BOHEMIA, N.Y., May 18, 2009 (GLOBE NEWSWIRE) -- Scientific Industries, Inc. (OTCBB:SCND) reported for the three and nine month periods ended March 31, 2009 net income of $57,000 ($.05 per basic share) and $98,700 ($.08 per basic share), respectively, on net sales of $1,423,700 and $4,151,000, respectively. For the three and nine month periods ended March 31, 2008 net income was $49,300 ($.048 per basic share) and $292,200 ($.25 per basic share) on net sales of $1,381,800 and $4,727,700, respectively.
The $7,700 (16%) increase in net income for the three month comparative periods was due mainly to higher profits derived by the benchtop laboratory equipment operation. The $193,500 (66%) reduction in the net income for the nine month comparative periods was due primarily to the loss incurred by the Company's catalyst research instrument operation in the current period.
Ms. Helena R. Santos, the Company's Chief Executive Officer, stated that while the results, particularly for the catalyst research instruments operation, reflect current general economic conditions, the Company has an overall strong financial position, and believes to have the ability to generate sufficient profits to sustain it through this economic downturn.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(r) Mixer, and 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.globenewswire.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 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."