BOHEMIA, N.Y., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported net income of $189,600 ($.16 per basic share) on net sales of $2,031,500 for the three months ended December 31, 2010, and net income of $191,800 ($.16 per basic share) on net sales of $3,286,900 for the six months ended December 31, 2010. For the year earlier comparable three and six month periods' net income was $159,300 ($.13 per basic share) on net sales of $1,827,500, and $202,800 ($.17 per basic share) on net sales of $3,071,500, respectively.
The increase of $30,300 (19%) in the comparative quarter's net income was mainly the result of the increased net sales for both the Benchtop Laboratory Equipment and Catalyst Research Instruments Operations. For the comparative six month periods, despite an increase in sales of $215,400 (7%), the Company's net income was $11,000 (5%) lower mainly due to higher commissions for catalyst research instruments sales and increased travel expenses.
Ms. Helena R. Santos, CEO, stated that while she expects continuing increases in profits for the Company's Benchtop Laboratory Equipment Operation for at least the balance of the fiscal year, she notes a significantly lower backlog of orders for the Catalyst Research Operations as of December 31, 2010 compared to that of a year earlier.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie® 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."