BOHEMIA, N.Y., Feb. 15, 2012 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported a net loss of $55,300 ($.04 loss per basic share) on net sales of $1,197,600, for the three months ended December 31, 2011, as compared with net income of $189,600 ($.16 per basic share) on net sales of $2,031,500 for the three months ended December 31, 2010. For the six month periods ended December 31, 2011 and December 31, 2010, net income was $4,000 ($.00 per basic share) on net sales of $2,738,500 and $191,800 ($.16 per basic share) on net sales of $3,286,900, respectively.
The results reflect principally the reduction in net sales by the Catalyst Research Instruments Operation of $697,500 for the three month and $465,000 for the six month comparative periods and to a lesser extent lower gross margins and higher selling expenses related to the Benchtop Laboratory Equipment Operation, and the acquisition, research and amortization costs related to the newly acquired Bioprocessing Systems Operation, which has not yet begun to generate revenue. The order backlog for catalyst instruments, which are generally more than $100,000 each, was $995,000 as of December 31, 2011 as compared with $283,000 as of December 31, 2010.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie 2 Mixer(R); produces and sells customized catalyst research instruments and since November 2011 the research, development and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
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"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-K."