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INVITRO INTERNATIONAL SALES ADVANCE MODESTLY BUT FY ’04 LOSSES DISAPPOINT

Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com

Irvine, CA February 2, 2005 – InVitro International (OTC, Pink Sheets, IVRO) today reported a 4% annual sales gain (’04 vs.’03) to $596,123, and a net loss of $34,614 compared to profit of $11,014 in ’03. IVRO President, W. Richard Ulmer said: “We are disappointed that InVitro could not generate revenue gains large enough to cover the added costs associated with our physical relocation last year. This was a very difficult year for InVitro, and it’s people. However, a bright spot was our partnership with INT.E.G.RA, and it’s parent organization, Res Pharma, in Europe. As always, we will work toward better company results in the upcoming year.

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

 


2004


2003


2004


2003


Revenues


125,811


173,580


596,123


571,512


Costs and expenses


167,8351


152,691


632,298


563,743


Income (loss) from operations


(42,023)


20,889


(36,175)


7,769


Other income (loss)


9,677


1,170


1,561


3,245


Net profit (loss)


(32,346)


22,059


(34,614)


11,014


Profit (loss) per common share


(0.002)


(0.001)


(0.002)


(0.001)


Weighted average common
shares outstanding


15,836,562


15,255,059


15,836,562


15,255,059

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 


September 30, 2004


September 30, 2003


Cash, cash equivalents and marketable securities


124,922


148,274


Other current assets

 

 


201,927


199,895


Total current assets

 

 


326,849


348,169


Noncurrent assets

 

 


38,596


50,244


Total assets

 

 


365,445


398,413


Current liabilities

 

 


24,002


37,359


Shareholders’ equity

 

 


341,443


361,057


Total liabilities and equity

 

 


365,445


398,413

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