EXHIBIT 99
NEWS RELEASE
INTREPID SHOWS SIGNIFICANT BALANCE SHEET IMPROVEMENT
IDAHO FALLS, Idaho, May 14, 2004 (PRIMEZONE) -- Intrepid Technology and
Resources, Inc. (ITR) (OTCBB:IESV) a renewable energy company is pleased to
provide investors with an overview of the March 31, 2004 quarterly report.
Revenue for the three months ended the third quarter March 31, 2004 and 2003
with $414,987 compared to $585,367. The Company experienced a net loss of
$69,511 compared to a net income of $13,726 for the same three months ended
March 31, 2004 and 2003. The previously announced reallocation of personnel to
the companies bio-fuel and alternate energy business, the Whiteside Methane
production facility and the WOBF acquisition, neither of which were recorded as
revenue contributors in the quarter but required significant personnel
allocations were primarily responsible for the decline in revenue and net
income.
ITR experienced a dramatic increase in cash in the March 2004 quarter to
$332,299 compared to $27,175 at June 30, 2003. Current liabilities decreased by
29.8% for the same period while current assets increased by 23.5% and total
liabilities and Shareholder's Equity increased by 21%. Further, for the nine
months ending March 31, 2004 the Company's net loss decreased from $95,893 to
$15,533 or an 83.8% improvement over the same nine months ended March 31, 2003.
The cash and cash equivalents increased to $305,124 from a deficit of $62,267
for the nine months ending March 31, 2004 and 2003. These very favorable
financial trends reflect a strong commitment by ITR to enhance their balance
sheet and improve shareholder equity.
Dr. Dennis Keiser, President, commented on the quarter, "This is the quarter
which turns the corner from being a company totally dependent on engineering
service work for others, to a legitimate member of the burgeoning bio-fuel and
alternate energy market. We are currently a distributor of compressed natural
gas product; we have designed and are overseeing the first large-scale
commercial Methane bio-refinery that can produce large quantities of industrial
and consumer energy. By the end of the September quarter we will be operating
and generating revenue from that Methane refinery and preparing to start on the
second plant." Dr. Keiser further noted, "We have for some time now stated that
ITR would experience a reallocation of personnel from immediate revenue
contracts
and begin to focus those people on alternate energy projects for our own use.
The decline in net income for the quarter was a predictable event, however, we
are committed to being profitable for the fiscal year."
Statements released by Intrepid that are not purely historical are forward
looking within the meaning of the "Safe Harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including statements regarding the
company's expectations, hopes, intentions and strategies for the future.
Investors are cautioned that forward-looking statements involve risk and
uncertainties that may affect the company's business prospects and performance.
The company's actual results could differ materially from those in such
forward-looking statements. The company does not undertake any responsibility to
update the forward-looking statements.
CONTACT: Intrepid Technology and Resources, Inc.
Steve Ellis (208) 529-5337
sellis@intrepid21.com
INTREPID TECHNOLOGY & RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
($ IN WHOLE DOLLARS EXCEPT PER SHARE AMOUNTS)
For the Three Months Ended For the Nine Months Ended
March 31, March 31,
2004 2003 2004 2003
----------------- ------------- ---------------- -------------
UNAUDITED UNAUDITED Unaudited Unaudited
----------------- ------------- ---------------- -------------
Revenue $ 414,987 $ 585,367 $ 1,849,398 $ 1,747,870
Direct operating costs 288,956 451,257 1,133,607 1,432,170
----------------- ------------- ---------------- -------------
Gross profit 126,031 134,110 715,791 315,700
Selling, general and administrative expenses 223,546 101,293 720,719 435,031
----------------- ------------- ---------------- -------------
Income (loss) from operations (97,515) 32,817 (4,928) (119,331)
Interest revenue 333 -- 333 --
Interest expense (5,117) (11,700) (19,304) (26,105)
----------------- ------------- ---------------- -------------
Net income (loss) before income taxes (102,299) 21,117 (23,899) (145,436)
Provision for income taxes (benefit) (32,788) 7,391 (8,366) (49,543)
----------------- ------------- ---------------- -------------
Net income (loss) $ (69,511) $ 13,726 $ (15,533) $ (95,893)
================= ============= ================ =============
Net income (loss) to common shareholders $ (69,511) $ 13,726 $ (15,533) $ (95,893)
================= ============= ================ =============
Basic earnings (loss) per share $ (.0007) $ .00015 $ (.00012) $ (.0011)
================= ============= ================ =============
Diluted earnings per share $ -- $ -- $ -- $ --
================= ============= ================ =============
Dividends paid per common share $ -- $ -- $ -- $ --
================= ============= ================ =============
INTREPID TECHNOLOGY & RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
($ IN WHOLE DOLLARS EXCEPT PER SHARE AMOUNTS)
MARCH 31, June 30,
2004 2003
------------ ------------
UNAUDITED Audited
------------ ------------
ASSETS
Current Assets:
Cash $ 332,299 $ 27,175
Receivables, net of allowance for doubtful
accounts of $0 and $0 respectively 217,040 412,058
Investments -- 5,000
Other assets 3,989 3,986
------------ ------------
Total current assets 553,326 448,219
Equipment, net 106,357 37,177
Deferred tax asset 393,909 385,543
------------ ------------
Total Assets $ 1,053,595 $ 870,939
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 145,488 $ 245,596
Accrued liabilities 85,844 163,091
Deferred compensation 138,963 193,232
Term Loan 172,115 199,779
Long term debt - current portion 79,567 84,800
------------ ------------
Total current liabilities 621,977 886,498
Long term debt -- --
------------ ------------
Total liabilities 621,977 886,498
Commitments and contingencies
Shareholders' equity:
Preferred stock, $1 par value, 5,000,000 authorized -- --
Common stock, $.005 par value, 185,000,000 authorized, 108,361,992
and 97,130,584 shares issued and outstanding, respectively 511,810 455,653
Additional paid-in capital 4,029,918 3,644,066
Notes receivable - shareholders (16,200) (36,900)
Retained earnings (deficit) (4,093,910) (4,078,378)
------------ ------------
Total shareholders' equity 431,618 (15,559)
------------ ------------
Total Liabilities and Shareholders' Equity $ 1,053,595 $ 870,939
============ ============