Irvine, CA February 6, 2006- InVitro International (OTC, Pink Sheets, IVRO) today reported a 12% sales gain for Fiscal Year ’05 vs. Fiscal Year ’04, to $671,068. IVRO also recorded net profit of $14,655 compared to a loss of $34,614 last year. IVRO President, W. Richard Ulmer said: “We felt very encouraged about our financial progress in ’05: sales reached their highest level in 8 years, and we earned a small profit while investing in new assay technology. Our non-animal testing methods are being more accepted globally because they’re faster, less expensive, easier to use, and can be kept on the shelf for later use when convenient. Meanwhile we continue to work for European Regulatory Acceptance well ahead of the 2009 marketing ban on new cosmetics if tested on animals.”
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.
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Three months ended |
Twelve months ended |
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2005 |
2004 |
2005 |
2004 |
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| Revenues |
183,477 |
125,811 |
671,068 |
596,123 |
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| Costs and expenses |
216,569 |
167,835 |
660,463 |
632,298 |
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| Income (loss) from operations |
(33,092) |
(42,023) |
10,605 |
(36,175) |
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| Other income (loss) |
997 |
9,677 |
4,050 |
1,561 |
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| Net profit (loss) |
(32,095) |
(32,346) |
14,655 |
(34,614) |
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| Profit (loss) per common share |
(0.002) |
(0.002) |
0.001 |
(0.002) |
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| Weighted average common |
16,824,809 |
15,836,562 |
16,824,809 |
15,836,562 |
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September 30, 2005 |
September 30, 2004 |
| Cash, cash equivalents and marketable securities |
158,694 |
124,922 |
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| Other current assets |
|
|
207,444 |
201,927 |
| Total current assets |
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366,138 |
326,849 |
| Noncurrent assets |
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38,881 |
38,596 |
| Total assets |
|
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405,019 |
365,445 |
| Current liabilities |
|
|
48,921 |
24,002 |
| Shareholders’ equity |
|
|
356,098 |
341,443 |
| Total liabilities and equity |
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405,019 |
365,445 |