BOHEMIA, N.Y., Oct. 12, 2016 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported net income of $165,600 ($.11 earnings per basic share) on net sales of $9,597,600, for the fiscal year ended June 30, 2016, compared to $8,700 ($.01 earnings per basic share) on net sales of $7,848,400 for the fiscal year ended June 30, 2015.
The increased income and revenues resulted primarily from increased sales and profits due to a substantial order for catalyst research instruments in fiscal 2016, and lower operating expenses of the Company’s benchtop laboratory equipment operations, partially offset by losses including impairment charges incurred by the Company’s bioprocessing systems operations as the products are still under development. The results reflected non-cash depreciation and amortization expenses, including the impairment charges, primarily related to the Company’s intangible assets, totaling $641,600 as compared with $434,800 for the fiscal years 2016 and 2015, respectively.
Ms. Helena R. Santos, President and Chief Executive Officer, noted that the Company currently has a sales backlog of $995,000 for catalyst research instruments, which it expects to deliver in the fiscal year ending June 30, 2017.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and balances; produces and sells customized catalyst research instruments and 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.
“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.”