INVITRO INTERNATIONAL REPORTS 1ST HALF 2000 OPERATING INCOME ON INCREASED SALES

U.S. Government Agency Approvals expected to brighten future
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614

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Irvine, CA May 16, 2000 — InVitro International (IVRO) announced today that revenues for each of its first two fiscal quarters in 2000 advanced to slightly more than $168,000. The nearly $337,000 first half sales total represents an increase of about 3% over same period 1999 figures. Operating profits for the December quarter were $7,787, and for the March quarter $13,967. These two quarters’ results extend to six, the number of consecutive fiscal quarters that IVRO has posted operating income. Although net income in IVRO’s second quarter was $8,949, the company posted a first half 2000 net loss of $95,249 due to an extraordinary, non-recurring write-off of $115,000 for a single doubtful receivable.
In commenting on first half Y2K results, InVitro President, W. Richard Ulmer, said, “We were really quite pleased with overall financial progress in our core business. And we are particularly hopeful that the recent approvals and acceptances from several important U.S. Regulatory Agencies (EPA, FDA, Consumer Product Safety Commission & OSHA) will reinvigorate our now 15 year old non-animal testing business. Such approvals reflect exciting scientific support and validation that should help Corrositex more firmly establish itself as the only commercially available government approved alternative to animal testing for corrosion. We plan to extend such strong credibility to include our other core capability, the Irritection Assay System, for ocular and dermal irritation detection.”
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.


CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS

 


Three months ended
March 31

Six months ended
March 31

 


2000

1999

2000

1999

Revenues

168,126

166,575

336,704

328,651

Costs and expenses

154,159

150,582

314,950

294,840

Income (loss) from operations

13,967

15,993

21,754

33,811

Other income (loss)

(5,018)

9,198

(117,003)

9,535

Net income (loss)

8,949

25,191

(95,249)

43,346

Income (loss) per common share

0.001

0.002

(0.007)

0.0003

Weighted average common
shares outstanding

14,453,300

14,023,300

14,453,300

14,023,300

 



CONDENSED CONSOLIDATED
BALANCE SHEET

 

 

 


March 31, 2000

September 30, 1999

Cash, cash equivalents and marketable securities

150,097

104,593

Other current assets

 

 


218,103

217,126

Total current assets

 

 


368,200

321,719

Noncurrent assets

 

 


69,579

202,249

Total assets

 

 


437,779

523,968

Current liabilities

 

 


44,172

34,930

Shareholders’ equity

 

 


393,607

489,038

Total liabilities and equity

 

 


437,779

523,968