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PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT
INVITRO INTERNATIONAL REPORTS
FOURTH QUARTER
PROFITABLE, BEFORE INVENTORY WRITE OFF
Sales & Cash Increase 4th Consecutive Quarter
| Irvine, CA
January 25, 1999 -- Invitro International (Bulletin Board
Symbol "INVI") announced revenues of $153,000 for its fourth
fiscal quarter ended September 30, 1998; this is a 30% increase
over the comparable quarter in the prior fiscal year. Also
during INVI's 1998 final quarter, the Company recorded an
operating profit of $22,000 before a charge to write off excess
Guardian DNA inventory of $258,000. The $22,000 operating
profit is the first such quarterly result after more than
five (5) years of losses and follows previously unannounced
third quarter 1998 operating losses of just $11,000. The small
third quarter operating loss was also before an extraordinary
charge of $76,500 for stock compensation to McKenna, Delaney
& Sullivan, Invitro International's newly hired Advertising
& Public Relations partner. President and Chief Executive
Officer, W. Richard Ulmer, said "It has been a challenge to
get INVI to a fiscally responsible place, and we know that
our job is far from finished. In recent months we have seen
an increase in our core business of non-animal testing, perhaps
as a result of increased U.S. Department of Transportation
regulatory enforcement; the sales increase may also be related
to the 1999 change in United Kingdom regulations where no
more permits will be issued for testing new cosmetic products
using animals. In addition, we continue to be pleased with
the performances of our new agents and partner laboratories
in Asia, Europe and the United States."
For full year 1998, INVI's sales revenues totaled $560,000,
off 22% vs. 1997; losses were $375,804 for the latest year,
$(0.03) per share vs. $(0.08) in 1997 and $(0.15) in 1996.
It is noteworthy that in the full year 1998, only $41,200
of the INVI losses were from operations before the aforementioned
non-recurring charges. When viewed in this manner, 1998
losses were 92% lower than 1997 levels with none in the
fourth quarter. In addition, the Company's cash levels increased
slightly in each of the four fiscal quarters.
With regard to previously announced INVI intentions to
merge with Miragen, financing plans continue to move forward.
The focus of these plans is on the development of an automated
piece of equipment for Miragen's patented antibody profiling
identification technology. Of note, is that memoranda of
understanding are pending for the purchase and use of several
such machines in centers of influence throughout the world.
The INVI merger plans, however, remain subject to various
conditions such as obtaining additional financing in sufficient
amounts to sustain future operation of both companies from
sources willing to approve the proposed merger, INVI stockholder
approval, etal.
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CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
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Three months ended
September 30 |
Twelve months ended September 30 |
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1998
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1997
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1998
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1997
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| Revenues |
152,518
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115,903
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560,091
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720,017
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| Costs and expenses |
388,885
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317,840
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981,994
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1,941,588
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| Loss from operations |
(236,367)
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(201,937)
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(421,903)
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(1,221,571)
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| Other income (loss) |
41,429
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683
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46,099
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32,801
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| Net loss |
(194,938)
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(201,254)
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(375,804)
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(1,188,770)
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| Loss per common share |
(0.01)
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(0.01)
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(0.03)
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(0.08)
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Weighted average common
shares outstanding |
14,169,968
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14,023,300
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14,169,968
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14,023,300
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CONDENSED
CONSOLIDATED BALANCE SHEET
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Sept 30, 1998
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Sept 30, 1997
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(AUDITED)
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| Cash, cash equivalents
and marketable securities |
59,960
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54,000
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| Other current assets |
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268,571
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584,000
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| Total current assets |
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328,531
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638,000
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| Noncurrent assets |
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154,479
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255,000
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| Total assets |
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483,010
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893,000
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| Current liabilities |
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54,856
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169,000
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| Shareholders' equity |
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428,154
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724,000
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| Total liabilities and equity
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483,010
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893,000
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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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