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NEWS RELEASE PERFECT FRY CORPORATION For Immediate Release Perfect Fry Reports Record Revenue for Fiscal 2003 CALGARY (March 19, 2004) -- Perfect Fry Corporation reported today that the fiscal year ended October 31, 2003 has set a new record for the highest revenue earned in the history of the Company. During the year, the Company experienced an increase in the sales of Perfect Fryers and ancillary products resulting in total revenue of $3.69 million, almost 3% more than the previous year, leading the Company to another profitable year. Earnings were tempered by an unfavorable currency exchange rate with the United States, Perfect Fry's largest single market. However, despite the exchange rate challenge, net earnings for Fiscal 2003 were an encouraging $324,318 or three cents a share, compared with $366,784 or four cents a share in Fiscal 2002. "I am very pleased with the performance of the Company over
this past fiscal year. In a particularly demanding year, our team
pulled together in a phenomenal way to prepare for the relocation
to our new building in the first quarter of Fiscal 2004, maintain
our high commitment to customer service and product quality and
reliability, and meet record sales demands." said Gary Calderwood,
President and CEO. "We all look forward to the upcoming year
with great enthusiasm." Results for Fiscal 2003 and 2002:
As at October 31 2003, the Company had 9,788,656 common shares issued and outstanding. Perfect Fry manufactures and markets the world's most sophisticated counter-top deep fryer. Its patented air filtration and fire prevention systems, compact design, and quick, clean operation have made the Perfect Fryer a preferred choice among fast food retailers across North America and around the world. The common shares of Perfect Fry are listed for trading under the symbol PNM on the TSX Venture Exchange. The TSX Venture Exchange has neither approved nor disapproved
of the information contained herein Contact: Sharon Haasdyk |
