PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

Invitro International

Contact: W. Richard Ulmer

17751 Sky Park East, Suite G

(800) 2-INVITRO

Irvine, CA 92614

http://www.invitrointl.com


INVITRO INTERNATIONAL FINISHES FY 2001 WITH
SMALL PROFIT FOLLOWING A DISAPPOINTING 2002
Sales jump in First Quarter 2002


     Irvine, CA January 31, 2002-InVitro International (OTC, IVRO) today reported fiscal year ending September 30, 2001 sales of $567,754 (-12% versus fiscal 2000 revenues) with net income of $2,694 (versus a net loss of $91,902 last year). IVRO President and CEO, W. Richard Ulmer, said: "Clearly, we are disappointed with fiscal 2001 results. We believe in our core business technology and have several bright new opportunities as a result of our increased advertising presence. We did manage to record a small net profit in this very difficult year, and we are determined to deliver better results in 2002."

In other company news, IVRO said first quarter 2002 sales jumped 33% compared to the same quarter in 2001. Quarter ending December 31, 2001 sales exceeded $170,000.

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

 

2001

2000

2001

2000

Revenues

130.529

161,745

567,754

648,487

Costs and expenses

139,082

155,411

573,342

627,379

Income (loss) from operations

(8,553)

6,334

(5,588)

21,108

Other income (loss)

755

3,360

8,283

(113,010)

Net income (loss)

(7,798)

9,694

2,695

(91,902)

Income (loss) per common share

(0.0005)

0.0007

0.0002

(0.0063)

Weighted average common
shares outstanding

14,507,304

14,507,304

14,507,304

14,507,304

 


CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2001

September 30, 2000

Cash, cash equivalents and marketable securities

157,172

177,106

Other current assets

 

 

214,894

199,686

Total current assets

 

 

372,066

376,792

Noncurrent assets

 

 

49,306

60,587

Total assets

 

 

421,372

437,379

Current liabilities

 

 

20,137

37,030

Shareholders' equity

 

 

401,235

400,349

Total liabilities and equity

 

 

421,372

437,379


# # #

InVitro International
17751 Sky Park East, Suite G
Irvine, CA 92614

800-2-INVITRO (800-246-8487)
949-851-8356 (International callers)
949- 851-4985 Fax

invitro@invitrointl.com

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