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PRESS RELEASE
FOR IMMEDIATE
RELEASE
CONTACT
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Invitro International
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Contact: W. Richard Ulmer
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17751 Sky Park East, Suite G
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(800) 2-INVITRO
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Irvine, CA 92614
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http://www.invitrointl.com
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INVITRO INTERNATIONAL FINISHES FY
2001 WITH
SMALL PROFIT FOLLOWING A DISAPPOINTING 2002
Sales jump in First Quarter 2002
Irvine,
CA January 31, 2002-InVitro International (OTC, IVRO) today
reported fiscal year ending September 30, 2001 sales of $567,754
(-12% versus fiscal 2000 revenues) with net income of $2,694
(versus a net loss of $91,902 last year). IVRO President and
CEO, W. Richard Ulmer, said: "Clearly, we are disappointed
with fiscal 2001 results. We believe in our core business
technology and have several bright new opportunities as a
result of our increased advertising presence. We did manage
to record a small net profit in this very difficult year,
and we are determined to deliver better results in 2002."
In other company news, IVRO said first quarter 2002 sales
jumped 33% compared to the same quarter in 2001. Quarter ending
December 31, 2001 sales exceeded $170,000.
This press release may contain "forward-looking statements"
as defined in the Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those projected
as a result of certain risks and uncertainties. These risks
and uncertainties include, but are not limited to: acceptance
of the Company's technology by customers or regulatory agencies,
changes in market conditions and other competitive factors.
Any such forward-looking statements are not guarantees of
future performance. |
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CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS
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Three months ended
September 30
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Twelve months ended
September 30
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2001
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2000
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2001
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2000
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Revenues
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130.529
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161,745
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567,754
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648,487
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Costs and expenses
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139,082
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155,411
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573,342
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627,379
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Income (loss) from operations
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(8,553)
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6,334
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(5,588)
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21,108
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Other income (loss)
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755
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3,360
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8,283
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(113,010)
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Net income (loss)
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(7,798)
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9,694
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2,695
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(91,902)
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Income (loss) per common share
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(0.0005)
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0.0007
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0.0002
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(0.0063)
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Weighted average common
shares outstanding
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14,507,304
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14,507,304
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14,507,304
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14,507,304
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CONDENSED CONSOLIDATED
BALANCE SHEET
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September 30, 2001
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September 30, 2000
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Cash, cash equivalents and marketable securities
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157,172
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177,106
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Other current assets
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214,894
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199,686
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Total current assets
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372,066
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376,792
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Noncurrent assets
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49,306
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60,587
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Total assets
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421,372
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437,379
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Current liabilities
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20,137
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37,030
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Shareholders' equity
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401,235
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400,349
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Total liabilities and equity
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421,372
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437,379
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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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