BOHEMIA, N.Y., Nov. 10, 2004 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) reported today that based on unaudited results, earnings per share increased to $.06 per share on net income of $58,600 for the three months ended September 30, 2004 compared to $.03 per share for the first quarter of the year earlier on net income of $30,000, an increase of $28,600, due to lower operating expenses.
Net sales for the first quarter of the year were $851,800, $22,100 (2.5%) lower than $873,900 for the comparable quarter last year. The reduction in net sales was attributable mostly to slightly lower overseas sales during the quarter.
Sales of new products continued to grow for the three months ended September 30, 2004, to $158,900 from $134,800 for the comparable quarter last year, registering an increase of approximately 18% over the prior year period.
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."
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SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
ASSETS
September 30, 2004
Current Assets $2,258,800
Property and Equipment, Net 151,700
Deferred Taxes 25,500
Other and Intangible Assets 81,500
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Total Assets $2,517,500
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 291,100
Deferred Compensation 34,100
Shareholders' Equity 2,192,300
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Total Shareholders' Equity & Liabilities $2,517,500
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SCIENTIFIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Nine Month
Periods Ended
September 30,
2004 2003
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Net Sales $851,800 $873,900
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Gross Profit 393,800 409,000
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Operating Expenses 323,800 366,600
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Income from Operations 70,000 42,400
Interest and Other Income 6,600 2,600
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Income Before Income Taxes 76,600 45,000
Income Taxes 18,000 15,000
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Net Income $ 58,600 $ 30,000
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Basic Earnings
per Common Share: $ .06 $ .03
Diluted Earnings
per Common Share: $ .06 $ .03
Cash Dividends Declared
Per Common Share $ .07 $ .-
Weighted average number of outstanding shares:
Basic 975,541 960,541
Diluted 1,044,679 989,500