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Wednesday, November 10, 2004 Hemptown Posts Strong Revenue for Q3 2004Hemp Clothing Sales up 82% over Last YearVANCOUVER, British Columbia, Canada — Hemptown Clothing Inc. (OTCBB:HPTWF), a leading provider of environmentally responsible clothing, announced today its consolidated financial results for the third quarter and nine months ended September 30, 2004. The Company achieved strong revenue, driven by the growing popularity of its hemp clothing products and increased sales efforts. Revenues for the first nine months of 2004 were $703,908 compared to $387,762 for the same period in 2003; a growth of 82%. Margins for the first nine months of 2004 were $212,817 compared to $91,657 for the same period in 2003; a growth of 132%. The results of the first nine months of 2004 demonstrate the continuing focus on corporate sales and marketing to new customers on the benefits of hemp fiber. Enhanced access to capital has enabled Hemptown to purchase inventories in larger quantities to reduce costs and more effectively supply distributors to meet growing sales demand. The Company continues to invest in infrastructure and has built a team of experienced industry professionals that have lead to a significant improvement in operational procedures. Some of the new systems were implemented to increase logistic efficiencies and augment customer service. “Hemptown’s continued success in the eco-friendly garment industry and investment in our sales structure have produced another excellent quarter — one that shows the strength of our strategy,” said Jason Finnis, Hemptown’s President. “Revenues this year have been strong and have grown by more than 82 % over the same period last year. Our healthy performance and improved access to capital has enabled us to be able to invest in our growing business to drive sales momentum.” All figures expressed in US Dollars. About Hemptown Hemptown Clothing Inc. is the world’s largest hemp T-shirt apparel brand and sells a line of hemp/cotton activewear: T-shirts, sweatshirts and ball caps to wholesalers, retailers and consumers. Hemptown is also involved in ongoing research and development of quality and conservation-based textile technology, working vertically to enhance its products and the benefits they provide to crop farmers, consumers and the environment. For more information, contact: Hemptown Clothing Inc. Copyright © 2004, Hemptown Clothing Inc. All rights reserved. |
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