PRESS RELEASE

FOR IMMEDIATE RELEASE

CONTACT

InVitro International

Contact: W. Richard Ulmer

330 E. Orangethorpe Ave. Ste. D

(800) 246-8487

Placentia, CA 92870

http://www.invitrointl.com


 

INVITRO INTERNATIONAL REPORTS POSITIVE FINANCIAL IMPACT OF RELOCATION; FY 2014 FINANCIAL RESULTS, AND 1ST QUARTER FY 2015 SALES JUMP



Placentia, CA February 3, 2015 - Today InVitro International (OTC, Pink Sheets, IVRO) reported FY 2014 sales of $686,400, off 3% from FY 2013 comparable period sales. Net income, however, was $27K, up 157% over last year.


IVRO CEO & President, W. Richard Ulmer, said "FY 2014 was a year of re-positioning for IVRO. Relocating the company proved exciting since we saw immediate cost savings and fully expect they will continue for several years. Then in 1st Quarter 2015 we recorded the second best quarterly sales volume in this century, $139,900, nearly 35% of our total in 2014. We attribute some of this to the published peer review paper of our Irritection™ Assay System Ocular ECVAM (European Center for the Validation of Alternative Methods) study results. They have been and are very impressive to many new sales prospects and existing customers. In addition, the imminent arrival of GHS (Global Harmonization System) in the U.S.  has stimulated sales of our 23 year old Corrositex™ technology worldwide.  All in all, we see FY 2014 as an important repositioning year where we’ve laid the groundwork for improved sales performance and progress toward our sustainability goal. All the while, we continued to make progress and be enthusiastic about our ECVAM/OECD Regulatory submission made at year end 2013.”


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


2014

2013

2014

2013

Revenues

200,173

192,896

686,118

712,121

Costs and expenses

193,008

170,547

667,865

721,572

Income (loss) from operations

 7,165

  22,349

18,253

(9,451)

Other income (loss)

3,834

3,571

8,933

20,283

Net profit (loss)

10,999

25,920

27,186

10,832

Other Comprehensive Income


-  

996

(16,630)

Comprehensive Income

10,999

25,920

28,182

(5,798)

Profit (loss) per common share

0.0005

0.0012

0.0012

0.0005

Weighted average common
shares outstanding

21,866,853

21,820,072

21,886,853

21,820,072



CONDENSED CONSOLIDATED BALANCE SHEET

 

 

 

September 30, 2014

September 30, 2013

Cash, cash equivalents and marketable securities

431,763

431,115

Other current assets



223,677

231,772

Total current assets



655,440

662,887

Noncurrent assets



76,400

44,837

Total assets



731,840

707,724

Current liabilities



61,754

66,320

Shareholders' equity



670,086

641,404

Total liabilities and equity



731,840

707,724


# # #

InVitro International

330 E. Orangethorpe Ave., Ste. D 
Placentia, CA 92870

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

invitro@invitrointl.com

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