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PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT
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.
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CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
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Three months ended December 30 |
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1998
|
1997
|
| Revenues |
|
|
162,076
|
133,272
|
| Costs and expenses |
|
|
144,278
|
190,486
|
| Income (loss) from operations
|
|
|
17,817
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(57,215)
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| Other income (loss) |
|
|
337
|
(207)
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| 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
|
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CONDENSED
CONSOLIDATED BALANCE SHEET
|
| |
|
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Dec 30, 1998
|
Dec 30, 1997
|
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(UNAUDITED)
|
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| 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
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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
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