Interim financial information for the quarter and the six-month period ended April 30, 2008

    VAUDREUIL-DORION, QC, June 20 /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.


    The Company, for the second quarter ended April 30, 2008, realized net
sales of $9,180,346 compared to $8,835,156 in 2007, an increase of $345,190 or
    For the second quarter, net sales by final destination were as follows;
49.7% in Canada and 40.2% in the United States, with the remainder 10.1%,
through export to other International Markets. By individual markets and in
their respective local currencies, compared to prior year, net sales in the
Canadian market posted an increase of 5%, the U.S. market posted an increase
of 15.3% and International Markets realized a 20% increase.


                                           For the                   For the
                          three-month period ended    six-month period ended
                                          April 30,                 April 30,
                          ------------------------- -------------------------

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

    Net sales               9,180,346    8,835,156   17,824,761   17,490,299
    Cost of sales           1,727,304    1,663,872    3,366,911    3,061,113
    Sales incentives        3,731,886    3,628,354    7,274,096    7,270,450
    Selling, general
     and administrative     3,028,620    2,895,287    5,926,128    5,761,434
    Earnings before
     income taxes             692,536      647,643    1,257,626    1,397,302
    Net earnings              434,049      425,065      745,110      930,828
    Net earnings per share:
      Basic                     0.006        0.006        0.011        0.014
      Diluted                   0.006        0.006        0.011        0.013
    Weighted average
     number of common
     shares outstanding:
      Basic                69,994,300   69,994,300   69,994,300   66,373,084
      Diluted              69,994,300   69,994,300   69,994,300   69,146,183

                                             As at        As at        As at
                                          April 30,  January 31,  October 31,
                                              2008         2008         2007
                                                ($)          ($)          ($)
                                         unaudited    unaudited      audited
                                       ------------ ------------ ------------

    Cash                                 5,863,208    4,859,061    3,874,558
    Accounts receivable                    601,836      594,131      505,366
    Other current Assets                 3,749,327    3,676,669    3,728,109
                                       ------------ ------------ ------------
    Total current Assets                10,214,371    9,129,861    8,108,033
                                       ------------ ------------ ------------

    Other Assets                        11,598,814   11,995,276   12,246,573
                                       ------------ ------------ ------------
        TOTAL ASSETS                    21,813,185   21,125,137   20,354,606
                                        ----------   ----------   ----------
                                        ----------   ----------   ----------

    Current Liabilities                  4,052,410    3,833,414    3,475,800
    Long Term Liabilities                  178,859      283,682      393,600
                                       ------------ ------------ ------------
        TOTAL LIABILITIES                4,231,269    4,117,096    3,869,400
                                        ----------   ----------   ----------
                                        ----------   ----------   ----------

      Share Capital                      3,465,548    3,465,548    3,465,548
      Other Equity-Stock Options         1,088,016      948,190      736,416
      Contributed surplus               11,326,406   11,326,406   11,326,406
      Retained Earnings                  1,701,946    1,267,897      956,836
                                       ------------ ------------ ------------
        EQUITY                          17,581,916   17,008,041   16,485,206
                                        ----------   ----------   ----------
                                        ----------   ----------   ----------


    For the quarter ended April 30, 2008, net sales were $9,180,346 compared
to $8,835,156 for the same period in 2007, an increase of $345,190 or 3.9%.
Net sales in Canada and sales to other countries rose by $217,082 or 5% and
$154,525 or 20%, respectively. Net sales in the United States, when converted
to Canadian dollars were lower by $26,417 or 0.7%.
    For the six-month period ended April 30, 2008, net sales were $17,824,761
compared to $17,490,299 for the same period in 2007, an increase of $334,462
or 1.9%. This mainly reflects an increase in volume in Canada of $475,716 or
5.5% and sales to other countries of $396,879 or 30.3%. This was offset by a
decrease of $538,133 or 7.1% in the United States which was mainly caused by a
positive foreign exchange conversion of U.S. sales into Canadian dollars for
the six- month period ended April 30, 2007.


    Net earnings were $745,110 for the six-month period ended April 30, 2008
($434,049 for the quarter), compared to $930,828 ($425,065 for the quarter)
for the corresponding periods of 2007. The decrease in net earnings of
$185,718 for the six-month period, is largely attributable to changes made in
key job positions to support the strategic plan of the Company, resulting in
higher administrative and marketing remuneration expenses of $463,251 offset
by foreign exchange gains of $277,581, from the strengthening of the U.S.
dollar during the period.


    As at April 30, 2008, the Company had a cash position of $5,863,208
compared to $1,736,703 as at April 30, 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 April 30, 2008, the Company shows a working capital of $6,161,961
for a ratio of 2.52 compared to a working capital of $3,542,682 with a ratio
of 1.75 as at April 30, 2007. This improvement is mainly attributable to the
fact that the Company reinvests the majority of the funds generated by the


    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, the management implemented new
measures as well as sales and marketing initiatives and it believes that these
measures will help increase sales in during the present year and the following
    Management is of the opinion that its investment in current research in
such areas as cancer cachexia, prostate health, 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 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.


    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.
    %SEDAR: 00011993EF

For further information:

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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890