INIS International Isotopes Inc. Announces Its First Profitable Quarter And Reestablishment of Current Financial Reporting Status Company Achieves First Profitable Quarter in the History of the Company
IDAHO FALLS, ID, May 30 /PRNewswire-FirstCall/ -- International Isotopes Inc. (Pink Sheets: INIS) today announced financial results for the first quarter ended March 31, 2002.
For the three months ended March 31, 2002, International Isotopes Inc. earned $30,941 or ($0.01) per share, compared to a net loss of $3,597,651 or ($0.33) per share for the same period in 2001. This represents the first profitable quarter reported by the Company since inception in 1995. The Company attributes the positive outcome of the first quarter results to increased revenues, which exceeded Company predictions by 25%, and improved control of costs associated with products and operations. The $0.01 loss per share was attributable to a final accretion of discount on Preferred Series A stock, 100% of which was repurchased by the Company during the first quarter 2002.
International Isotopes Inc. is also very pleased to report the filing of all required 10-K and 10-Q financial statements with the Securities and Exchange Commission (SEC) through the first quarter of 2002. The Company is now current with all its financial filings for the first time since July of 2000. The Company expects to maintain a timely filing status with the SEC going forward.
Steve Laflin, President and CEO of International Isotopes Inc., said "The Company is reporting two very significant milestones today. First, the profitable quarter report represents the only profitable quarter ever by the Company. This provides clear evidence of the positive effect of the course corrections made by the Company during the past year. Second, the reestablishment of current financial reporting is necessary for the Company to gain improved listing status which will in turn facilitate electronic trading of the Company stock through the OTCBB and eventually the possible relisting on Nasdaq." Previous to this filing of the Company's first quarter 10-Q, the Company had not been current in its financial filing status since June of 2000.
Mr. Laflin continued, "The hard work and dedication of our employees coupled with the success of our contract relationships with our customers has led to a dramatic improvement in the Company's performance. The Company is no longer hindered by its discontinued operating segments and coupled with the recent debt and preferred stock restructuring, the Company's officers and directors have the opportunity to direct our efforts towards the business at hand and our future growth strategies. I am pleased to report that the momentum evident in the first quarter is continuing and the Company anticipates continued improvements in business performance, which will in turn produce additional subsequent profitable quarters. For the first time in several years, we are very excited about the opportunities we see in front of us."
About International Isotopes, Inc.
International Isotopes Inc. current operations include production of high specific activity cobalt-60 for various medical device applications, contract manufacturing of Co-57 flood sources for gamma camera operational testing, and processing of topaz gemstone which has undergone irradiation for color enhancement.
International Isotopes Inc.
Three Months Ended 3/31
2002 2001
Sales $ 526,311 $ 537,267
Gross Profit $ 325,492 $ 261,142
Net Earnings $ 30,941 ($ 3,597,651)
Net Earnings Per Share (Basic and Diluted) ($0.01)* ($ 0.33)
Weighted average shares outstanding-
basic and diluted 60,789,468 11,370,968
(*) The $0.01 loss per share was attributable to a final accretion of
discount in the amount of $349,242 on Preferred Series A stock. All
of the Series A Convertible Redeemable Preferred Stock was
repurchased and retired by the Company during the first quarter 2002.
International Isotopes Inc. Safe Harbor Statement
Statements in the press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the ability to meet time schedules, the need to raise additional capital, the development of competitive products by others and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update statements in this press release.
For More Information, Contact:
Steve Laflin, President and CEO
(208) 524-5300
SOURCE: International Isotopes Inc. |
