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INVITRO INTERNATIONAL PROFITABLE IN FIRST

QUARTER 2003, FOLLOWING A DISAPPOINTING 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 28, 2003-In Vitro International (OTC, IVRO) today reported sales for fiscal year 2002 (ended 9/30/02) of $546,104, with a net loss of $58,539. Comparable fiscal 2001 figures were sales of $567,754 with a profit of $2,695. IVRO President and CEO, W. Richard Ulmer, said: “Financial results for the middle six months of fiscal 2002 were very poor. However, we saw a fourth quarter improvement, preceding our first quarter fiscal year 2003 where profits reached $27,713 on sales of $152,770. These are the best quarterly earnings in my eight years with In Vitro and may be our best ever. When we couple this with a recently announced European Union (EU) 2009 marketing ban on cosmetic products whose ingredients (or finished product) were tested on animals, we view the remainder of ’03 with genuinely renewed optimism.”

In separate announcements, In Vitro International said that it has nearly finalized an agreement with a major U.S. university to license new invitro testing technology. It expects to do so in the current quarter and then to release more information later in the year.

And finally, the company’s new OTC symbol, IVRO, came into existence 1/21/03 as the result of the National Association of Securities Dealers (NASD) replacing the old symbol without notice of any kind to the company.



CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS

 


Three months ended
September 30


Twelve months ended
September 30

 


2002


2001


2002


2001


Revenues


137,762


130,529


546,105


567,754


Costs and expenses


155,386


139,081


606,960


573,342


Income (loss) from operations


(17,624)


(8,552)


(60,855)


(5,588)


Other income (loss)


159


755


2,314


8,283


Net income (loss)


(17,465)


(7,797)


(58,541)


2,695


Income (loss) per common share


(0.0012)


(0.0005)


(0.0040)


0.0002


Weighted average common
shares outstanding


14,508,972


14,508,972


14,508,972


14,508,972

 

CONDENSED CONSOLIDATED
BALANCE SHEET


 


 


 


Sept 30, 2002


Sept 30, 2001


Cash, cash equivalents and marketable securities


146,480


157,172


Other current assets

 

 


187,840


214,894


Total current assets

 

 


334,320


372,066


Noncurrent assets

 

 


39,470


49,306


Total assets

 

 


373,790


421,372


Current liabilities

 

 


30,197


20,137


Shareholders’ equity

 

 


343,593


401,235


Total liabilities and equity

 

 


373,790


421,372




CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

 



Three months ended
Dec 31

 




2002


2001


Revenues




152,770


172,280


Costs and expenses




125,227


178,779


Income (loss) from operations




27,543


(6,499)


Other income (loss)




170


139


Net income (loss)




27,713


(6,360)


Income (loss) per common share






0.0019


(0.0004)


Weighted average common
shares outstanding




14,508,972


14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET


 


 


 


Dec 31, 2002


Sept 30, 2002


Cash, cash equivalents and marketable securities


136,121


146,480


Other current assets

 

 


229,561


187,839


Total current assets

 

 


365,682


334,319


Noncurrent assets

 

 


37,507


39,470


Total assets

 

 


403,189


373,789


Current liabilities

 

 


31,659


30,198


Shareholders’ equity

 

 


371,530


343,591


Total liabilities and equity

 

 


403,189


373,789

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