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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 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.
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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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2002
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2001
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2002
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2001
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Revenues
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137,762
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130,529
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546,105
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567,754
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Costs and expenses
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155,386
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139,081
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606,960
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573,342
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Income (loss) from operations
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(17,624)
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(8,552)
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(60,855)
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(5,588)
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Other income (loss)
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159
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755
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2,314
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8,283
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Net income (loss)
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(17,465)
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(7,797)
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(58,541)
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2,695
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Income (loss) per common share
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(0.0012)
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(0.0005)
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(0.0040)
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0.0002
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Weighted average common
shares outstanding
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14,508,972
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14,508,972
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14,508,972
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14,508,972
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CONDENSED CONSOLIDATED
BALANCE SHEET
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Sept 30, 2002
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Sept 30, 2001
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Cash, cash equivalents and marketable securities
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146,480
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157,172
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Other current assets
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187,840
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214,894
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Total current assets
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334,320
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372,066
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Noncurrent assets
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39,470
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49,306
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Total assets
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373,790
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421,372
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Current liabilities
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30,197
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20,137
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Shareholders' equity
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343,593
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401,235
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Total liabilities and equity
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373,790
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421,372
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
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Three months ended
Dec 31
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2002
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2001
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Revenues
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152,770
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172,280
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Costs and expenses
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125,227
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178,779
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Income (loss) from operations
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27,543
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(6,499)
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Other income (loss)
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170
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139
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Net income (loss)
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27,713
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(6,360)
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Income (loss) per common share
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0.0019
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(0.0004)
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Weighted average common
shares outstanding
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14,508,972
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14,508,972
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CONDENSED CONSOLIDATED BALANCE SHEET
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Dec 31, 2002
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Sept 30, 2002
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Cash, cash equivalents and marketable securities
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136,121
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146,480
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Other current assets
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229,561
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187,839
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Total current assets
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365,682
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334,319
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Noncurrent assets
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37,507
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39,470
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Total assets
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403,189
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373,789
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Current liabilities
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31,659
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30,198
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Shareholders' equity
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371,530
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343,591
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Total liabilities and equity
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403,189
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373,789
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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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