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PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT
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.
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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
|
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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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