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INVITRO INTERNATIONAL SALES ADVANCE IN ITS PROFITABLE FY 2003

NEW GLOBAL PARTNERSHIP BEGINS
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
Irvine, CA., November 18, 2003—-InVitro International (Over the Counter, pink sheets, IVRO) today reported a 5% annual sales increase (’03 vs. ’02) to $571,510, with a net profit of $ 11,214. Comparable FY ’02 figures were $546,104 in sales, with a net loss of $58,539. IVRO President & CEO, W. Richard Ulmer, said: ” We are pleased that for the second time in three years, & only the second time in our company’s history, we achieved a profit. However, we are even more excited & proud to announce our new Global Business Relationship with INT.E.G.RA, a partner of Res Pharma S.A. in Milan, Italy. Res Pharma is now, & has been for 25 years, a leading Cosmetics Raw Materials Supplier in Europe & throughout the world. INT.E.G.RA, its laboratory testing business unit, has re-introduced InVitro International’s Irritection Assay System dermal & ocular non-animal irritation testing methods over the past 2 1/2 years in Italy & selected other markets. Now together, we will partner in 23 countries across the globe. In addition, we are working with the European Regulatory Authority, ECVAM (European Centre for the Validation of Alternative Methods), to gain approval as an invitro broad screen topical irritancy test method. We expect to gain that approval as Europe approaches the self imposed ’09 deadline banning animal testing on cosmetic products. Separately, InVitro International announced that it has agreed to terms with INT.E.G.RA/Res Pharma regarding an equity position in IVRO. No details of that investment were released at this time.

This press 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

 


2003


2002


2003


2002


Revenues


173,580


137,762


571,511


546,105


Costs and expenses


152,691


155,386


558,120


606,960


Income (loss) from operations


20,889


(17,624)


11,213


(60,855)


Other income (loss)


1,170


159


4,245


2,314


Net profit (loss)


22,059


(17,465)


15,458


(58,541)


Profit (loss) per common share


0.0014


(0.0012)


0.0010


(0.0040)


Weighted average common
shares outstanding


15,842,809


14,508,972


15,824,809


14,508,972

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2003


September 30, 2002


Cash, cash equivalents and marketable securities


148,274


146,480


Other current assets

 

 


230,125


187,840


Total current assets

 

 


378,399


334,320


Noncurrent assets

 

 


20,014


39,469


Total assets

 

 


398,413


373,789


Current liabilities

 

 


37,359


30,198


Shareholders’ equity

 

 


361,055


343,591


Total liabilities and equity

 

 


398,413


373,789

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