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PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

Invitro International

Contact: W. Richard Ulmer

17751 Sky Park East, Suite G

(800) 2-INVITRO

Irvine, CA 92614

http://www.invitrointl.com


INVITRO INTERNATIONAL POSTS 4TH CONSECUTIVE PROFITABLE QUARTER;
Full year ’99 sales up 16%, net profit at 9.4%

     Irvine, CA January 27, 2000 -- InVitro International (OTC IVRO) announced that its 4th quarter ended September 30, 1999 produced sales of $169,806 and net profits of $11,801. For full fiscal year ’99, IVRO saw its audited sales reach $648,517, up 16%; its annual profits of nearly $61,000 were the first since the company went public in 1991. President & CEO, W. Richard Ulmer, said "We were very pleased that the 4th quarter was our top sales quarter in the year; but perhaps just as rewarding were the increases in both cash and new customers throughout the year. These increases allowed us to meet or exceed each of our ’99 financial objectives. Now it is our challenge to make profit a yearly habit!"

 


 


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

Three months ended
September 30

Twelve months ended
September 30

 

1999

1998

1999

1998

Revenues

169,806

152,517

648,517

560,091

Costs and expenses

153,599

388,846

600,513

981,994

Income (loss) from operations

16,207

(236,329)

48,004

(421,903)

Other income (loss)

(4,406)

48,534

12,880

50,035

Net income (loss)

11,801

(187,795)

60,884

(371,868)

Income (loss) per common share

0.0008

(0.0133)

0.0042

(0.0262)

Weighted average common
shares outstanding

14,453,300

14,169,968

14,453,300

14,169,968

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 1999

September 30, 1998

Cash, cash equivalents and marketable securities

104,593

59,960

Other current assets

 

 

217,126

268,571

Total current assets

 

 

321,719

328,531

Noncurrent assets

 

 

202,249

154,479

Total assets

 

 

523,968

483,010

Current liabilities

 

 

34,930

54,856

Shareholders' equity

 

 

489,038

428,154

Total liabilities and equity

 

 

523,968

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

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