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PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

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



INVITRO INTERNATIONAL REPORTS SECOND QUARTER PROFIT
Sales & Cash Increase 6th Consecutive Quarter


Irvine, CA May 11, 1999 -- Invitro International (Bulletin Board Symbol "INVI") announced revenues of $166,000 for its second fiscal quarter ended March 31, 1999; these sales represent a 22% increase over the comparable period in 1998 and continue a six quarter upward trend in both sales and cash. The company also posted profits of $25,200, its second successive profitable quarter after several years of losses. InVitro president, W. Richard Ulmer, commented, "It is interesting to note that our second quarter 1999 sales were higher than same quarter results in 1997 as well as 1998, and were bolstered by non-U.S. purchases of our core business products. We are very pleased that India/Asia, as well as Europe, contributed significantly to top and bottom line results." Six months sales of $329,000 are up 22% vs. first half 1998 and profits total $43,000 vs. 1998 losses of $94,000.

In other company news, InVitro reported that it has redoubled its efforts to find a suitable partner, either within the U.S. or overseas, with whom to market its products and services.






CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
  Three months ended March 31

Six months ended March 31

 

1999

1998

1999

1998

Revenues

166,575

136,000

328,651

269,000

Costs and expenses

150,582

172,000

294,840

363,000

Income (loss) from operations

15,933

(36,000)

33,811

(94,000)

Other income (loss)

9,198

9,535

Net income (loss)

25,191

(36,000)

43,346

(94,000)

Income (loss) per common share

0.002

(0.003)

0.003

(0.01)

Weighted average common
shares outstanding

14,023,300

14,023,300

14,023,300

14,023,300

 


CONDENSED CONSOLIDATED BALANCE SHEET
     

Mar 31, 1999

Sep 30, 1998

 

(UNAUDITED)

 
Cash, cash equivalents and marketable securities

65,205

56,000

Other current assets    

262,930

566,000

Total current assets    

328,135

622,000

Noncurrent assets    

206,221

204,000

Total assets    

534,356

826,000

Current liabilities    

59,278

199,000

Shareholders' equity    

475,078

627,000

Total liabilities and equity    

534,356

826,000



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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