BOHEMIA, N.Y., Nov. 13, 2003 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) announces increased sales and profits for the three months ended September 30, 2003, based on unaudited results.
Based on unaudited results, the Company reported a $23,600 (or 3%) increase in net sales for the current period of $873,900 versus $850,300 for the same period last year, primarily as a result of higher new product sales. Despite the increased competition for the Company's principal product (the Vortex-Genie(R) 2 Mixer), sales of the mixer were only minimally lower compared to the prior year's same quarter and significantly higher than the previous two quarters.
The Company achieved higher operating income of $42,400 for the three months ended September 30, 2003, a significant increase of $38,500 compared to $3,900 for the same period last year, principally due to higher sales and gross profit margins. The Company incurred higher operating expenses attributable to increased selling and research and development expenses related to the company's expansion of its marketing and selling activities and accelerated new product development, however it benefited from lower general and administrative expenses, which offset the the majority of the increased expenses.
Net income for the three months ended September 30, 2003 was higher at $30,000 ($.03 per basic share) versus $6,600 ($.01 per basic share) for the same period last year.
About Scientific Industries
Scientific Industries manufactures and markets laboratory equipment, including the world-renowned Vortex-Genie(R) 2 Mixer. Scientific's 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."
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
September 30, 2003
Current Assets $ 1,957,700
Property, Plant and Equipment, Net 153,300
Deferred Taxes 113,600
Intangible Assets 14,200
Other 75,500
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Total Assets $ 2,314,300
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 251,400
Deferred Compensation 43,800
Shareholders' Equity 2,019,100
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Total Shareholders'
Equity & Liabilities $ 2,314,300
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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Month
Periods Ended
September 30,
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2003 2002
Net Sales $873,900 $850,300
Cost of Sales 464,900 502,500
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Gross Profit 409,000 347,800
Operating Expenses 366,600 343,900
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Income From Operations 42,400 3,900
Other Income 2,600 4,100
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Income Before Income Taxes 45,000 8,000
Income Taxes 15,000 1,400
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Net Income $ 30,000 $ 6,600
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Net Income per Common Share-Basic: $ 0.03 $ 0.01
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Net Income per Common Share-Diluted: $ 0.03 $ 0.01
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Weighted average number of
outstanding shares-Basic 960,541 950,639
Weighted average number of
outstanding shares-Diluted 989,500 999,838
The Scientific Industries company logo can be found at: http://media.primezone.com/prs/single/?pkgid=715