Sales & Cash Increase 6th Consecutive Quarter
W. Richard Ulmer
(800) 2-INVITRO
INVITRO INTERNATIONAL
Irvine
Irvine, CA May 11, 1999 — Invitro International (Bulletin Board Symbol “INVI”) announced revenues of $166,000 for its second fiscal quarter ended March 31, 1999; these sales represent a 22% increase over the comparable period in 1998 and continue a six quarter upward trend in both sales and cash. The company also posted profits of $25,200, its second successive profitable quarter after several years of losses. InVitro president, W. Richard Ulmer, commented, “It is interesting to note that our second quarter 1999 sales were higher than same quarter results in 1997 as well as 1998, and were bolstered by non-U.S. purchases of our core business products. We are very pleased that India/Asia, as well as Europe, contributed significantly to top and bottom line results.” Six months sales of $329,000 are up 22% vs. first half 1998 and profits total $43,000 vs. 1998 losses of $94,000.
In other company news, InVitro reported that it has redoubled its efforts to find a suitable partner, either within the U.S. or overseas, with whom to market its products and services.
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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| Three months ended March 31 |
Six months ended March 31 |
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1999 |
1998 |
1999 |
1998 |
|
| Revenues | 166,575 |
136,000 |
328,651 |
269,000 |
| Costs and expenses | 150,582 |
172,000 |
294,840 |
363,000 |
| Income (loss) from operations |
15,933 |
(36,000) |
33,811 |
(94,000) |
| Other income (loss) | 9,198 |
– |
9,535 |
– |
| Net income (loss) | 25,191 |
(36,000) |
43,346 |
(94,000) |
| Income (loss) per common share |
0.002 |
(0.003) |
0.003 |
(0.01) |
| Weighted average common shares outstanding |
14,023,300 |
14,023,300 |
14,023,300 |
14,023,300 |
|
CONDENSED CONSOLIDATED BALANCE SHEET |
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Mar 31, 1999 |
Sep 30, 1998 |
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|
(UNAUDITED) |
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| Cash, cash equivalents and marketable securities |
65,205 |
56,000 |
||
| Other current assets | 262,930 |
566,000 |
||
| Total current assets | 328,135 |
622,000 |
||
| Noncurrent assets | 206,221 |
204,000 |
||
| Total assets | 534,356 |
826,000 |
||
| Current liabilities | 59,278 |
199,000 |
||
| Shareholders’ equity | 475,078 |
627,000 |
||
| Total liabilities and equity |
534,356 |
826,000 |
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