International Absorbent (AMEX: IAX)Shares Escalate 57 Percent
Shares of International Absorbents Inc. (AMEX: IAX) soared 57 percent today, escalating $2.30 to $6.35 on volume of 659,800 by mid-afternoon, tailing the company's announcement of its first-quarter financials for the period ended April 30, 2007, this morning.International Absorbents sales grew 26 percent to $8.4 million for the first quarter of fiscal 2008, up from $6.6 million for first quarter 2007. Net income increased three fold, to $623,000, or 10 cents per share, versus $142,000, or 2 cents per share, for the same period the prior year. Gross profit for the first quarter was up 35 percent, to $2.8 million,…