Baywood Cuts Expenses, Sees Bottom Line Improvement

Baywood Cuts Expenses, Sees Bottom Line Improvement

SCOTTSDALE, Ariz.--Baywood International Inc. (OTCBB:BYWD) reported March 18 that for its fiscal year (FY01), ended Dec. 31, reducing operational costs was beginning to show significant results. Sales for the year rose 69 percent to $2.7 million from $1.6 million logged last year. Gross margin increased to 44 percent of sales compared to 32.6 percent in the prior year, and operating expenses were chopped by 31 percent to $1.6 million from $2.1 million reported in FY00. Net loss for the year improved to $.6 million, or $.02 per share lost, compared to $2.0 million, or $.07 per share lost.

"We continue to be encouraged by the growing acceptance of our products with our existing and new retail customers," stated NeilReithinger, chairman, president and chief executive officer. "In 2002, we will be introducing a number of exciting new products in our established product lines."

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