BOHEMIA, N.Y., Oct. 1, 2007 (PRIME NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported on Friday, September 28, 2007 net income of $312,000 ($0.29 per basic share) on net sales of $4,880,000 for the year ended June 30, 2007. As previously reported, the Board of Directors of the Company declared a cash dividend of $.07 per share of Common Stock payable on January 14, 2008 to holders of record as of the close of business on October 18, 2007. For the year ended June 30, 2006, net income was $321,700 ($0.32 per basic share) on net sales of $3,465,200.
The Company's net income for fiscal 2007 was negatively impacted by the results of its new catalyst research instruments operations acquired on November 30, 2006, which included acquisition-related adjustments. However, the Company's earnings benefited from higher profits derived from its benchtop laboratory equipment operations.
The Company's substantial increase in net sales (41%) was the result of (i) the addition of the new catalyst research instruments operations, and (ii) a 3% increase in net sales of its benchtop laboratory equipment, despite the loss at the end of fiscal 2006 of its then largest customer. The improvement related to benchtop laboratory equipment was mainly attributable to increased sales to other distributors and direct sales to end users of its products.
Ms. Helena R. Santos, President and Chief Executive Officer, stated that the Company and its management are dedicated to the successful integration of the newly acquired catalyst research instruments operation and the continuing expansion of its benchtop laboratory equipment marketing efforts.
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.
"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."
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