BOHEMIA, N.Y., Feb. 15, 2008 (PRIME NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported yesterday net income of $242,900 ($.21 per basic share) and $96,200 ($.08 per basic share), respectively, for the six and three month periods ended December 31, 2007, representing, respectively, increases of $96,200 (66%) and $27,100 (39%) from the net income of $146,700 ($.14 per basic share) and $69,100 ($.07 per basic share) for the comparative six and three month periods ended December 31, 2006.
Net sales for the six and three months periods ended December 31, 2007 were $3,345,900 and $1,845,600, representing, respectively, increases of $1,279,700 (62%) and $582,300 (46%) from the net sales of $2,066,200 and $1,263,300, respectively for the six and three month periods ended December 31, 2006.
The increases in net income and net sales were primarily due to the contribution made by the Company's customized catalyst research instrument operations acquired on November 30, 2006, and to a lesser extent, higher revenues of the Company's benchtop laboratory equipment operations, which however experienced higher raw material costs for the periods.
Ms. Helena R. Santos, the Company's Chief Executive Officer, stated that the Company is pleased with the catalyst research instruments operation addition and is hopeful for its continued favorable contribution, noting that as of December 31, 2007, it had an order backlog of approximately $1,600,000.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer, and since November 2006 produces and sells customized catalyst research instruments. Scientific Industries' products are generally used for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
The Scientific Industries logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=715
"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."