Looks like some one messed up!. i found this when I checked a news source for netscape.
Business Wire
Tuesday, February 09, 1999 8:31AM
IRVINE, Calif.--(BUSINESS WIRE)--Feb. 9, 1999 via NewsEdge Corporation
-
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. -0- *T
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 *T
CONTACT: Invitro International | W. Richard Ulmer, 800/2-INVITRO |
invitrointl.com | or | Makenna Delaney & Sullivan | Eric Horton,
760/931-2500 | info@venturefinance.com
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