RESULTS, AND 1ST QUARTER FY 2015 SALES JUMP
InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
Placentia, CA February 3, 2015 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2014 sales of $686,400, off 3% from FY 2013 comparable period sales. Net income, however, was $27K, up 157% over last year.
IVRO CEO & President, W. Richard Ulmer, said “FY 2014 was a year of re-positioning for IVRO. Relocating the company proved exciting since we saw immediate cost savings and fully expect they will continue for several years. Then in 1st Quarter 2015 we recorded the second best quarterly sales volume in this century, $139,900, nearly 35% of our total in 2014. We attribute some of this to the published peer review paper of our Irritection™ Assay System Ocular ECVAM (European Center for the Validation of Alternative Methods) study results. They have been and are very impressive to many new sales prospects and existing customers. In addition, the imminent arrival of GHS (Global Harmonization System) in the U.S. has stimulated sales of our 23 year old Corrositex™ technology worldwide. All in all, we see FY 2014 as an important repositioning year where we’ve laid the groundwork for improved sales performance and progress toward our sustainability goal. All the while, we continued to make progress and be enthusiastic about our ECVAM/OECD Regulatory submission made at year end 2013.”
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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2014 |
2013 |
2014 |
2013 |
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Revenues |
200,173 |
192,896 |
686,118 |
712,121 |
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Costs and expenses |
193,008 |
170,547 |
667,865 |
721,572 |
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Income (loss) from operations |
7,165 |
22,349 |
18,253 |
(9,451) |
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Other income (loss) |
3,834 |
3,571 |
8,933 |
20,283 |
|||||||
Net profit (loss) |
10,999 |
25,920 |
27,186 |
10,832 |
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Other Comprehensive Income |
– |
– |
996 |
(16,630) |
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Comprehensive Income |
10,999 |
25,920 |
28,182 |
(5,798) |
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Profit (loss) per common share |
0.0005 |
0.0012 |
0.0012 |
0.0005 |
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Weighted average common |
21,866,853 |
21,820,072 |
21,886,853 |
21,820,072 |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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September 30, 2014 |
September 30, 2013 |
Cash, cash equivalents and marketable securities |
431,763 |
431,115 |
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Other current assets |
|
|
223,677 |
231,772 |
Total current assets |
|
|
655,440 |
662,887 |
Noncurrent assets |
|
|
76,400 |
44,837 |
Total assets |
|
|
731,840 |
707,724 |
Current liabilities |
|
|
61,754 |
66,320 |
Shareholders’ equity |
|
|
670,086 |
641,404 |
Total liabilities and equity |
|
|
731,840 |
707,724 |