EX-99 2 release1st05.txt Exhibit 99.1 April 26, 2005 Direct Inquiries To: Paul O. Koether, Chairman (908) 234-9220 PURE WORLD ANNOUNCES FIRST QUARTER RESULTS BEDMINSTER, NEW JERSEY - PURE WORLD, INC., (PURW-NASDAQ) ("Pure World" or the "Company") announced that revenues were $7,734,000 for the first quarter of 2005 compared to $7,615,000 for the first quarter of 2004. Net income for the first quarter of 2005 was $701,000 compared to net income of $202,000 for the same quarter in 2004. Per share results for the quarter were $0.09 a share in 2005 versus $0.03 a share in 2004. Paul O. Koether, Chairman, stated that the Company was very pleased with the results for the quarter. Koether attributed the results to a world class employee team led by Dr. Qun Yi Zheng, President and Chief Operating Officer. Pure World has 8,048,534 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 this news release are diluted earnings per share. PURE WORLD, INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004 (in thousands, except per share data) (UNAUDITED) Three Months Ended March 31, ------------------- 2005 2004 ------ ------ Revenues: Sales $ 7,729 $ 7,613 Interest income 5 2 ------- ------- Total revenues 7,734 7,615 ------- ------- Expenses: Cost of goods sold 5,693 6,082 Selling, general and administrative 1,315 1,305 ------- ------- Total expenses 7,008 7,387 ------- ------- Income before income taxes 726 228 Provision for income taxes 25 26 ------- ------- Net income $ 701 $ 202 ======= ======= Basic and diluted net income per share $ .09 $ .03 ======= ======= CONSOLIDATED CONDENSED BALANCE SHEET MARCH 31, 2005 (in thousands) (UNAUDITED) Cash and cash equivalents $ 1,003 Accounts receivable, net 4,120 Inventories 8,764 Other current assets 737 --------- Total current assets 14,624 Plant and equipment, net 5,360 Investment in unaffiliated natural products company 1,510 Goodwill 1,144 Other assets 413 --------- Total assets $ 23,051 ========= Current liabilities $ 4,262 Long-term debt 1,447 --------- Total liabilities 5,709 Stockholders' equity 17,342 --------- Total liabilities and stockholders' equity $ 23,051 =========