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INVITRO INTERNATIONAL REPORTS FY 2016 A YEAR OF SOLID PROGRESS WITH AN UNUSUAL LOOK

InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA. Jan 31, 2017 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2016 sales of $884,245, off 11% from FY 2015 and income of $122,903, down from $232,100 the year prior. Cash increased more than 60% for the second consecutive year.

IVRO CEO and President, W. Richard Ulmer, observed: “Despite what may at first appear to be financially disappointing FY 2016 results when compared to 2015 figures, we at InVitro International view FY 2016 as an extremely positive year overall. When reporting sales, earnings, and cash for FY 2015, we stated clearly these were anomalies….albeit extremely positive ones. At that time we knew that FY 2016 comparisons would fall short. Thus we set measurable, stretching yet realistic financial goals for this year. For example, we believed our monthly sales in FY 2016 should be at least 25% higher than they were in FY 2014, two years earlier. If that were to happen, then we would show a solid upward trend over the two year period. In fact, monthly sales in FY 2016 finished more than 28% ahead of those in FY 2014. Furthermore, FY 2016 cash gains reflect that we made both our budgeted spending, and sales goals. These financial results are one of the reasons why we view our year so positively. In addition, Ocular Irritection continued its European Regulatory Agency progress reaching what we believe to be the final stages of OECD review. Looking forward, we expect FY 2017 to provide further evidence that IVRO can become a truly sustainable publically held corporation.”

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


2016


2015


2016


2015


Revenues


224,041


262,302


884,245


994,714


Costs and expenses


229,370


245,296


768,040


768,531


Income from operations


 (5,329)


   17,006


116,205


226,183


Other income (loss)


1,297


(2,467)


6,698


5,917


Net profit 


(4,031)


14,540


122,903


232,100


Other Comprehensive Income


– 


–  


19,876


(11,110)


Comprehensive Income


(4,031)


14,540


142,779


220,990


Profit (loss) per common share


(0.001)


0.001


0.006


0.011


Weighted average common
shares outstanding


21,953,976


21,953,976


21,953,976


21,953,976

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2016


September 30, 2015


Cash, cash equivalents and marketable securities


836,592


650,561


Other current assets


224,650


255,182


Total current assets


1,061,242


905,743


Noncurrent assets


49,586


65,563


Total assets


1,110,828


971,306


Current liabilities


76,973


80,230


Shareholders’ equity


1,033,855


891,076


Total liabilities and equity


1,110,828


971,306

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