OAK RIDGE, Tenn., March 30, 2004 (PRIMEZONE) -- Diversified Products Inspections, Inc. (OTCBB:DPRI) ("DPI"), a provider of independent product failure analysis, air contamination and fire investigations for the Insurance Industry, announced today its year-end financial information with a net income figure for 2003 of $641,599 compared to the loss of $149,570 reported in 2002.
John Van Zyll, President and CEO stated: "DPI is very pleased to announce that net income for the year 2003 was $568,315. This is a significant change from the $149,570 loss reported in 2002. This translates to three cents per share earnings compared to a one cent per share loss in 2002. Revenues were $2,432,396 in 2003 versus revenues of $1,999,975 for 2002, a 21% revenue increase. This increase occurred with less than a one percent (1%) increase ($19,732) in operating expenses. The company is poised for a positive year in 2004 by moving forward with plans to build and own a new building and eliminating the costly lease arrangement on the current facility. The prospects of HomeCheckSafety.com and the consulting arrangement with GBC, Inc. will also be important in the company's growth in 2004. The core business of providing product liability forensic inspections for the insurance industry continues to be strong."
About Diversified Products Inspections, Inc. (www.dpi-inc.com)
Launched in 1991 and headquartered in Oak Ridge, Tenn, Diversified Product Inspections, Inc. provides expertise and unbiased, independent investigations on product failures, air contamination and fire investigations of all multi-billion dollar markets which directly impact three groups: the insurance industry, manufacturers and consumers. In addition, DPI has developed an array of comprehensive services for these three targeted groups, giving the company the ability to better inform consumers of defective products and recalls (http://www.homechecksafety.com), improve quality control processes with manufacturers and work with the insurance industry to recover funds via subrogation - a process whereby the insurer enforces its right to recoup from any third party that caused the loss on behalf of the policyholder.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. The words "believe," "expect," "anticipate" and "project," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Such statements may include, but not be limited to, projections of revenues, income or loss, expenses, plans, and assumptions relating to the foregoing. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future results could differ materially from those described in forward-looking statements.