Full year ’99 sales up 16%, net profit at 9.4%
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
Irvine, CA January 27, 2000 — InVitro International (OTC IVRO) announced that its 4th quarter ended September 30, 1999 produced sales of $169,806 and net profits of $11,801. For full fiscal year ’99, IVRO saw its audited sales reach $648,517, up 16%; its annual profits of nearly $61,000 were the first since the company went public in 1991. President & CEO, W. Richard Ulmer, said “We were very pleased that the 4th quarter was our top sales quarter in the year; but perhaps just as rewarding were the increases in both cash and new customers throughout the year. These increases allowed us to meet or exceed each of our ’99 financial objectives. Now it is our challenge to make profit a yearly habit!”
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Three months ended |
Twelve months ended |
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1999 |
1998 |
1999 |
1998 |
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| Revenues |
169,806 |
152,517 |
648,517 |
560,091 |
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| Costs and expenses |
153,599 |
388,846 |
600,513 |
981,994 |
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| Income (loss) from operations |
16,207 |
(236,329) |
48,004 |
(421,903) |
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| Other income (loss) |
(4,406) |
48,534 |
12,880 |
50,035 |
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| Net income (loss) |
11,801 |
(187,795) |
60,884 |
(371,868) |
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| Income (loss) per common share |
0.0008 |
(0.0133) |
0.0042 |
(0.0262) |
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| Weighted average common |
14,453,300 |
14,169,968 |
14,453,300 |
14,169,968 |
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September 30, 1999 |
September 30, 1998 |
| Cash, cash equivalents and marketable securities |
104,593 |
59,960 |
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| Other current assets |
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217,126 |
268,571 |
| Total current assets |
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321,719 |
328,531 |
| Noncurrent assets |
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202,249 |
154,479 |
| Total assets |
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523,968 |
483,010 |
| Current liabilities |
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34,930 |
54,856 |
| Shareholders’ equity |
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489,038 |
428,154 |
| Total liabilities and equity |
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523,968 |
483,010 |