Sales jump in First Quarter 2002
Invitro International
Contact: W. Richard Ulmer
17751 Sky Park East, Suite G
(800) 2-INVITRO
Irvine, CA 92614
http://www.invitrointl.com
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.
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| Three months ended | Twelve months ended | |||||||||
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| 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 | 14,507,304 | 14,507,304 | 14,507,304 | 14,507,304 | |||||||
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| CONDENSED CONSOLIDATED | |||||||||||
| | | September 30, 2001 | September 30, 2000 |
| Cash, cash equivalents and marketable securities | 157,172 | 177,106 | ||
| Other current assets |
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| 214,894 | 199,686 |
| Total current assets |
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| 372,066 | 376,792 |
| Noncurrent assets |
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| 49,306 | 60,587 |
| Total assets |
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| 421,372 | 437,379 |
| Current liabilities |
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| 20,137 | 37,030 |
| Shareholders’ equity |
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| 401,235 | 400,349 |
| Total liabilities and equity |
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| 421,372 | 437,379 |
