BOHEMIA, N.Y., May 17, 2010 (GLOBE NEWSWIRE) -- Scientific Industries, Inc. (OTCQB:SCND) reported for the three and nine month periods ended March 31, 2010 a net loss of $6,800 ($.01 loss per basic share) and net income of $196,000 ($.16 per basic share), respectively, on net sales of $1,137,600 and $4,209,100, respectively. For the three and nine month periods ended March 31, 2009 net income was $57,000 ($.05 per basic share) and $98,700 ($.08 per basic share) on net sales of $1,423,700 and $4,151,000, respectively.
The loss incurred for the third quarter compared to net income for the prior year's same quarter resulted primarily from lower sales and gross margins of the Catalyst Research Instruments Operations, partially offset by increased sales and gross margins generated by the Benchtop Laboratory Operations, while the increase in the net income for the current nine month period was primarily due to increased sales and gross margins of the Benchtop Laboratory Equipment Operations.
Ms. Helena R. Santos, the Company's Chief Executive Officer, stated that the Company was pleased with the results of operations of the Benchtop Laboratory Equipment Operations and is hopeful for an improved economic environment that could result in an increase in funding for more lucrative customer purchases of the Company's catalyst research instruments.
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.
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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 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."