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NEWS RELEASE PERFECT FRY CORPORATION For Immediate Release Perfect Fry Reports Record Year Calgary, Alberta, March 4, 2003 - Gary Calderwood, President and CEO of Perfect Fry Corporation (PNM, TSX-V), announced today revenues for Fiscal 2002 of $3,585,948 set an all-time record, while net earnings of $366,786 were the second highest in the Company's history. The record revenue for the fiscal year, which ended October 31, exceeded by a healthy margin of $992,035 the previous record of $2,593,912 set in Fiscal 2000, and represented an increase of 46 percent over the previous year's revenue of $2,460,000. Net earnings of $366,786, or $0.04 share, compared with a loss the previous year of $237,000 or $0.02 a share, and the record earnings of $475,613 set in 1995. "We are especially pleased with these results, since they were achieved on top of retiring all of the Company's remaining debt," Mr. Calderwood said. "And this is particularly gratifying, also, when you consider the challenging economic environments being experienced by target markets like the United States, Europe and Asia." Mr. Calderwood said much of the credit for the strong results goes to Perfect Fry's new sales and marketing infrastructure. Fiscal 2002 was the first full year the Company experienced the benefit of its tailor-made programs, the more visible part of a broad plan Perfect Fry has been developing for several years to grown and create value in the Company. He said three core elements of the plan to increase revenues and earnings are to, a) exploit fully the potential of the Company's existing markets, b) leverage Perfect Fry's unique knowledge and skills to expand into promising new markets, and, c) apply the creativity and product development talents the Company has built over the years to introduce new products and product enhancements. Perfect Fry Corporation is an entrepreneurial company, founded
in 1985, that designs and manufactures a line of high quality, stand-alone
deep fryers regarded as the newest and most innovative products
on the market. The Company's common shares are listed for trading
on the TSX Venture Exchange under the symbol PNM. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. For further information: |
