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INVITRO INTERNATIONAL REPORTS 1ST QUARTER FY 2010

SALES JUMP 24% FOLLOWING FY 2010/2009 DECLINE

Irvine, CA January 19, 2011 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2010 sales of $716,881 and net profits of $6,221. These results when compared to FY 2009 were 5% lower in sales and 88% lower in profits. IVRO CEO & President, W. Richard Ulmer, said about the year: “Overall FY 2010 results were disappointing. While timing may explain much of our small sales decline, we expected more in sales. We budgeted the approximate doubling of R&D spending, but did not project this level of impact on short term profits. We feel both rewarded and thankful that 1st Quarter FY 2011 sales reached $224,094, +24% 2011/2010, and a level we have not seen for 13 or 14 years. We will continue our progress toward required multi laboratory European Regulatory testing and then subsequent European Center for the Validation of Alternative Methods (ECVAM) submission in 2011. Management remains dedicated and determined to achieve broader and greater levels of acceptance of its non-animal testing technologies”.

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


2010


2009


2010


2009


Revenues


157,276


215,900


716,881


755,513


Costs and expenses


225,617


237,087


730,069


713,082


Income (loss) from operations


 (68,342)


  (21,187)


(13,188)


42,431


Other income (loss)


5,240


2,698


19,409


8,428


Net profit (loss)


(63,102)


(18,489)


6,221


50,859


Profit (loss) per common share


(0.004)


(0.001)


0.0001


0.003


Weighted average common
shares outstanding


17,824,809


16,885,083


17,824,809


16,885,083

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2010


September 30, 2009


Cash, cash equivalents and marketable securities


369,685


360,660


Other current assets


209,341


204,837


Total current assets


579,026


565,497


Noncurrent assets


52,801


52,886


Total assets


631,827


618,383


Current liabilities


59,188


51,965


Shareholders’ equity


572,639


566,418


Total liabilities and equity


631,827


618,383

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