BOHEMIA, N.Y., Feb. 13, 2004 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) announces increased sales and profits for the three and six months ended December 31, 2003.
Based on unaudited results, the Company reported, primarily as a result of increased sales of new products, an increase of $36,000 (4%) in net sales to $869,700 for the three months ended December 31, 2003 versus $833,700 for the same period last year, and an increase of $59,600 (4%) to $1,743,600 in net sales for the first six months of the current fiscal year compared to $1,684,000 for the same period last year.
The Company realized substantially higher pre-tax income of $80,700 and $125,700 for the three and six months ended December 31, 2003, compared to losses of $8,300 and $300 for the same periods last year. The increases in pre-tax income were mainly due to higher gross profits, which benefited from lower production costs. The Company's general and administrative expenses were significantly lower for both periods because the prior year periods included expenses related to an unsuccessful proxy contest initiated by the Company's former chief executive officer as well as his termination costs. Although the company's selling and research and development expenses were significantly higher due to the company's expansion of its marketing and selling activities and accelerated new product development, it benefited from the lower general and administrative expenses, which substantially offset the increased expenses.
Net income for the three and six months ended December 31, 2003 was significantly higher at $60,700 ($.06 per basic share) and $90,700 ($.09 per basic share) versus net losses of ($6,900) ($.01 per basic share) and ($300) ($.00 per basic share) for the same periods 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
December 31, 2003
ASSETS
Current Assets $2,029,000
Property and Equipment, Net 159,500
Deferred Taxes 113,600
Other Assets and Deferred Charges 96,600
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Total Assets $2,398,700
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 265,900
Deferred Compensation 52,100
Shareholders' Equity 2,080,700
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Total Shareholders' Equity & Liabilities $2,398,700
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SCIENTIFIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Month For the Six Month
Periods Ended Periods Ended
December 31, December 31,
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2003 2002 2003 2002
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Net Sales $ 869,700 $ 833,700 $1,743,600 $1,684,000
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Gross Profit 401,500 339,100 810,500 686,900
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Income (Loss)
from Operations 76,200 (8,700) 118,600 (4,800)
Interest and
Other Income 4,500 400 7,100 4,500
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Income (Loss)
Before Income
Taxes (Benefit) 80,700 (8,300) 125,700 (300)
Income Taxes
(Benefit) 20,000 (1,400) 35,000 --
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Net Income (Loss) $ 60,700 $ (6,900) $ 90,700 $ (300)
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Net Income (Loss)
per common share
- basic: $ .06 $ (.01) $ .09 $ --
Net Income (Loss)
per common share
- diluted: $ .06 $ (.01) $ .09 $ --
Weighted average
number of
outstanding shares:
Basic 960,541 954,541 960,541 952,591
Diluted 1,005,820 954,541 997,660 952,591
The Scientific Industries company logo can be found at: http://media.primezone.com/prs/single/?pkgid=715