BOHEMIA, N.Y., May 17, 2004 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) today confirmed its previously announced estimate of significantly higher net income and revenues for the three and nine month periods ended March 31, 2004 compared to the same periods last year. Net income increased to $48,600 ($.05 per share) and $139,300 ($.14 per share) for its three and nine month periods ended March 31, 2004, respectively, compared to $23,800 ($.02 per share) and $23,500 ($.02 per share) for the year earlier periods.
Revenues were $856,900 and $2,600,500 for the three and nine month periods ended March 31, 2004, respectively, representing increases of 8% and 5% over revenues of $792,600 and $2,476,600 for the same periods last year.
Helena Santos, President and CEO of the Company said "The growing success of the Company's financial performance evidenced by these results is due in large measure to the Company's expanded marketing efforts, new product development, and effective cost cutting measures."
About Scientific Industries
Scientific Industries manufactures and markets laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer. Scientific's products are used by research laboratories, clinics, pharmaceutical manufacturers, medical device manufacturers, and other industries.
"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."
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2004
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ASSETS
Current Assets $2,084,800
Property and Equipment, Net 155,700
Deferred Taxes 113,600
Other Assets and Deferred Charges 78,300
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Total Assets $2,432,400
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 301,000
Deferred Compensation 34,700
Shareholders' Equity 2,096,700
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Total Shareholders' Equity & Liabilities $2,432,400
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SCIENTIFIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Month For the Nine Month
Periods Ended Periods Ended
March 31, March 31,
----------------------- -----------------------
2004 2003 2004 2003
---------- ---------- ---------- ----------
Net Sales $ 856,900 $ 792,600 $2,600,500 $2,476,600
---------- ---------- ---------- ----------
Gross Profit 401,800 320,700 1,220,600 1,007,600
---------- ---------- ---------- ----------
Operating Expenses 333,800 293,100 1,034,000 984,800
---------- ---------- ---------- ----------
Income from
Operations 68,000 27,600 186,600 22,800
Interest and Other
Income 5,600 2,600 12,700 7,100
---------- ---------- ---------- ----------
Income Before Income
Taxes 73,600 30,200 199,300 29,900
Income Taxes 25,000 6,400 60,000 6,400
---------- ---------- ---------- ----------
Net Income $ 48,600 $ 23,800 $ 139,300 $ 23,500
========== ========== ========== ==========
Net Income per
common share
- basic: $ .05 $ .02 $ .14 $ .02
Net Income per
common share
- diluted: $ .05 $ .02 $ .14 $ .02
Weighted average
number of
outstanding shares:
Basic 964,398 957,474 961,817 954,180
Diluted 1,037,074 990,250 1,010,788 996,045
The Scientific Industries company logo can be found at: http://media.primezone.com/prs/single/?pkgid=715