CORRECTION FROM SOURCE: Stellar International Inc. Reports Revenue Growth Of 29.8% For The Year Ended December 31, 2003.Business Editors LONDON--(BUSINESS WIRE)--April 14, 2004 Stellar International Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SLRXF) (TSXV:SLX SLX Student Loan Xpress SLX Smartlet Xml SLX Secure Links SLX Super Luxe ), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today reported sharp revenue increases, gains in gross profit and reductions in net loss for the year ended December 31, 2003 (all amounts in this press release are in Canadian dollars). Revenue for 2003 rose 29.8% to $1,109,431 from $854,705 recorded for 2002. Gross profits for 2003 rose 31.7% to $892,822 from $677,054 reported for 2002. The net loss for, 2003 decreased to $679,405 ($0.05 per share), from the $797,324 net loss ($0.06 per share) reported for 2002. Stellar's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Peter Riehl, stated, "I am very pleased with our results since they are in line with our budget. It should also be noted that approximately $312,273 of the company's expenses were non-cash expenditures paid to consultants. As a result of manufacturing improvements our gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. improved to 80.4% from 79.2% last year. In 2003, all of our existing sales generated were mainly from the Canadian market. However in 2004, Stellar expects to see additional sales revenue coming from our-licensing agreements in Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . In addition, Stellar also anticipates benefiting from sales of its newly in-licensed products, Matritech's BladderChek(TM) and Millenium Biologix's Skelite(TM). Therefore, Stellar expects to substantially increase 2004 revenue from its current 30% growth rate. I also note that Stellar continues to be debt free and current cash holdings are in excess of $4.5 million." Stellar International Inc. has developed and is marketing three products in Canada based on its core polysaccharide polysaccharide: see carbohydrate. polysaccharide Any of a large class of long-chain sugars composed of monosaccharides. Because the chains may be unbranched or branched and the monosaccharides may be of one, two, or occasionally more kinds, technology: NeoVisc(R), for the treatment of osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. , Uracyst(R)-S and the Uracyst Test Kit, Stellar's patented technology for the diagnosis and treatment of Interstitial Cystitis interstitial cystitis: see cystitis. (IC), an inflammatory disease of the urinary bladder urinary bladder n. A musculomembranous elastic receptacle in the anterior part of the pelvic cavity serving as the temporary storage place for urine. wall. The Uracyst treatment for IC costs less than competing products and has shown a good symptomatic response rate. Stellar also has in-licensing agreements for Skelite(TM) a proprietary synthetic bone-grafting product, as well as BladderChek(TM) a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer bladder cancer Malignant tumour of the bladder. The most significant risk factor associated with bladder cancer is smoking. Exposure to chemicals called arylamines, which are used in the leather, rubber, printing, and textiles industries, is another risk factor. , both of which is expected to positively impact sales in 2004. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; general economic conditions; and other risks detailed time to time in the Company's filings.
STELLAR INTERNATIONAL INC.
STATEMENT OF LOSS
(Canadian Funds)
FOR THE YEARS ENDED DECEMBER 31
2003 2002
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REVENUE $ 1,109,431 $ 854,705
COST OF GOODS SOLD 216,609 177,651
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GROSS PROFIT 892,822 677,054
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EXPENSES
Selling, general and administrative 1,523,814 1,187,038
Research and development(recovered) (28,518) 271,201
Amortization 81,050 33,302
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1,576,346 1,491,541
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LOSS FROM OPERATIONS (683,524) (814,487)
Investment income 4,119 17,163
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NET LOSS FOR THE YEAR $ (679,405) $ (797,324)
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NET LOSS PER SHARE (Note 8)
Basic and fully diluted (0.05) (0.06)
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