BOHEMIA, N.Y., May 16, 2007 (PRIME NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported yesterday net income of $188,500 ($0.18 per basic share) on net sales of $3,407,200 for the nine months ended March 31, 2007 and $41,800 ($0.04 per basic share) on net sales of $1,341,000 for the three months ended March 31, 2007. For the comparable periods ended March 31, 2006, net income was $288,800 ($0.29 per basic share) on net sales of $2,737,500 and $102,200 ($0.10 per basic share) on net sales of $919,400.
The substantial increase in net sales was derived from the Company's new catalyst research instruments operations, the result of the acquisition of Altamira Instruments, Inc. on November 30, 2006. The Company was also successful in producing a small increase, for the quarter ended March 31, 2007, of laboratory equipment sales in face of the discontinuance, in May 2006, of purchases by its former major distributor and customer. The latter achievement resulted from increased sales to other distributors and directly to customers.
The net income for the 2007 periods was impacted by acquisition adjustments, which resulted in a portion of the gross profits ($171,000 for the nine months and $65,000 for the three months) of the catalyst research instruments operations derived from post-acquisition sales being allocated to the pre-acquisition period.
Ms. Helena R. Santos, President and Chief Executive Officer, stated that the new operation is a meaningful step in the Company's efforts to diversify and that management is hopeful that the diversified operations will result in increased earnings and shareholder values.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer. Scientific Industries' products are generally used for research purposes in laboratories of universities, hospitals, clinics, pharmaceutical 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-KSB.