BOHEMIA, N.Y., Nov. 17, 2008 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported a net loss of $78,100 ($.07 per share) for the three month period ended September 30, 2008 compared to net income of $146,700 ($.13 per basic share) for the three month period ended September 30, 2007. The loss was the result of a reduction of $528,100 (35%) in net sales, primarily those of the catalyst research instruments operations; an increase in costs of materials of the benchtop laboratory equipment operations, and an increase in research and development expenses.
Net sales for the three month periods ended September 30, 2008 and September 30, 2007 were $972,300 and $1,500,400, respectively. Net sales of the catalyst research instruments operations were $85,700 for the 2008 period and $552,900 for the 2007 period, due in part to vendor-caused delays as to one large order during the quarter. As of September 30, 2008, the order backlog for catalyst research instruments was $893,000, substantially all of which we expect to ship during the current fiscal year.
Noting the order backlog and Company plans to introduce additional benchtop laboratory equipment products, Ms. Helena R. Santos, the Company's Chief Executive Officer, expressed her optimism for a turnaround to profitability during the remainder of the fiscal year.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer, and 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.
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"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."