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INVITRO INTERNATIONAL REPORTS POSITIVE FINANCIAL IMPACT OF RELOCATION; FY 2014 FINANCIAL

RESULTS, AND 1ST QUARTER FY 2015 SALES JUMP
InVitro International
Contact: W. Richard Ulmer
330 E. Orangethorpe Ave. Ste. D
(800) 246-8487
Placentia, CA 92870
http://www.invitrointl.com
Placentia, CA February 3, 2015 – Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2014 sales of $686,400, off 3% from FY 2013 comparable period sales. Net income, however, was $27K, up 157% over last year.

IVRO CEO & President, W. Richard Ulmer, said “FY 2014 was a year of re-positioning for IVRO. Relocating the company proved exciting since we saw immediate cost savings and fully expect they will continue for several years. Then in 1st Quarter 2015 we recorded the second best quarterly sales volume in this century, $139,900, nearly 35% of our total in 2014. We attribute some of this to the published peer review paper of our Irritection™ Assay System Ocular ECVAM (European Center for the Validation of Alternative Methods) study results. They have been and are very impressive to many new sales prospects and existing customers. In addition, the imminent arrival of GHS (Global Harmonization System) in the U.S. has stimulated sales of our 23 year old Corrositex™ technology worldwide. All in all, we see FY 2014 as an important repositioning year where we’ve laid the groundwork for improved sales performance and progress toward our sustainability goal. All the while, we continued to make progress and be enthusiastic about our ECVAM/OECD Regulatory submission made at year end 2013.”

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


2014


2013


2014


2013


Revenues


200,173


192,896


686,118


712,121


Costs and expenses


193,008


170,547


667,865


721,572


Income (loss) from operations


 7,165


  22,349


18,253


(9,451)


Other income (loss)


3,834


3,571


8,933


20,283


Net profit (loss)


10,999


25,920


27,186


10,832


Other Comprehensive Income


– 


–  


996


(16,630)


Comprehensive Income


10,999


25,920


28,182


(5,798)


Profit (loss) per common share


0.0005


0.0012


0.0012


0.0005


Weighted average common
shares outstanding


21,866,853


21,820,072


21,886,853


21,820,072

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2014


September 30, 2013


Cash, cash equivalents and marketable securities


431,763


431,115


Other current assets


223,677


231,772


Total current assets


655,440


662,887


Noncurrent assets


76,400


44,837


Total assets


731,840


707,724


Current liabilities


61,754


66,320


Shareholders’ equity


670,086


641,404


Total liabilities and equity


731,840


707,724

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