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INVITRO INTERNATIONAL REPORTS POSITIVE

1ST QUARTER FY 2013 FOLLOWING FY 2012 DECLINE
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 23, 2013 – Today InVitro International (OTC, Pink Sheets, IVRO) reported audited FY 2012 sales of $729,780 with net income of $2,040. These results when compared to FY 2011 were lower by 8.4% and 96% respectively.

IVRO CEO & President, W. Richard Ulmer, observed: “Although sales and profits were off in FY 2012, we are pleased to note our growth in cash and cash equivalents for the year, as well as the 10.5% uptick in 1st Quarter FY 2013 sales vs the same period last year. FY 2012 was the 3rd consecutive year of focus on our IrritectionTM Assay System Regulatory submission to the European Center For The Validation of Alternative Methods (ECVAM); we remain steadfast in our belief that pursuit of that acceptance is our best strategic direction. And there is good progress to report on this front as we’ve just recently completed the hundreds of tests in each of three domestic and international laboratories. Though much work is still before us, early results appear very encouraging for our 25+ year old ocular core non-animal testing technology.”

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


2012


2011


2012


2011


Revenues


172,260


181,614


729,780


796,673


Costs and expenses


221,284


195,364


731,791


764,624


Income (loss) from operations


 (49,024)


  (13,750)


(2,011)


32,049


Other income (loss)


(4,955)


6,963


4,051


13,483


Net profit (loss)


(53,979)


(6,787)


2,040


45,532


Profit (loss) per common share


(0.0025)


(0.0003)


0.0001


0.0023


Weighted average common
shares outstanding


21,565,346


19,689,658


21,565,346


19,689,658

CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2012


September 30, 2011


Cash, cash equivalents and marketable securities


442,573


394,895


Other current assets


273,947


224,491


Total current assets


716,520


619,386


Noncurrent assets


 


56,689


Total assets


716,520


676,075


Current liabilities


70,143


51,395


Shareholders’ equity


646,377


624,680


Total liabilities and equity


716,520


676,075

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