ------------ ------------
    Total current Assets                11,564,121   10,214,371    8,108,033
                                       ------------ ------------ ------------

    Other Assets                        11,409,233   11,598,814   12,246,573
                                       ------------ ------------ ------------
        TOTAL ASSETS                    22,973,354   21,813,185   20,354,606
                                        ----------   ----------   ----------
                                        ----------   ----------   ----------
    LIABILITIES:
    ------------
    Current Liabilities                  4,814,493    4,052,410    3,475,800
    Long Term Liabilities                   71,945      178,859      393,600
                                       ------------ ------------ ------------
        TOTAL LIABILITIES                4,886,438    4,231,269    3,869,400
                                         ---------    ---------    ---------
                                         ---------    ---------    ---------
    SHAREHOLDERS' EQUITY:
    ---------------------
      Share Capital                      3,465,548    3,465,548    3,465,548
      Other Equity-Stock Options         1,233,111    1,088,016      736,416
      Contributed surplus               11,332,143   11,326,406   11,326,406
      Retained Earnings                  2,056,114    1,701,946      956,836
                                       ------------ ------------ ------------

      TOTAL SHAREHOLDERS' EQUITY        18,086,916   17,581,916   16,485,206
                                        ----------   ----------   ----------
                                        ----------   ----------   ----------
    

    NET SALES

    For the quarter ended July 31, 2008, net sales were $8,942,007 compared
to $8,526,260 for the same period in 2007, an increase of $415,747 or 4.9%.
Net sales in Canada and net sales to other countries rose by $209,776 or 5%
and $367,716 or 63.9%, respectively. Net sales in the United States, when
converted to Canadian dollars were lower by $161,745 or 4.3%. In US dollars,
network sales in the United States for the quarter ended July 31, 2008 were
$3,472,604 compared to $3,105,888 in 2007, an increase of $367,516 or 11.8%.
    For the nine-month period ended July 31, 2008, net sales were $26,766,768
compared to $26,016,559 for the same period in 2007, an increase of $750,209
or 2.9%. This mainly reflects increases in volume in Canada of $685,492 or
5.3% and to other countries of $764,595 or 40.5%. This was offset by a
decrease of $699,878 or 6.2% in the United States after converting US net
sales into Canadian dollars. In US dollars, network sales in the United States
were $10,193,222 compared to $9,340,105 in 2007, an increase of $853,117 or
9.1%.

    OPERATING RESULTS

    Net earnings were $1,099,278 for the nine-month period ended July 31,
2008 ($354,168 for the quarter), compared to $1,497,579 ($566,751 for the
quarter) for the corresponding periods of 2007. The decrease in net earnings
of $398,301 for the nine-month period, is largely attributable to the hiring
of new executives as well as sales and marketing personnel to support the
strategic plan of the Company, resulting in higher administrative and
marketing remuneration expenses of $735,279 offset by income totalling
$346,562 resulting from foreign exchange gains from the strengthening of the
U.S. dollar and additional interest revenue on our increased cash and cash
equivalents balances during the period.

    FINANCIAL SITUATION AND LIQUIDITY

    As at July 31, 2008, the Company had a cash position of $6,879,139
compared to $2,185,972 as at July 31, 2007. 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.
    As at July 31, 2008, the Company shows a working capital of $6,749,628
for a ratio of 2.40 compared to a working capital of $4,649,737 with a ratio
of 2.73 as at July 31, 2007. This improvement of $2,099,891 is mainly
attributable to the investment of the majority of the funds generated from the
operations into deposit certificates with short term maturities.

    OUTLOOK

    Immunotec benefits from a solid balance sheet, skilled and motivated
employees, well-established suppliers, repeat customers and a dedicated
network of distributors. Since last year management implemented and continues
to implement new measures in sales and marketing initiatives and it believes
that these measures will help increase sales during the present year and the
following years.
    Management is of the opinion that its investment in current research in
such areas as cancer cachexia, autism, aging and aging-related conditions as
well as clinical trials will enable Immunotec to produce and bring to market
more value-added products thereby continuing to differentiate its products
from competing products.
    Product development is on-going, based on recommendations from
Immunotec's Product Development Committee, allowing the company to increase
its product lines within the health and wellness market.

    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
distributorship agreements.

    FORWARD LOOKING STATEMENTS

    This press release contains certain forward-looking statements concerning
the future performance of the Company. These forward-looking statements are
based on current expectations. We caution that all forward-looking information
is inherently uncertain and actual results may differ materially from the
assumptions, estimates or expectations reflected or contained in the
forward-looking information, and that actual future performance will be
affected by a number of factors, including technological change, economic
conditions, regulatory change, competitive factors and changes in accounting
rules or standards, many of which are beyond the Company's control. We
disclaim any intention or obligation to update or revise any forward-looking
statements.

    The TSX Venture does not accept responsibility for the adequacy or
    accuracy of this release.




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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