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INVITRO INTERNATIONAL POSTS 4TH CONSECUTIVE PROFITABLE QUARTER

Full year ’99 sales up 16%, net profit at 9.4%
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 27, 2000 — InVitro International (OTC IVRO) announced that its 4th quarter ended September 30, 1999 produced sales of $169,806 and net profits of $11,801. For full fiscal year ’99, IVRO saw its audited sales reach $648,517, up 16%; its annual profits of nearly $61,000 were the first since the company went public in 1991. President & CEO, W. Richard Ulmer, said “We were very pleased that the 4th quarter was our top sales quarter in the year; but perhaps just as rewarding were the increases in both cash and new customers throughout the year. These increases allowed us to meet or exceed each of our ’99 financial objectives. Now it is our challenge to make profit a yearly habit!”


CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS

 


Three months ended
September 30


Twelve months ended
September 30

 


1999


1998


1999


1998


Revenues


169,806


152,517


648,517


560,091


Costs and expenses


153,599


388,846


600,513


981,994


Income (loss) from operations


16,207


(236,329)


48,004


(421,903)


Other income (loss)


(4,406)


48,534


12,880


50,035


Net income (loss)


11,801


(187,795)


60,884


(371,868)


Income (loss) per common share


0.0008


(0.0133)


0.0042


(0.0262)


Weighted average common
shares outstanding


14,453,300


14,169,968


14,453,300


14,169,968

 



CONDENSED CONSOLIDATED
BALANCE SHEET

 

 

 


September 30, 1999


September 30, 1998


Cash, cash equivalents and marketable securities


104,593


59,960


Other current assets

 

 


217,126


268,571


Total current assets

 

 


321,719


328,531


Noncurrent assets

 

 


202,249


154,479


Total assets

 

 


523,968


483,010


Current liabilities

 

 


34,930


54,856


Shareholders’ equity

 

 


489,038


428,154


Total liabilities and equity

 

 


523,968


483,010

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