News release:
InVitro International's Y2K Results Feature Added Global Government Support
IRVINE, Calif., Jan. 30 /PRNewswire/ -- InVitro International (OTC: IVII) announced today that its fiscal year ending September 30, 2000 sales results were $648,487, level with 1999 revenues of $648,517; operating income was $21,108 before the $118,078 write-off of a related party receivable resulting in a net loss of $91,902 or $.006 per share. IVII CEO & President, W. Richard Ulmer said: "The fiscal year 2000 was one of substantial achievement for InVitro International: for the 2nd consecutive year we recorded operating income after several years of losses, and we significantly improved gross margins; our cash jumped nearly 70% while advertising spending went higher; and finally, we gained several significant governmental approvals and acceptances for our non-animal corrosion testing product/market leader, Corrositex. We believe that IVII is now, perhaps more than ever, an attractive company for a related enterprise to combine themselves with, in a strategic relationship to enhance each company's financial position and future."
InVitro International's Corrositex was recently granted U.S. Federal Government approvals or acceptances by the Consumer Product Safety Commission, the FDA, OSHA, and the EPA. Additionally, in September 2000, Corrositex' future prospects also were brightened by California Governor Davis' signing legislation which banned the use of animals for corrosion testing within the state. Today, only Corrositex meets government regulations for such testing, in place of animals.
And finally, in January 2001, Canadian Transport of Dangerous Goods Regulations changed to fully recognize Corrositex as a replacement for animals when performing corrosion testing in Canada.
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 Twelve months ended
September 30 September 30
2000 1999 2000 1999
Unaudited Unaudited
Revenues 161,745 169,806 648,487 648,517
Costs and expenses 155,411 153,599 627,379 600,513
Profit (loss) from
operations 6,334 16,207 21,108 48,004
Other income (loss) 3,360 (4,406) (113,010) 12,880
Net profit (loss) 9,694 11,801 (91,902) 60,884
Profit (loss) per
common share 0.001 0.001 (0.006) 0.004
Weighted average
common shares
outstanding 14,507,304 14,453,300 14,507,304 14,453,300
Condensed Consolidated Balance Sheet
September 30, September 30,
2000 1999
Unaudited
Cash, cash equivalents and
marketable securities 177,106 104,593
Other current assets 199,686 217,126
Total current assets 376,792 321,719
Noncurrent assets 60,587 202,249
Total assets 437,379 523,968
Current liabilities 37,030 34,930
Shareholders' equity 400,349 489,038
Total liabilities and equity 437,379 523,968
SOURCE InVitro International
CO: InVitro International
ST: California
IN: MTC
SU: ERN
01/30/2001 07:03 EST prnewswire.com |
