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INVITRO INTERNATIONAL FINISHES FY 2001 WITH SMALL PROFIT FOLLOWING A DISAPPOINTING 2002

Sales jump in First Quarter 2002
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com

Irvine, CA January 31, 2002-InVitro International (OTC, IVRO) today reported fiscal year ending September 30, 2001 sales of $567,754 (-12% versus fiscal 2000 revenues) with net income of $2,694 (versus a net loss of $91,902 last year). IVRO President and CEO, W. Richard Ulmer, said: “Clearly, we are disappointed with fiscal 2001 results. We believe in our core business technology and have several bright new opportunities as a result of our increased advertising presence. We did manage to record a small net profit in this very difficult year, and we are determined to deliver better results in 2002.”

In other company news, IVRO said first quarter 2002 sales jumped 33% compared to the same quarter in 2001. Quarter ending December 31, 2001 sales exceeded $170,000.

This press 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

 


2001


2000


2001


2000


Revenues


130.529


161,745


567,754


648,487


Costs and expenses


139,082


155,411


573,342


627,379


Income (loss) from operations


(8,553)


6,334


(5,588)


21,108


Other income (loss)


755


3,360


8,283


(113,010)


Net income (loss)


(7,798)


9,694


2,695


(91,902)


Income (loss) per common share


(0.0005)


0.0007


0.0002


(0.0063)


Weighted average common
shares outstanding


14,507,304


14,507,304


14,507,304


14,507,304

 

CONDENSED CONSOLIDATED
BALANCE SHEET


 


 


 


September 30, 2001


September 30, 2000


Cash, cash equivalents and marketable securities


157,172


177,106


Other current assets

 

 


214,894


199,686


Total current assets

 

 


372,066


376,792


Noncurrent assets

 

 


49,306


60,587


Total assets

 

 


421,372


437,379


Current liabilities

 

 


20,137


37,030


Shareholders’ equity

 

 


401,235


400,349


Total liabilities and equity

 

 


421,372


437,379

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