BOHEMIA, N.Y., Sept. 27, 2004 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) reported today significantly higher net income of $248,700 ($.26 per basic share) for fiscal year ended June 30, 2004 as compared to $63,800 ($.07 per basic share) for fiscal year ended June 30, 2003, resulting from higher sales and lower production costs.
Net sales, benefiting from growing acceptance of its new products, increased by 8.5% to $3,532,600 from the prior fiscal year. Principally as a result of increased selling expenses and research and development costs in connection with the Company's expanded marketing efforts and new product development, operating expenses increased by 4.7% to $1,360,800. General and administrative expenses were substantially lower due to not being burdened by the proxy and other costs related to the former CEO's termination in the prior year.
"I am pleased that our efforts in the areas of marketing, new product development and cost cutting have contributed to this year's strong financial performance," said Ms. Helena Santos, President and CEO of the Company.
About Scientific Industries
Scientific Industries designs, produces, 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."
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