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PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT
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InVitro International |
Contact: W. Richard Ulmer |
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17751 Sky Park East, Suite G |
(800) 2-INVITRO |
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Irvine, CA 92614 |
http://www.invitrointl.com |
INVITRO INTERNATIONAL RECORDS HEALTHY FY 2008 SALES & PROFIT RESULTS
Irvine, CA January 13, 2009 - Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2008 sales of $696,560 and net profits of $67,431. These results followed FY 2007 sales of $741,714 and profits of $69,273. IVRO CEO & President, W. Richard Ulmer, observed: "Although FY 2008 sales were 6% lower than those of '07, we feel that comparison does not reflect much of our true progress in the last year. For example, we had significant yearend sales activity which carried over to make the first Quarter FY 2009 our best first Quarter since 1996. In additional significant FY 2008 activity, InVitro and our European partner (ResPharma) completed the preparation, review, and submission of our Irritection Assay System (Ocular) formal European Regulatory package at the very end of the year. And importantly, InVitro continued its increased Research & Development spending while also increasing operating margins. In summary, FY 2008 added to our level of excitement about our competitive position as well as the future of invitro testing throughout the world."
This 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 |
Twelve months ended
September 30 |
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2008 |
2007 |
2008 |
2007 |
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Revenues |
213,386 |
244,979 |
696,561 |
741,714 |
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Costs and expenses |
200,493 |
236,697 |
640,362 |
680,310 |
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Income (loss) from operations |
12,892 |
8,282 |
56,199 |
61,404 |
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Other income (loss) |
2,310 |
1,938 |
8,948 |
7,869 |
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Net profit (loss) |
15,203 |
10,220 |
65,147 |
69,273 |
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Profit (loss) per common share |
0.001 |
0.001 |
0.004 |
0.004 |
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Weighted average common
shares outstanding |
16,824,809 |
16,824,809 |
16,824,809 |
16,824,809 |
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CONDENSED CONSOLIDATED BALANCE SHEET
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September 30, 2008 |
September 30, 2007 |
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Cash, cash equivalents and marketable securities |
332,665 |
270,868 |
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Other current assets |
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201,949 |
178,636 |
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Total current assets |
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534,614 |
449,504 |
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Noncurrent assets |
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47,814 |
53,369 |
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Total assets |
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582,428 |
502,873 |
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Current liabilities |
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74,371 |
62,245 |
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Shareholders' equity |
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508,057 |
440,628 |
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Total liabilities and equity |
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582,428 |
502,873 |
# # #
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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