Sales jump in First Quarter 2002
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
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.
|
|||||||||||
|
|
Three months ended |
Twelve months ended |
|||||||||
|
|
2001 |
2000 |
2001 |
2000 |
|||||||
| Revenues |
130.529 |
161,745 |
567,754 |
648,487 |
|||||||
| Costs and expenses |
139,082 |
155,411 |
573,342 |
627,379 |
|||||||
| Income (loss) from operations |
(8,553) |
6,334 |
(5,588) |
21,108 |
|||||||
| Other income (loss) |
755 |
3,360 |
8,283 |
(113,010) |
|||||||
| Net income (loss) |
(7,798) |
9,694 |
2,695 |
(91,902) |
|||||||
| Income (loss) per common share |
(0.0005) |
0.0007 |
0.0002 |
(0.0063) |
|||||||
| Weighted average common |
14,507,304 |
14,507,304 |
14,507,304 |
14,507,304 |
|||||||
|
|
|||||||||||
|
CONDENSED CONSOLIDATED |
|||||||||||
|
|
|
September 30, 2001 |
September 30, 2000 |
| Cash, cash equivalents and marketable securities |
157,172 |
177,106 |
||
| Other current assets |
|
|
214,894 |
199,686 |
| Total current assets |
|
|
372,066 |
376,792 |
| Noncurrent assets |
|
|
49,306 |
60,587 |
| Total assets |
|
|
421,372 |
437,379 |
| Current liabilities |
|
|
20,137 |
37,030 |
| Shareholders’ equity |
|
|
401,235 |
400,349 |
| Total liabilities and equity |
|
|
421,372 |
437,379 |