Napier Environmental Technologies Inc.: 2002-Year End Results

ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.

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Napier Environmental Technologies Inc.: 2002-Year End Results

CANADA, BRITISH COLUMBIA, VANCOUVER, Mar. 27 -/E-Wire/Business Wire/-- Napier Environmental Technologies Inc. (TSX:NIR) is pleased to announce that it made significant progress in 2002. The Company increased sales revenues by 8.7% and substantially improved profit margins by 50% from 27.5% in 2001 to 41.2% in 2002. Gross Profit was increased by $1.3 million and operating costs were reduced by $1.1 million. This $2.4 million improvement directly reduced operating losses and the cash used in operations. Year to date results show that profit margins have improved by a significant 13.7 percentage points and operating losses have reduced by over $2.4 million. Comparative highlights of results follow:

FINANCIAL HIGHLIGHTS

Twelve months ended December 31 2002 2001 Sales $ 8,069,430 $ 7,422,189 Gross Profit 41.2% 27.5% Operating Expenses $ 4,745,653 $ 5,380,231 Operating Loss $ (999,042) $ (3,432,815) Other non-operating items $ (231,992) $ (9,484,881) Net Loss $ (1,231,034) $ (12,917,696) Cash used in operations $ (800,902) $ (3,176,115)

Frank Dixon, President & CEO comments "In 2002 management focused on reducing costs and improving gross profit margins. These efforts reduced cash used in operations by nearly $2,400,000. Our challenge in 2003 will be to protect those profit margins and focus on increasing sales."

Full audited annual financial statements, including management's discussion and analysis, can be found on the company's web site - www.napierenvironmental.com under "investor relations / financials," as well as at www.sedar.com.

Forward Looking Statements:

This release and referenced materials contain forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause actual results to differ materially include: rapid technological and/or market changes in the industry; the ability to maintain and grow successful third party and customer relationships, to improve current products and develop new products, to adequately protect the company's proprietary rights and other factors described in the company's regulatory filings. Although we believe the expectations reflected in our forward looking statements are reasonable, individual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

B. Frank Dixon, President & CEO

The Toronto Stock Exchange neither approves or disapproves the contents of this news release which has been prepared solely at the discretion of management.

Napier Environmental Technologies Inc.

Don Mosher, 604/801-6664, [REDACTED-EMAIL]

http://www.napierenvironmental.com

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