ATLANTA, GA (March 30, 2005) – Innotrac Corporation (NASDAQ: INOC) announced financial results today for the fourth quarter and fiscal year ended December 31, 2004. For the three months ended December 31, 2004, the Company reported revenues of $20.9 million versus $20.2 million reported in the comparable period in 2003, an increase of 3.3%. The Company generated $1.7 million in cash flows from operations for the quarter. Earnings per share for the three months ended December 31, 2004 was breakeven versus a loss of $0.89 in the comparable period of 2003.
For the year ended December 31, 2004, the Company recorded revenues of $78.3 million, an increase of 4.8% over the $74.7 million reported in the year ended December 31, 2003. Innotrac produced $9.9 million in cash flows from operations for 2004 compared to $3.8 million produced in 2003. Net income for 2004 was $110,000 or $.01 per share, compared to a net loss of $12.0 million or $1.04 per share in 2003.
“Innotrac’s 2004 financial results reflect the Company’s progress towards achieving management’s strategic objectives. On a year-over-year basis, we grew revenue, maintained gross margins above fifty percent, reduced SG&A expenses on both a dollar and percentage basis and drove strong cash flows from operations," stated Scott D. Dorfman, President and Chief Executive Officer.
Conference Call
Innotrac Corporation will hold a conference call to discuss this release this evening, March 30, 2005 at 5:00 PM Eastern Standard Time. Investors can listen to the conference call live by dialing 1-877-569-0972 (Conference ID: 4654084) or by logging on to www.innotrac.com and clicking on “Webcasts and Presentations” in the “Company” section. The Webcast will be archived and available at the same Web address. Additionally, audio playback will be available at 1-800-642-1687 (Conference ID: 4654084).
About Innotrac
Innotrac Corporation, founded in 1984 and based in Atlanta, Georgia, is a full-service fulfillment and logistics provider serving enterprise clients and world-class brands. The Company employs sophisticated order processing and warehouse management technology and operates eight fulfillment centers and two call centers in six cities spanning all time zones across the continental United States. For more information about Innotrac, visit the Innotrac Web site, www.innotrac.com.
Information contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Innotrac`s operating results, performance or financial condition are competition, the demand for Innotrac`s services, Innotrac`s ability to retain its clients, the state of the telecommunications industry in general, Innotrac’s ability to maintain profit margins in the face of pricing pressures and numerous other factors discussed in Innotrac`s 2004 Annual Report on Form 10-K and other filings on file with the Securities and Exchange Commission.
Contact:
Christine Herren
Senior Director and Controller
678-584-4115
cherren@innotrac.com
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