1ST QUARTER FY 2013 FOLLOWING FY 2012 DECLINE
InVitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
https://www.invitrointl.com
Irvine, CA January 23, 2013 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2012 sales of $729,780 with net income of $2,040. These results when compared to FY 2011 were lower by 8.4% and 96% respectively.
IVRO CEO & President, W. Richard Ulmer, observed: “Although sales and profits were off in FY 2012, we are pleased to note our growth in cash and cash equivalents for the year, as well as the 10.5% uptick in 1st Quarter FY 2013 sales vs the same period last year. FY 2012 was the 3rd consecutive year of focus on our IrritectionTM Assay System Regulatory submission to the European Center For The Validation of Alternative Methods (ECVAM); we remain steadfast in our belief that pursuit of that acceptance is our best strategic direction. And there is good progress to report on this front as we’ve just recently completed the hundreds of tests in each of three domestic and international laboratories. Though much work is still before us, early results appear very encouraging for our 25+ year old ocular core non-animal testing technology.”
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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2012 |
2011 |
2012 |
2011 |
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Revenues |
172,260 |
181,614 |
729,780 |
796,673 |
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Costs and expenses |
221,284 |
195,364 |
731,791 |
764,624 |
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Income (loss) from operations |
(49,024) |
(13,750) |
(2,011) |
32,049 |
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Other income (loss) |
(4,955) |
6,963 |
4,051 |
13,483 |
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Net profit (loss) |
(53,979) |
(6,787) |
2,040 |
45,532 |
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Profit (loss) per common share |
(0.0025) |
(0.0003) |
0.0001 |
0.0023 |
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Weighted average common |
21,565,346 |
19,689,658 |
21,565,346 |
19,689,658 |
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CONDENSED CONSOLIDATED BALANCE SHEET |
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September 30, 2012 |
September 30, 2011 |
Cash, cash equivalents and marketable securities |
442,573 |
394,895 |
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Other current assets |
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|
273,947 |
224,491 |
Total current assets |
|
|
716,520 |
619,386 |
Noncurrent assets |
|
|
|
56,689 |
Total assets |
|
|
716,520 |
676,075 |
Current liabilities |
|
|
70,143 |
51,395 |
Shareholders’ equity |
|
|
646,377 |
624,680 |
Total liabilities and equity |
|
|
716,520 |
676,075 |