BOHEMIA, N.Y., May 15, 2014 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported a net loss of $59,700 ($.04 loss per basic share) on net sales of $1,786,300, for the three months ended March 31, 2014; and net income of $77,500 ($.06 per basic share) on net sales of $4,970,200 for the nine-month period ended March 31, 2014.
The Company recorded net income of $150,100 ($.11 per basic share) for the comparable three month period in 2013, and net income of $226,300 ($.17 per basic share) for the comparable nine-month period in 2013. Net sales for the three and nine months ended March 31, 2013 were $1,626,100 and $4,854,700, respectively.
The results for the quarter were negatively impacted by decreased sales of benchtop laboratory equipment products as well as the expenses related to the acquisition which closed in February 2014 of a laboratory and pharmaceutical balances and scale business. The nine month period also reflects lower sales of benchtop laboratory equipment and catalyst research instruments, partially offset by increased sales and profits of bioprocessing products resulting from a single order for prototype products. The Company's catalyst research instruments operations had an order backlog as of March 31, 2014 of $505,200 compared to $1,340,000 as of March 31, 2013. Both the three and nine month current periods also reflect the approximately one-month results of the acquired laboratory and pharmacy balances and scale business.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer and balances; produces and sells customized catalyst research instruments; and since November 2011 the research, development and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
"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."