BOHEMIA, N.Y., Feb. 21, 2007 (PRIME NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported yesterday net income of $146,700 ($0.14 per basic share) on net sales of $2,066,200 and $69,100 ($0.7 per basic share) on net sales of $1,263,300 for the six months and three months ended December 31, 2006, respectively. For the six and three month periods ended December 31, 2005, net income was $186,600 ($0.19 per basic share) and $89,700 ($0.09 per basic share), respectively, on net sales of $1,818,100 and $928,100, respectively.
The results for the current year reflect the addition as of November 30, 2006 of the custom-made catalyst research instrument operations as a result of the Company's acquisition on that date of the outstanding capital stock of Altamira Instruments Inc., and the loss of sales to the Company's former major distributor for laboratory equipment products, partially offset by an increase of sales to other distributors and directly to end users.
The three and six month periods ended December 31, 2006 reflect a downward adjustment to gross profits because while revenues for the catalyst research instrument operations have been reported post acquisition, a significant portion of the gross profit has been attributed to the period prior to acquisition.
Ms. Helena R. Santos, President and Chief Executive Officer, expressed her confidence in the success of the newly acquired operations and the Company's laboratory equipment marketing efforts, which to date have resulted in the recouping of a significant portion of the sales lost from its previous major customer.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer. Scientific Industries' products are generally used for research purposes in laboratories of universities, hospitals, clinics, pharmaceutical companies, and medical device manufacturers.
"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."