Integrated Paving Concepts Inc.

Integrated Paving Concepts Inc.

March 02, 2005 14:45 ET

Integrated Paving Concepts Inc.: 2004 Fourth Quarter and Annual Financial Results


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTEGRATED PAVING CONCEPTS INC.

TSX SYMBOL: IPA

MARCH 2, 2005 - 14:45 ET

Integrated Paving Concepts Inc.: 2004 Fourth Quarter
and Annual Financial Results

SURREY, BRITISH COLUMBIA,--(CCNMatthews - March 2, 2005) - Integrated
Paving Concepts Inc. (TSX:IPA) releases today, audited summary financial
results for the three months and year ending December 31, 2004.



Summary Financial Information (Unaudited)

Three Months Twelve Months
Ended December 31 Ended December 31
2004 2003 2004 2003
---------------------------------------------------------------------
Revenue $ 2,481 2,356 13,330 12,331
---------------------------------------------------------------------
Gross Profit 1,225 732 7,343 5,988

Earnings before
depreciation, interest
and income taxes (49) (421) 1,088 (423)
---------------------------------------------------------------------
Net earnings (loss) $ (74) (274) 421 (455)
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings (loss)
per share - basic $ (0.02) (0.04) 0.06 (0.07)
Earnings (loss)
per share - diluted $ (0.01) (0.04) 0.06 (0.07)
---------------------------------------------------------------------
---------------------------------------------------------------------


The Company's earnings before interest, depreciation and income taxes
for the three months ended December 31, 2004 increased by $372,000 over
the same 2003 period. For the year ended December 31, 2004, earnings
before interest, depreciation and income taxes increased $1,511,000.
Total revenues for the fourth quarter increased by 5% over the fourth
quarter of 2003. Total revenues for the year ended December 31, 2004
increased 8% over the same 2003 period. The Company is exposed to risk
due to fluctuations in the exchange rates of the US dollar and to a
lesser extent, the euro on both revenue and earnings. The change in
exchange rates on the US dollar compared to the 2003 rates has had a
negative impact on revenue of approximately $866,000 for the year.



---------------------------------------------------------------------
Revenue (in thousands)
For the three months ended December 31,
---------------------------------------------------------------------
North America Europe
2004 2003 % change 2004 2003 % change
Applied
Products 1,165 801 45% 242 322 (25%)
Equipment &
Tooling 292 471 (38%) 28 52 (46%)
Other 32 6 433% 52 101 (49%)
Total 1,489 1278 17% 322 475 (32%)
---------------------------------------------------------------------

---------------------------------------------------------------------
Other International
2004 2003 % change
Applied
Products 557 463 20%
Equipment &
Tooling 112 138 (19%)
Other 1 2 (50%)
Total 670 603 11%
---------------------------------------------------------------------


---------------------------------------------------------------------
Revenue (in thousands)
For the year ended December 31,
---------------------------------------------------------------------
North America Europe
2004 2003 % change 2004 2003 % change
Applied
Products 7,571 6,092 24% 1,383 1,309 6%
Equipment &
Tooling 1,945 2,822 (31%) 387 417 (7%)
Other 174 94 85% 75 102 (27%)
Total 9690 9,008 8% 1,845 1,828 1%
---------------------------------------------------------------------

---------------------------------------------------------------------
Other International
2004 2003 % change
Applied
Products 1,229 1,114 10%
Equipment &
Tooling 542 358 51%
Other 24 23 4%
Total 1,795 1,495 20%
---------------------------------------------------------------------


"Full year improvements to our financial results reflect the strategies
we put in place through the last twenty-four months," stated Clark
Quintin, President and Chief Executive Officer. "Our new products, new
approaches to the market, the skills and capabilities of our people and
determined execution of our business development make us very optimistic
about the future."

At December 31, 2004, the Company's financial position remains strong
with $4.0 million (December 31, 2003 - $3.2 million) in working capital
and $2.6 million (December 31, 2003 - $1.7 million) in cash and cash
equivalents

About Integrated Paving Concepts

Integrated Paving Concepts Inc., founded in 1992 and based in BC,
Canada, provides innovative decorative paving processes and products.
The Company has two basic product lines, StreetPrint Pavement
Texturing™ (StreetPrint) and StreetPrint DuraTherm™ (DuraTherm),
and all revenue is derived from the sales of Applied Products and
Equipment & Tooling related to these product lines. The Company's
products are marketed through its Licensed Applicator network throughout
North America, and Master Licensees in countries throughout the world.
The Company is committed to continued product and market development for
decorative asphalt applications.

The shares of Integrated Paving Concepts Inc. trade under the symbol IPA
on the Toronto Stock Exchange. Full financial results and management
discussion and analysis are available at www.sedar.ca and on the
Company's website at www.streetprint.com.

Integrated Paving Concepts Inc.

Janice Stasiuk, Chief Financial Officer & Corporate Secretary


-30-

Contact Information