BOHEMIA, N.Y., Nov. 17, 2009 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported yesterday improved operating results for the first quarter of the current fiscal year compared with the first quarter of the prior fiscal year -- Net income of $43,500 ($.04 per basic share) for the three months ended September 30, 2009 vs. a net loss of ($78,100) ($.07 per basic share) for the three months ended September 30, 2008. The improvement was mainly the result of an increase of $271,700 (28%) in net sales to $1,244,000.
Net sales increased for the 2009 period for the Laboratory Equipment Operations by $125,000 (14%) to $1,011,600 and for the Catalyst Research Instruments Operations by $146,700 (171%) to $232,400. As of September 30, 2009, the order backlog for catalyst research instruments was $1,100,000, expected to be shipped in the second quarter of the current fiscal year.
Ms. Helena R. Santos, CEO, stated that she was pleased with the Company's ability to achieve the growth during the general economic downturn over the past year. She remained hopeful of further improvement in the Company's sales and income at least for the current fiscal quarter noting the contribution being made by the recent expansion in sales personnel for the Benchtop Laboratory Equipment Operations and the significant order backlog for the Catalyst Research Instruments Operations.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R) 2 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.
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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-K."