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Westport’s IWT Tesoro Corp. Reports 3Q Gain in Revenue but Overall Loss

Westport-based IWT Tesoro Corp., a value-added distributor of ceramic, porcelain and natural stone floor and wall covering through one of its operating subsidiaries, International Wholesale Tile, today announced revenues of $11.1 million for the three months ending Sept. 30, a 23 percent increase or $2 million over the same period a year ago.

For the nine months ending Sept. 30, revenues were $32.2 million, a 33 percent increase or $8 million over the nine months ending Sept. 30, 2003. The publicly-traded company has its headquarters at 191 Post Road West.

The increase in revenue slowed somewhat during the most recent three-month reporting period due to the severe weather that affected a widespread area of Florida, the Gulf Coast of Alabama and several other Southeastern states, the company said.

The storms also constrained International Wholesale Tile’s ability to deliver its products to temporarily damaged dealer locations.

“The continuing growth in our national wholesale and home center channels partially offset the effect of the storms,” said Henry J. Boucher, Jr., president and CEO of IWT Tesoro Corp.

“As Florida and other coastal communities recover and rebuild from the storms, we expect that our revenue growth will return to the range of 30 percent to 35 percent.”

Pre-tax loss for the three months ending Sept. 30 was $241,570, compared to a pre-tax profit of $94,104 for the three months ending Sept. 30, 2003.

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