BOHEMIA, N.Y., Sept. 28, 2012 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCQB:SCND), reported net income of $66,100 ($.05 per basic share) on net sales of $6,202,600 for the fiscal year ended June 30, 2012 compared to net income of $227,600 ($.19 per basic share) on net sales of $5,869,800 for the prior fiscal year.
The results reflect a reduction in sales and profit by the Benchtop Laboratory Equipment Operations, continued losses for the Catalyst Research Instruments Operation despite increased sales, and a loss by the recently commenced Bioprocessing Systems Operation. Business was and continues to be, although hopefully less so in the current fiscal year, negatively impacted by adverse economic conditions, reflecting the dependence of the Company's customers on discretionary funding for research.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R) 2 Mixer, customized catalyst research instruments, and bioprocessing systems and products. 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.globenewswire.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-K."