BOHEMIA, N.Y., May 16, 2012 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported a net loss of $8,200 ($.01 loss per basic share) on net sales of $1,519,500, for the three months ended March 31, 2012, as compared with net income of $60,200 ($.05 earnings per basic share) on net sales of $1,460,300 for the three months ended March 31, 2011. For the nine month period ended March 31, 2012 the net loss was $4,200 ($.00 per basic share) on net sales of $4,258,000 compared to net income of $252,000 ($.21 earnings per basic share) on net sales of $4,747,200, for the nine months period ended March 31, 2011.
The results reflect principally lower sales by the Benchtop Laboratory Equipment Operation for the three and nine month comparative periods and by the Catalyst Research Instrument Operations for the three month comparative periods and the acquisition costs and start-up of the Bioprocessing Systems Operation.
Ms. Helena R. Santos, President and Chief Executive Officer noted that the Company expects that the results for the current fiscal year will continue to be negatively affected by the widespread cutbacks in research spending especially in the U.S. and Europe as well as the ongoing incurrence of the product development costs by the Bioprocessing Systems Operation. However, the order backlog for catalyst research instruments, which principally consists of orders of at least $100,000, was $850,000 as of March 31, 2012 as compared with $240,000 as of March 31, 2011.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R) 2 Mixer; produces and sells customized catalyst research instruments and since November 2011 the research, development and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed 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."