EX-99 3 prerel3rd03.txt Exhibit 99.1 November 10, 2003 Direct Inquiries To: Paul O. Koether, Chairman (908) 234-9220 PURE WORLD ANNOUNCES THIRD QUARTER RESULTS ------------------------------------------ BEDMINSTER, NEW JERSEY - PURE WORLD, INC., (PURW-NASDAQ) ("Pure World" or the "Company") today announced that revenues for the third quarter ended September 30, 2003 were $5,286,000, an increase of approximately $955,000 or 22% from revenues of $4,331,000 in the third quarter ended September 30, 2002. Net income for the third quarter of 2003, was $66,000 ($.01 per share) compared to a net loss of $979,000 ($.13 per share) reported during the comparable quarter in 2002. For the nine months ended September 30, 2003, revenues were $17,352,000 with net income of $375,000 ($.05 per share) compared to revenues of $12,262,000 with a net loss of $2,058,000 ($.26 per share) in the same period of the prior year. Pure World has 7,513,624 shares of common stock outstanding. This release contains forward-looking statements which may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Pure World cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectations on this date. The per share earnings in the text of the news release are diluted earnings per share. PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (in thousands, except per share data) (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, ---------------------- ---------------------- 2003 2002 2003 2002 -------- -------- -------- -------- Revenues: Sales $ 5,283 $ 4,321 $ 17,237 $ 12,196 Net gains (losses) on marketable securities - - - 28 Interest and other income 3 10 115 38 -------- -------- -------- -------- Total revenues 5,286 4,331 17,352 12,262 -------- -------- -------- -------- Expenses: Cost of goods sold 4,094 4,199 13,317 11,075 Selling, general and administrative 1,106 1,110 3,537 3,244 -------- -------- -------- -------- Total expenses 5,200 5,309 16,854 14,319 -------- -------- -------- -------- Income (loss) before income taxes 86 ( 978) 498 ( 2,057) Provision for income taxes 20 1 123 1 -------- -------- -------- -------- Net income (loss) $ 66 ($ 979) $ 375 ($ 2,058) ======== ======== ======== ======== Basic and diluted net income (loss) per share $ .01 ($ .13) $ .05 ($ .26) ======== ======== ======== ========
CONSOLIDATED CONDENSED BALANCE SHEET September 30, 2003 ($000 omitted) (UNAUDITED) Cash and cash equivalents $ 1,350 Accounts receivable, net 3,241 Inventories 7,043 Other 572 --------- Total current assets 12,206 Plant and equipment, net 7,503 Investment in unaffiliated natural products company 1,510 Goodwill 1,144 Other assets 572 --------- Total assets $ 22,935 ========= Current liabilities $ 5,501 Long-term debt 1,140 --------- Total liabilities 6,641 Stockholders' equity 16,294 --------- Total liabilities and stockholders' equity $ 22,935 =========