Imperial Ginseng Reports High Sales, Withdrawal from British ColumbiaImperial Ginseng Reports High Sales, Withdrawal from British Columbia

Imperial Ginseng Reports High Sales, Withdrawal from British Columbia

VANCOUVER, British Columbia

ImperialGinseng Products Ltd. reported Nov. 6 that for its fiscal year (FY03), endedJune 30, higher per-pound prices helped buoy sales.

Net sales were up to $3.9 million from $3.4 million, whilegross margin improved to 15.4 percent of sales from a negative 91.2 percent.Expenses stayed about even at $800,000, and net gain improved to $300,000 from anet loss of $4.4 million seen for FY02.

Production volume was lower in FY03, with the companyharvesting 132 acres and producing a total of 335,000 pounds of ginseng, downfrom FY02s 139 acres and 381,000 pounds of ginseng. Even with the lower volume, sales numbers were higher due tohigher prices: $15.13 per pound in FY03 compared to $12.75 in FY02.

The company decided to close operations in British Columbiaafter the fall 2003 harvest due to a continued rust root problem. It expects tohave more than 550 acres of ginseng under cultivation in Ontario by the end ofFY04.