BOHEMIA, N.Y., May 19, 2008 (PRIME NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported net income of $292,200 ($.25 per basic share) and $49,300 ($.04 per basic share), respectively, for the nine and three month periods ended March 31, 2008, representing, respectively, increases of $103,700 (55%) and $7,500 (18%) from the net income of $188,500 ($.18 per basic share) and $41,800 ($.04 per basic share), respectively, for the comparative nine and three month periods ended March 31, 2007.
Net sales for the nine and three months periods ended March 31, 2008 increased by $1,320,500 (39%) to $4,727,700 and $40,800 (3%) to $1,381,800, respectively, as compared to $3,407,200 and $1,341,000, respectively, for the nine and three month periods ended March 31, 2007.
The increases in net income are attributable to the profit of the Company's catalyst research instrument operation which was acquired on November 30, 2006 and included in operating results since that date, partially offset by a reduction in the profit of the benchtop laboratory equipment for the comparative periods. The new operation operated at a loss during the prior year comparative periods.
Ms. Helena R. Santos, the Company's Chief Executive Officer, stated that the Company remains optimistic as to the Company's prospects for the immediate future. In this respect, she noted both the Company's plans to introduce additional benchtop laboratory products, at least one by September 30, 2008, and the order backlog as of March 31, 2008 of approximately $1,275,000 for its catalyst research instruments, substantially all of which is scheduled for shipment prior to or shortly after the end of the current fiscal year.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) 2 Mixer, and since November 2006 produces and sells customized catalyst research instruments. 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.primenewswire.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-KSB."