PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

InVitro International

Contact: W. Richard Ulmer

330 E. Orangethorpe Ave. Ste. D

(800) 246-8487

Placentia, CA 92870

http://www.invitrointl.com


 

INVITRO INTERNATIONAL REPORTS FY 2016 A YEAR OF SOLID PROGRESS WITH AN UNUSUAL LOOK



Placentia, CA. Jan 31, 2017 - Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2016 sales of $884,245, off 11% from FY 2015 and income of $122,903, down from $232,100 the year prior.  Cash increased more than 60% for the second consecutive year.

IVRO CEO and President, W. Richard Ulmer, observed: “Despite what may at first appear to be financially disappointing FY 2016 results when compared to 2015 figures, we at InVitro International view FY 2016 as an extremely positive year overall. When reporting sales, earnings, and cash for FY 2015, we stated clearly these were anomalies….albeit extremely positive ones.  At that time we knew that FY 2016 comparisons would fall short.  Thus we set measurable, stretching yet realistic financial goals for this year.  For example, we believed our monthly sales in FY 2016 should be at least 25% higher than they were in FY 2014, two years earlier. If that were to happen, then we would show a solid upward trend over the two year period.  In fact, monthly sales in FY 2016 finished more than 28% ahead of those in FY 2014. Furthermore, FY 2016 cash gains reflect that we made both our budgeted spending, and sales goals. These financial results are one of the reasons why we view our year so positively. In addition, Ocular Irritection continued its European Regulatory Agency progress reaching what we believe to be the final stages of OECD review. Looking forward, we expect FY 2017 to provide further evidence that IVRO can become a truly sustainable publically held corporation.”

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.



CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS


Three months ended
September 30

Twelve months ended
September 30


2016

2015

2016

2015

Revenues

224,041

262,302

884,245

994,714

Costs and expenses

229,370

245,296

768,040

768,531

Income from operations

 (5,329)

   17,006

116,205

226,183

Other income (loss)

1,297

(2,467)

6,698

5,917

Net profit 

(4,031)

14,540

122,903

232,100

Other Comprehensive Income


-  

19,876

(11,110)

Comprehensive Income

(4,031)

14,540

142,779

220,990

Profit (loss) per common share

(0.001)

0.001

0.006

0.011

Weighted average common
shares outstanding

21,953,976

21,953,976

21,953,976

21,953,976



CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2016

September 30, 2015

Cash, cash equivalents and marketable securities

836,592

650,561

Other current assets



224,650

255,182

Total current assets



1,061,242

905,743

Noncurrent assets



49,586

65,563

Total assets



1,110,828

971,306

Current liabilities



76,973

80,230

Shareholders' equity



1,033,855

891,076

Total liabilities and equity



1,110,828

971,306


# # #

InVitro International

330 E. Orangethorpe Ave., Ste. D 
Placentia, CA 92870

800-2-INVITRO (800-246-8487)
949-851-8356 (International callers)
949- 851-4985 Fax

invitro@invitrointl.com

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