This is IT I have not seen it on the wires yet though.
IRVINE, Calif.--(BUSINESS WIRE)--Feb. 9, 1999--Invitro International (OTC
BB:"INVI") announced revenues of $162,000 in its first fiscal quarter ended
Dec. 31, 1998; this is a 22 percent increase in sales over the comparable
quarter last year.
The company also reported a profit of $18,000 in its first quarter 1999, or
$.001 per share, which continues the recent INVI trend in positive results
after many years of consistent losses.
The second consecutive quarter of profit, although small in absolute
dollars, combined with a fifth quarter consecutively of increased sales and
cash, prompted INVI President, W. Richard Ulmer to say, "We are a determined
team at INVI which has made steady progress toward profitability in our core
business. Now, in addition to our internal efforts, we intend to increase
our presence globally through a partnering or external strategy. We plan to
continue profitable and growing so that we can more suitably structure
opportunities in such areas as marketing and sales alliances, merger (as
mentioned in prior releases), and even co-licensing our existing
technologies."
In other company news INVI reported that after nearly three and one half
years of U.S. Government process, the Inter-agency Committee for the
Validation of Alternative Methods (rather than testing with animals) held a
one day review Jan. 21, 1999 to consider extending the company's Corrositex
applications and acceptances beyond current DOT and EPA regulated areas.
Results will be announced later in 1999. InVitro management remains hopeful
that the "tiered testing" approach which mandates the use of animals under
conditions frequently encountered in industry, and which has surfaced in
several government sponsored work groups both in Europe and in the United
States, will not appear in final committee reports.
InVitro International asks each of its Web site and regular-form press
release readers, as well as its shareholders, to be alert to developments in
this area of corrosive testing regulations. Various animal welfare groups
are prepared to help if necessary.
Condensed Consolidated Statement of Operations
Three months ended
Dec. 31
1998 1997
---- ----
(Unaudited)
Revenues 162,076 133,272
Costs and expenses 144,258 190,486
Income (loss) from operations 17,819 (57,215)
Other income (loss) 337 (207)
Net income (loss) 18,155 (57,421)
Income (loss) per common share 0.001 (0.004)
Weighted average common shares
outstanding 14,169,968 14,023,300
Condensed Consolidated Balance Sheet
Dec. 31, Sept. 30,
1998 1998
---- ----
(Unaudited)
Cash, cash equivalents and
marketable securities 63,086 59,960
Other current assets 316,562 268,571
Total current assets 379,648 328,531
Noncurrent assets 133,119 154,479
Total assets 512,767 483,010
Current liabilities 63,005 54,856
Shareholders' equity 449,761 428,154
Total liabilities and equity 512,766 483,010
CONTACT: Invitro International
W. Richard Ulmer, 800/2-INVITRO
www.invitrointl.com
or
Makenna Delaney & Sullivan
Eric Horton, 760/931-2500
info@venturefinance.com
09:31 EST FEBRUARY 9, 1999
*** end of story ***
Follow Ups:
Post a Followup
Name:
E-Mail:
Subject: |
