SALES JUMP 24% FOLLOWING FY 2010/2009 DECLINE
Irvine, CA January 19, 2011 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2010 sales of $716,881 and net profits of $6,221. These results when compared to FY 2009 were 5% lower in sales and 88% lower in profits. IVRO CEO & President, W. Richard Ulmer, said about the year: “Overall FY 2010 results were disappointing. While timing may explain much of our small sales decline, we expected more in sales. We budgeted the approximate doubling of R&D spending, but did not project this level of impact on short term profits. We feel both rewarded and thankful that 1st Quarter FY 2011 sales reached $224,094, +24% 2011/2010, and a level we have not seen for 13 or 14 years. We will continue our progress toward required multi laboratory European Regulatory testing and then subsequent European Center for the Validation of Alternative Methods (ECVAM) submission in 2011. Management remains dedicated and determined to achieve broader and greater levels of acceptance of its non-animal testing technologies”.
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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Three months ended |
Twelve months ended |
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2010 |
2009 |
2010 |
2009 |
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Revenues |
157,276 |
215,900 |
716,881 |
755,513 |
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Costs and expenses |
225,617 |
237,087 |
730,069 |
713,082 |
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Income (loss) from operations |
(68,342) |
(21,187) |
(13,188) |
42,431 |
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Other income (loss) |
5,240 |
2,698 |
19,409 |
8,428 |
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Net profit (loss) |
(63,102) |
(18,489) |
6,221 |
50,859 |
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Profit (loss) per common share |
(0.004) |
(0.001) |
0.0001 |
0.003 |
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Weighted average common |
17,824,809 |
16,885,083 |
17,824,809 |
16,885,083 |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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September 30, 2010 |
September 30, 2009 |
Cash, cash equivalents and marketable securities |
369,685 |
360,660 |
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Other current assets |
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|
209,341 |
204,837 |
Total current assets |
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579,026 |
565,497 |
Noncurrent assets |
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|
52,801 |
52,886 |
Total assets |
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631,827 |
618,383 |
Current liabilities |
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59,188 |
51,965 |
Shareholders’ equity |
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572,639 |
566,418 |
Total liabilities and equity |
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631,827 |
618,383 |