Enter Our Monthly Contest!
 

 

PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

W. Richard Ulmer
(800) 2-INVITRO
INVITRO INTERNATIONAL
Irvine

or

Bob Sullivan
760-931-2500
MAKENNA DELANEY & SULLIVAN
Carlsbad



INVITRO INTERNATIONAL REPORTS FIRST QUARTER PROFITABLE
Sales & Cash Increase 5th Consecutive Quarter


Irvine, CA February 9, 1999 -- Invitro International (Bulletin Board Symbol "INVI") announced revenues of $162,000 in its first fiscal quarter ended December 31, 1998; this is a 22% increase in sales over the comparable quarter last year. The Company also reported a profit of $18,000 in its first quarter 1999, or $.001 per share, which continues the recent INVI trend in positive results after many years of consistent losses. The second consecutive quarter of profit, although small in absolute dollars, combined with a fifth quarter consecutively of increased sales and cash, prompted INVI President, W. Richard Ulmer to say, "We are a determined team at INVI which has made steady progress toward profitability in our core business. Now, in addition to our internal efforts, we intend to increase our presence globally through a partnering or external strategy. We plan to continue profitable and growing so that we can more suitably structure opportunities in such areas as marketing and sales alliances, merger (as mentioned in prior releases), and even co-licensing our existing technologies".

In other Company news INVI reported that after nearly three and one half years of U.S. Government process, the Inter-agency Committee for the Validation of Alternative Methods (rather that testing with animals) held a one day review January 21, 1999 to consider extending the Company's Corrositex applications and acceptances beyond current DOT and EPA regulated areas. Results will be announced later in 1999. InVitro management remains hopeful that the "tiered testing" approach which mandates the use of animals under conditions frequently encountered in industry, and which has surfaced in several government sponsored work groups both in Europe and in the United States, will not appear in final committee reports. InVitro International asks each of its website and regular-form press release readers, as well as its shareholders, to be alert to developments in this area of corrosive testing regulations. Various animal welfare groups are prepared to help if necessary.






CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
            Three months ended December 30
 

 

 

1998

1997

Revenues

 

 

162,076

133,272

Costs and expenses

 

 

144,278

190,486

Income (loss) from operations

 

 

17,817

(57,215)

Other income (loss)

 

 

337

(207)

Net income (loss)

 

 

18,155

(57,421)

Income (loss) per common share

 

 

0.001

(0.004)

Weighted average common
shares outstanding

 

 

14,169,968

14,023,300

 


CONDENSED CONSOLIDATED BALANCE SHEET
     

Dec 30, 1998

Dec 30, 1997

 

(UNAUDITED)

 
Cash, cash equivalents and marketable securities

63,086

59,960

Other current assets    

316,562

268,571

Total current assets    

379,648

328,531

Noncurrent assets    

133,119

154,479

Total assets    

512,767

483,010

Current liabilities    

63,005

54,856

Shareholders' equity    

449,761

428,154

Total liabilities and equity    

512,766

483,010



InVitro International
17751 Sky Park East, Suite G
Irvine, CA 92614

800-2-INVITRO (800-246-8487)
949-851-8356 (International callers)
949- 851-4985 Fax

invitro@invitrointl.com

pink sheets quote
Stock Quote, Chart, News

 

 

Recent News
 
Order Products Directly!

Purchase Corrositex Database Test Results Online!