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INVITRO INTERNATIONAL REPORTS SECOND QUARTER PROFIT

Sales & Cash Increase 6th Consecutive Quarter
W. Richard Ulmer
(800) 2-INVITRO
INVITRO INTERNATIONAL
Irvine
Irvine, CA May 11, 1999 — Invitro International (Bulletin Board Symbol “INVI”) announced revenues of $166,000 for its second fiscal quarter ended March 31, 1999; these sales represent a 22% increase over the comparable period in 1998 and continue a six quarter upward trend in both sales and cash. The company also posted profits of $25,200, its second successive profitable quarter after several years of losses. InVitro president, W. Richard Ulmer, commented, “It is interesting to note that our second quarter 1999 sales were higher than same quarter results in 1997 as well as 1998, and were bolstered by non-U.S. purchases of our core business products. We are very pleased that India/Asia, as well as Europe, contributed significantly to top and bottom line results.” Six months sales of $329,000 are up 22% vs. first half 1998 and profits total $43,000 vs. 1998 losses of $94,000.

In other company news, InVitro reported that it has redoubled its efforts to find a suitable partner, either within the U.S. or overseas, with whom to market its products and services.



CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS


  Three months ended
March 31

Six months ended March 31

 

1999


1998


1999


1998

Revenues

166,575


136,000


328,651


269,000

Costs and expenses

150,582


172,000


294,840


363,000

Income (loss) from operations

15,933


(36,000)


33,811


(94,000)

Other income (loss)

9,198


– 


9,535


– 

Net income (loss)

25,191


(36,000)


43,346


(94,000)

Income (loss) per common share

0.002


(0.003)


0.003


(0.01)

Weighted average common
shares outstanding

14,023,300


14,023,300


14,023,300


14,023,300

 



CONDENSED
CONSOLIDATED BALANCE SHEET

     

Mar 31, 1999


Sep 30, 1998

 

(UNAUDITED)

 
Cash, cash equivalents
and marketable securities

65,205


56,000

Other current assets    

262,930


566,000

Total current assets    

328,135


622,000

Noncurrent assets    

206,221


204,000

Total assets    

534,356


826,000

Current liabilities    

59,278


199,000

Shareholders’ equity    

475,078


627,000

Total liabilities and equity
   

534,356


826,000

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