EX-99 3 prerel1st04.txt Exhibit 99.1 April 23, 2004 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 $7,615,000 for the first quarter of 2004 compared to $7,573,000 for the first quarter of 2003. Net income for the first quarter of 2004 was $202,000 ($.03 per share) compared to net income of $692,000 ($.09 per share) for the same quarter in 2003. Pure World has 7,527,336 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, 2004 AND 2003 (in thousands, except per share data) (UNAUDITED) Three Months Ended March 31, ------------------ 2004 2003 ------ ------ Revenues: Sales $ 7,613 $ 7,466 Interest and other income 2 107 ------- ------- Total revenues 7,615 7,573 ------- ------- Expenses: Cost of goods sold 6,082 5,426 Selling, general and administrative 1,305 1,316 ------- ------- Total expenses 7,387 6,742 ------- ------- Income before income taxes 228 831 Provision for income taxes 26 139 ------- ------- Net income $ 202 $ 692 ======= ======= Basic and diluted net income per share $ .03 $ .09 ======= ======= CONSOLIDATED CONDENSED BALANCE SHEET MARCH 31, 2004 (in thousands) (UNAUDITED) Cash and cash equivalents $ 819 Accounts receivable, net 4,289 Inventories 7,578 Other 630 -------- Total current assets 13,316 Plant and equipment, net 6,811 Investment in unaffiliated natural products company 1,510 Goodwill 1,144 Other assets 732 -------- Total assets $ 23,513 ======== Current liabilities $ 5,737 Long-term debt 1,892 -------- Total liabilities 7,629 Stockholders' equity 15,884 -------- Total liabilities and stockholders' equity $ 23,513 ========