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INVITRO INTERNATIONAL RECORDS HEALTHY FY 2008 SALES & PROFIT RESULTS

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 13, 2009 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2008 sales of $696,560 and net profits of $67,431. These results followed FY 2007 sales of $741,714 and profits of $69,273. IVRO CEO & President, W. Richard Ulmer, observed: “Although FY 2008 sales were 6% lower than those of ’07, we feel that comparison does not reflect much of our true progress in the last year. For example, we had significant yearend sales activity which carried over to make the first Quarter FY 2009 our best first Quarter since 1996. In additional significant FY 2008 activity, InVitro and our European partner (ResPharma) completed the preparation, review, and submission of our Irritection Assay System (Ocular) formal European Regulatory package at the very end of the year. And importantly, InVitro continued its increased Research & Development spending while also increasing operating margins. In summary, FY 2008 added to our level of excitement about our competitive position as well as the future of invitro testing throughout the world.”

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


2008


2007


2008


2007


Revenues


213,386


244,979


696,561


741,714


Costs and expenses


200,493


236,697


640,362


680,310


Income (loss) from operations


12,892


8,282


56,199


61,404


Other income (loss)


2,310


1,938


8,948


7,869


Net profit (loss)


15,203


10,220


65,147


69,273


Profit (loss) per common share


0.001


0.001


0.004


0.004


Weighted average common
shares outstanding


16,824,809


16,824,809


16,824,809


16,824,809

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2008


September 30, 2007


Cash, cash equivalents and marketable securities


332,665


270,868


Other current assets


201,949


178,636


Total current assets


534,614


449,504


Noncurrent assets


47,814


53,369


Total assets


582,428


502,873


Current liabilities


74,371


62,245


Shareholders’ equity


508,057


440,628


Total liabilities and equity


582,428


502,873

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