FY 2013 & Q1 FY 2014 REGULATORY PROGRESS, SMALL NET PROFITS
InVitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
Irvine, CA January 22, 2014 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2013 sales of $712,121 and net income of $10,832. When compared to FY 2012 sales and income figures, sales were off 2.4% while net income was up 430%.
IVRO CEO & President, W. Richard Ulmer, said “Despite our small net profit, and slight sales decline, we believe FY 2013 will prove to be a significant year among InVitro International’s first 28. I say this because we reviewed and assembled test data from our international, three year, three laboratory, more than five hundred end point results validation study. This required study was designed in collaboration with the European Center for the Validation of Alternative Methods, (ECVAM). Results not only met our expectations, but in some ways exceeded them. Therefore in Q1 FY 2014 we submitted our application. We now await ECVAM Peer Review response with a great level of enthusiasm”.
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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2013 |
2012 |
2013 |
2012 |
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Revenues |
192,896 |
172,260 |
712,121 |
729,780 |
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Costs and expenses |
170,547 |
221,284 |
721,572 |
731,791 |
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Income (loss) from operations |
22,349 |
(49,024) |
(9,451) |
(2,011) |
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Other income (loss) |
3,571 |
(4,955) |
20,283 |
4,051 |
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Net profit (loss) |
25,920 |
(53,979) |
10,832 |
2,040 |
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Other Comprehensive Income |
– |
– |
(16,630) |
18,282 |
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Comprehensive Income |
25,920 |
(53,979) |
(5,798) |
20,322 |
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Profit (loss) per common share |
0.0012 |
(0.0025) |
0.0005 |
0.0001 |
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Weighted average common |
21,820,072 |
21,565,346 |
21,820,072 |
21,565,346 |
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CONDENSED CONSOLIDATED BALANCE SHEET |
|
|
|
September 30, 2013 |
September 30, 2012 |
Cash, cash equivalents and marketable securities |
431,115 |
442,573 |
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Other current assets |
|
|
231,772 |
223,682 |
Total current assets |
|
|
662,887 |
666,255 |
Noncurrent assets |
|
|
44,837 |
50,265 |
Total assets |
|
|
707,724 |
716,520 |
Current liabilities |
|
|
66,320 |
70,143 |
Shareholders’ equity |
|
|
641,404 |
646,377 |
Total liabilities and equity |
|
|
707,724 |
716,520 |