BOHEMIA, N.Y., Feb. 14, 2006 (PRIMEZONE) -- Scientific Industries reported today net income increases of 56% and 48% for the six and three month periods ended December 31, 2005, respectively, compared to the net income for the same periods of the prior year.
Net income for the six months ended December 31, 2005 was $186,600, or $.19 per basic share, compared to $119,400 or $.12 per basic share, for the same six months last year. Net income for the quarter ended December 31, 2005 was $89,700, or $.09 per basic share, compared to $60,800, or $.06 per basic share for the same quarter last year.
Net sales rose 7% for the six month period ended December 31, 2005 to $1,818,100 as compared to $1,696,900 for the comparable 2004 period, and 10% for the three month period ended December 31, 2005, to $928,100 compared with the $845,100 for the 2004 period. The increases are primarily the result of higher sales of new products in the first quarter and of the Vortex-Genie(r) 2 mixer in the second quarter and the lower sales in the second quarter of the prior year due to production interruptions caused by a supplier.
"While we are pleased with the good results for the first half of fiscal 2006, we remain dedicated to achieving continued success for the remainder of the year," said Helena R. Santos, president and CEO.
About Scientific Industries
Scientific Industries manufactures and markets laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer. Scientific Industries' products are used by research laboratories, clinics, pharmaceutical manufacturers, medical device manufacturers, and other industries.
"Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-KSB."
The Scientific Industries company logo can be found at: http://media.primezone.com/prs/single/?pkgid=715.
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
December 31, 2005
-----------------
Current Assets $2,750,800
Property and Equipment, Net 131,700
Other and Intangible Assets 61,900
----------
Total Assets $2,944,400
==========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 380,900
Other Liabilities 24,200
Shareholders' Equity 2,539,300
----------
Total Shareholders' Equity & Liabilities $2,944,400
==========
SCIENTIFIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Month For the Six Month
Periods Ended Periods Ended
December 31, December 31,
------------- -------------
2005 2004 2005 2004
---- ---- ---- ----
Net Sales $ 928,100 $ 845,100 $1,818,100 $1,696,900
--------- --------- ---------- ----------
Gross Profit 464,700 408,600 921,400 805,900
Operating Expenses 358,000 337,700 687,300 665,000
--------- --------- ---------- ----------
Income from
Operations 106,700 70,900 234,100 140,900
Interest and
Other Income 10,900 7,900 18,400 14,500
--------- --------- ---------- ----------
Income Before
Income Taxes 117,600 78,800 252,500 155,400
Income Taxes 27,900 18,000 65,900 36,000
--------- --------- ---------- ----------
Net Income $ 89,700 $ 60,800 $ 186,600 $ 119,400
========= ========== ========== ==========
Basic earnings per
common share: $ .09 $ .06 $ .19 $ .12
Diluted earnings per
common share: $ .08 $ .06 $ .18 $ .11
Cash dividends
declared per share: $ -- $ -- $ .09 $ .07
Weighted average number
of outstanding shares:
Basic 991,098 976,736 985,704 976,139
Diluted 1,067,170 1,053,272 1,063,998 1,048,976