Sales & Cash Increase 5th Consecutive Quarter
Irvine, CA February 9, 1999 — Invitro International (Bulletin Board Symbol “INVI”) announced revenues of $162,000 in its first fiscal quarter ended December 31, 1998; this is a 22% increase in sales over the comparable quarter last year. The Company also reported a profit of $18,000 in its first quarter 1999, or $.001 per share, which continues the recent INVI trend in positive results after many years of consistent losses. The second consecutive quarter of profit, although small in absolute dollars, combined with a fifth quarter consecutively of increased sales and cash, prompted INVI President, W. Richard Ulmer to say, “We are a determined team at INVI which has made steady progress toward profitability in our core business. Now, in addition to our internal efforts, we intend to increase our presence globally through a partnering or external strategy. We plan to continue profitable and growing so that we can more suitably structure opportunities in such areas as marketing and sales alliances, merger (as mentioned in prior releases), and even co-licensing our existing technologies”.
In other Company news INVI reported that after nearly three and one half years of U.S. Government process, the Inter-agency Committee for the Validation of Alternative Methods (rather that testing with animals) held a one day review January 21, 1999 to consider extending the Company’s Corrositex applications and acceptances beyond current DOT and EPA regulated areas. Results will be announced later in 1999. InVitro management remains hopeful that the “tiered testing” approach which mandates the use of animals under conditions frequently encountered in industry, and which has surfaced in several government sponsored work groups both in Europe and in the United States, will not appear in final committee reports. InVitro International asks each of its website and regular-form press release readers, as well as its shareholders, to be alert to developments in this area of corrosive testing regulations. Various animal welfare groups are prepared to help if necessary.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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Three months ended December 30 |
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|
|
1998 |
1997 |
|
Revenues | |
|
162,076 |
133,272 |
Costs and expenses | |
|
144,278 |
190,486 |
Income (loss) from operations |
|
|
17,817 |
(57,215) |
Other income (loss) | |
|
337 |
(207) |
Net income (loss) | |
|
18,155 |
(57,421) |
Income (loss) per common share |
|
|
0.001 |
(0.004) |
Weighted average common shares outstanding |
|
|
14,169,968 |
14,023,300 |
CONDENSED CONSOLIDATED BALANCE SHEET |
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Dec 30, 1998 |
Dec 30, 1997 |
|||
(UNAUDITED) |
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Cash, cash equivalents and marketable securities |
63,086 |
59,960 |
||
Other current assets | 316,562 |
268,571 |
||
Total current assets | 379,648 |
328,531 |
||
Noncurrent assets | 133,119 |
154,479 |
||
Total assets | 512,767 |
483,010 |
||
Current liabilities | 63,005 |
54,856 |
||
Shareholders’ equity | 449,761 |
428,154 |
||
Total liabilities and equity |
512,766 |
483,010 |