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 REPORTS 1ST QUARTER FY 2010
SALES JUMP 24% FOLLOWING FY 2010/2009 DECLINE



Irvine, CA January 19, 2011 - Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2010 sales of $716,881 and net profits of $6,221. These results when compared to FY 2009 were 5% lower in sales and 88% lower in profits. IVRO CEO & President, W. Richard Ulmer, said about the year: "Overall FY 2010 results were disappointing. While timing may explain much of our small sales decline, we expected more in sales. We budgeted the approximate doubling of R&D spending, but did not project this level of impact on short term profits. We feel both rewarded and thankful that 1st Quarter FY 2011 sales reached $224,094, +24% 2011/2010, and a level we have not seen for 13 or 14 years. We will continue our progress toward required multi laboratory European Regulatory testing and then subsequent European Center for the Validation of Alternative Methods (ECVAM) submission in 2011. Management remains dedicated and determined to achieve broader and greater levels of acceptance of its non-animal testing technologies". 

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


2010

2009

2010

2009

Revenues

157,276

215,900

716,881

755,513

Costs and expenses

225,617

237,087

730,069

713,082

Income (loss) from operations

 (68,342)

  (21,187)

(13,188)

42,431

Other income (loss)

5,240

2,698

19,409

8,428

Net profit (loss)

(63,102)

(18,489)

6,221

50,859

Profit (loss) per common share

(0.004)

(0.001)

0.0001

0.003

Weighted average common
shares outstanding

17,824,809

16,885,083

17,824,809

16,885,083



CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2010

September 30, 2009

Cash, cash equivalents and marketable securities

369,685

360,660

Other current assets



209,341

204,837

Total current assets



579,026

565,497

Noncurrent assets



52,801

52,886

Total assets



631,827

618,383

Current liabilities



59,188

51,965

Shareholders' equity



572,639

566,418

Total liabilities and equity



631,827

618,383


# # #

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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