Scientific Industries Reports Results for Fiscal 2018
BOHEMIA, NY / ACCESSWIRE / September 28, 2018 / Scientific Industries Inc. (OTCQB: SCND) - The Company reported a net loss of $160,500 ($.11 per basic share) on net sales of $8,481,400, for the fiscal year ended June 30, 2018, compared to a net loss of $72,600 ($.05 per basic share) on net sales of $8,149,300 for the fiscal year ended June 30, 2017.
Fiscal 2018 reflected $1,400 in income before income tax expense compared to a $146,800 loss before income tax benefit for fiscal 2017. The improvement was primarily due to a decreased loss from the Company’s Catalyst Research Instruments Operations and the Bioprocessing Systems Operations, which benefited from significantly higher royalty revenues. The Company’s results reflected total non-cash items, including depreciation and amortization, and adjustments for expected future contingent consideration liabilities of $714,000 and $543,900 for the fiscal years 2018 and 2017, respectively. The net loss for fiscal 2018 reflected tax expense of $161,900 compared to a tax benefit of $74,200 for fiscal 2017, primarily due to adjustments to deferred tax assets resulting from a lower effective tax rate.
Ms. Helena R. Santos, President and Chief Executive Officer, remarked that although the Company had a reportable loss for fiscal 2018, a material portion thereof was attributable to non-cash items, each of the business segments had improved results compared to fiscal 2017. The Benchtop Laboratory Equipment Operations realized higher sales and income from operations, the Bioprocessing Systems Operations had substantially higher royalty revenues, and the Catalyst Research Instruments showed significant improvement in the last half of the fiscal year. The backlog as of June 30, 2018 was $509,600 compared to $89,300 as of June 30, 2017.
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 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.”
Scientific Industries, Inc.
80 Orville Drive, Suite 102
Bohemia, New York 11716 USA
SOURCE: Scientific Industries Inc.