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INVITRO INTERNATIONAL REPORTS 1ST HALF 2000 OPERATING INCOME ON INCREASED SALES

U.S. Government Agency Approvals expected to brighten future
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA May 16, 2000 — InVitro International (IVRO) announced today that revenues for each of its first two fiscal quarters in 2000 advanced to slightly more than $168,000. The nearly $337,000 first half sales total represents an increase of about 3% over same period 1999 figures. Operating profits for the December quarter were $7,787, and for the March quarter $13,967. These two quarters’ results extend to six, the number of consecutive fiscal quarters that IVRO has posted operating income. Although net income in IVRO’s second quarter was $8,949, the company posted a first half 2000 net loss of $95,249 due to an extraordinary, non-recurring write-off of $115,000 for a single doubtful receivable.
In commenting on first half Y2K results, InVitro President, W. Richard Ulmer, said, “We were really quite pleased with overall financial progress in our core business. And we are particularly hopeful that the recent approvals and acceptances from several important U.S. Regulatory Agencies (EPA, FDA, Consumer Product Safety Commission & OSHA) will reinvigorate our now 15 year old non-animal testing business. Such approvals reflect exciting scientific support and validation that should help Corrositex more firmly establish itself as the only commercially available government approved alternative to animal testing for corrosion. We plan to extend such strong credibility to include our other core capability, the Irritection Assay System, for ocular and dermal irritation detection.”
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
March 31


Six months ended
March 31

 


2000


1999


2000


1999


Revenues


168,126


166,575


336,704


328,651


Costs and expenses


154,159


150,582


314,950


294,840


Income (loss) from operations


13,967


15,993


21,754


33,811


Other income (loss)


(5,018)


9,198


(117,003)


9,535


Net income (loss)


8,949


25,191


(95,249)


43,346


Income (loss) per common share


0.001


0.002


(0.007)


0.0003


Weighted average common
shares outstanding


14,453,300


14,023,300


14,453,300


14,023,300

 



CONDENSED CONSOLIDATED
BALANCE SHEET

 

 

 


March 31, 2000


September 30, 1999


Cash, cash equivalents and marketable securities


150,097


104,593


Other current assets

 

 


218,103


217,126


Total current assets

 

 


368,200


321,719


Noncurrent assets

 

 


69,579


202,249


Total assets

 

 


437,779


523,968


Current liabilities

 

 


44,172


34,930


Shareholders’ equity

 

 


393,607


489,038


Total liabilities and equity

 

 


437,779


523,968

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