BOHEMIA, N.Y., Sept. 19, 2011 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCQB:SCND) reported net income of $227,600 ($.19 per basic share) on net sales of $5,869,800 for the fiscal year ended June 30, 2011 compared to net income of $539,700 ($.45 per basic share) on net sales of $7,070,100 for the prior fiscal year.
The fiscal 2011 results reflect the operating loss and lower sales for the Catalyst Research Instruments Operation, despite the achievement by the Benchtop Laboratory Equipment Operation of record sales and profit. The Catalyst Research Instruments Operation has been affected by a reduction of customer funding for research and development which has continued into the current fiscal year, due in large part to what the Company believes is the general economic uncertainty.
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-K."