Immunotec Inc.
TSX CROISSANCE : IMM
TSX VENTURE : IMM

Immunotec Inc.

June 20, 2008 23:59 ET

Interim financial information for the quarter and the six-month period ended April 30, 2008

VAUDREUIL-DORION, QC, June 20 - Immunotec Inc. (TSX-V: IMM)
(the "Company" or "Immunotec"), is engaged primarily in the development,
manufacturing and marketing of health and wellness products which are
classified as nutraceuticals, dietary supplements, or natural health products.
These products are distributed and sold in Canada and the United States
through a network marketing system and in other countries under
distributorship agreements.

HIGHLIGHTS

The Company, for the second quarter ended April 30, 2008, realized net
sales of $9,180,346 compared to $8,835,156 in 2007, an increase of $345,190 or
3.9%.

For the second quarter, net sales by final destination were as follows;
49.7% in Canada and 40.2% in the United States, with the remainder 10.1%,
through export to other International Markets. By individual markets and in
their respective local currencies, compared to prior year, net sales in the
Canadian market posted an increase of 5%, the U.S. market posted an increase
of 15.3% and International Markets realized a 20% increase.



SELECTED CONSOLIDATED FINANCIAL INTERIM INFORMATION

For the For the
three-month period ended six-month period ended
April 30, April 30,
------------------------- -------------------------

2008 2007 2008 2007
($) ($) ($) ($)
unaudited unaudited unaudited unaudited
------------------------- -------------------------

Net sales 9,180,346 8,835,156 17,824,761 17,490,299
Cost of sales 1,727,304 1,663,872 3,366,911 3,061,113
Sales incentives 3,731,886 3,628,354 7,274,096 7,270,450
Selling, general
and administrative 3,028,620 2,895,287 5,926,128 5,761,434
Earnings before
income taxes 692,536 647,643 1,257,626 1,397,302
Net earnings 434,049 425,065 745,110 930,828
Net earnings per share:
Basic 0.006 0.006 0.011 0.014
Diluted 0.006 0.006 0.011 0.013
Weighted average
number of common
shares outstanding:
Basic 69,994,300 69,994,300 69,994,300 66,373,084
Diluted 69,994,300 69,994,300 69,994,300 69,146,183



As at As at As at
April 30, January 31, October 31,
2008 2008 2007
($) ($) ($)
unaudited unaudited audited
------------ ------------ ------------

ASSETS:
-------
Cash 5,863,208 4,859,061 3,874,558
Accounts receivable 601,836 594,131 505,366
Other current Assets 3,749,327 3,676,669 3,728,109
------------ ------------ ------------
Total current Assets 10,214,371 9,129,861 8,108,033
------------ ------------ ------------

Other Assets 11,598,814 11,995,276 12,246,573
------------ ------------ ------------
TOTAL ASSETS 21,813,185 21,125,137 20,354,606
---------- ---------- ----------
---------- ---------- ----------

LIABILITIES:
------------
Current Liabilities 4,052,410 3,833,414 3,475,800
Long Term Liabilities 178,859 283,682 393,600
------------ ------------ ------------
TOTAL LIABILITIES 4,231,269 4,117,096 3,869,400
---------- ---------- ----------
---------- ---------- ----------

SHAREHOLDERS' EQUITY:
---------------------
Share Capital 3,465,548 3,465,548 3,465,548
Other Equity-Stock Options 1,088,016 948,190 736,416
Contributed surplus 11,326,406 11,326,406 11,326,406
Retained Earnings 1,701,946 1,267,897 956,836
------------ ------------ ------------
TOTAL SHAREHOLDERS'
EQUITY 17,581,916 17,008,041 16,485,206
---------- ---------- ----------
---------- ---------- ----------


NET SALES

For the quarter ended April 30, 2008, net sales were $9,180,346 compared
to $8,835,156 for the same period in 2007, an increase of $345,190 or 3.9%.
Net sales in Canada and sales to other countries rose by $217,082 or 5% and
$154,525 or 20%, respectively. Net sales in the United States, when converted
to Canadian dollars were lower by $26,417 or 0.7%.

For the six-month period ended April 30, 2008, net sales were $17,824,761
compared to $17,490,299 for the same period in 2007, an increase of $334,462
or 1.9%. This mainly reflects an increase in volume in Canada of $475,716 or
5.5% and sales to other countries of $396,879 or 30.3%. This was offset by a
decrease of $538,133 or 7.1% in the United States which was mainly caused by a
positive foreign exchange conversion of U.S. sales into Canadian dollars for
the six- month period ended April 30, 2007.

OPERATING RESULTS

Net earnings were $745,110 for the six-month period ended April 30, 2008
($434,049 for the quarter), compared to $930,828 ($425,065 for the quarter)
for the corresponding periods of 2007. The decrease in net earnings of
$185,718 for the six-month period, is largely attributable to changes made in
key job positions to support the strategic plan of the Company, resulting in
higher administrative and marketing remuneration expenses of $463,251 offset
by foreign exchange gains of $277,581, from the strengthening of the U.S.
dollar during the period.

FINANCIAL SITUATION AND LIQUIDITY

As at April 30, 2008, the Company had a cash position of $5,863,208
compared to $1,736,703 as at April 30, 2007. The Company believes that cash
requirements in the ordinary course of business for next year can be met with
its available cash, cash generated from its operating activities and the
reduction of income tax payments caused by the realization of prior years
income tax losses.

As at April 30, 2008, the Company shows a working capital of $6,161,961
for a ratio of 2.52 compared to a working capital of $3,542,682 with a ratio
of 1.75 as at April 30, 2007. This improvement is mainly attributable to the
fact that the Company reinvests the majority of the funds generated by the
operations.

OUTLOOK

Immunotec benefits from a solid balance sheet, skilled and motivated
employees, well established suppliers, repeat customers and a dedicated
network of distributors. Since last year, the management implemented new
measures as well as sales and marketing initiatives and it believes that these
measures will help increase sales in during the present year and the following
years.

Management is of the opinion that its investment in current research in
such areas as cancer cachexia, prostate health, aging and aging related
conditions will enable Immunotec to produce and bring to market more value
added products which will continue to differentiate its products from
competing products.

Immunotec, following recommendations from its Product Development
Committee, is constantly developing new products that are appropriate for its
health and wellness markets.

ABOUT IMMUNOTEC

Immunotec operates out of a 37,000 square foot facility located in
Vaudreuil-Dorion, Quebec, Canada as well as a manufacturing facility located
in Blainville, Quebec, Canada and a distribution centre located in Swanton,
Vermont, USA. Immunotec is engaged primarily in the development and marketing
of dietary supplements, food, vitamins, personal care products and natural
health products, some of which are manufactured on its behalf by third
parties. Immunotec's products are distributed and sold in Canada and the
United States through a network marketing system and in other countries under
distributorship agreements.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements concerning
the future performance of the Company. These forward-looking statements are
based on current expectations. We caution that all forward-looking information
is inherently uncertain and actual results may differ materially from the
assumptions, estimates or expectations reflected or contained in the forward-
looking information, and that actual future performance will be affected by a
number of factors, including technological change, economic conditions,
regulatory change, competitive factors and changes in accounting rules or
standards, many of which are beyond the Company's control. We disclaim any
intention or obligation to update or revise any forward-looking statements.

The TSX Venture does not accept responsibility for the adequacy or
accuracy of this release.

%SEDAR: 00011993EF

Contact Information

  • Richard Patte, CA, Executive Vice-President and
    Chief Financial Officer, (450) 510-4445