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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 PROFITABLE IN FIRST
QUARTER 2003, FOLLOWING A DISAPPOINTING 2002


     Irvine, CA January 28, 2003-In Vitro International (OTC, IVRO) today reported sales for fiscal year 2002 (ended 9/30/02) of $546,104, with a net loss of $58,539. Comparable fiscal 2001 figures were sales of $567,754 with a profit of $2,695. IVRO President and CEO, W. Richard Ulmer, said: "Financial results for the middle six months of fiscal 2002 were very poor. However, we saw a fourth quarter improvement, preceding our first quarter fiscal year 2003 where profits reached $27,713 on sales of $152,770. These are the best quarterly earnings in my eight years with In Vitro and may be our best ever. When we couple this with a recently announced European Union (EU) 2009 marketing ban on cosmetic products whose ingredients (or finished product) were tested on animals, we view the remainder of '03 with genuinely renewed optimism."

In separate announcements, In Vitro International said that it has nearly finalized an agreement with a major U.S. university to license new invitro testing technology. It expects to do so in the current quarter and then to release more information later in the year.

And finally, the company's new OTC symbol, IVRO, came into existence 1/21/03 as the result of the National Association of Securities Dealers (NASD) replacing the old symbol without notice of any kind to the company.
 


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

Three months ended
September 30

Twelve months ended
September 30

 

2002

2001

2002

2001

Revenues

137,762

130,529

546,105

567,754

Costs and expenses

155,386

139,081

606,960

573,342

Income (loss) from operations

(17,624)

(8,552)

(60,855)

(5,588)

Other income (loss)

159

755

2,314

8,283

Net income (loss)

(17,465)

(7,797)

(58,541)

2,695

Income (loss) per common share

(0.0012)

(0.0005)

(0.0040)

0.0002

Weighted average common
shares outstanding

14,508,972

14,508,972

14,508,972

14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

Sept 30, 2002

Sept 30, 2001

Cash, cash equivalents and marketable securities

146,480

157,172

Other current assets

 

 

187,840

214,894

Total current assets

 

 

334,320

372,066

Noncurrent assets

 

 

39,470

49,306

Total assets

 

 

373,790

421,372

Current liabilities

 

 

30,197

20,137

Shareholders' equity

 

 

343,593

401,235

Total liabilities and equity

 

 

373,790

421,372


CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 

Three months ended
Dec 31

 

2002

2001

Revenues

152,770

172,280

Costs and expenses

125,227

178,779

Income (loss) from operations

27,543

(6,499)

Other income (loss)

170

139

Net income (loss)

27,713

(6,360)

Income (loss) per common share

0.0019

(0.0004)

Weighted average common
shares outstanding

14,508,972

14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

Dec 31, 2002

Sept 30, 2002

Cash, cash equivalents and marketable securities

136,121

146,480

Other current assets

 

 

229,561

187,839

Total current assets

 

 

365,682

334,319

Noncurrent assets

 

 

37,507

39,470

Total assets

 

 

403,189

373,789

Current liabilities

 

 

31,659

30,198

Shareholders' equity

 

 

371,530

343,591

Total liabilities and equity

 

 

403,189

373,789


# # #

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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