Scientific Industries Reports Improved Results for Quarter
BOHEMIA, NY / ACCESSWIRE / February 13, 2019 / Scientific Industries, Inc. (OTCQB: SCND). For the three and six months ended December 31, 2018, the Company reported net income of $118,400 ($.08 per basic share) and $260,500 ($.17 per basic share) compared to a net loss of $81,000 ($.05 loss per basic share) and a net loss of $313,600 ($.21 loss per basic share) for the three and six months ended December 31, 2017, respectively. The Company reported revenues of $2,163,200 and $4,201,800 for the three and six months ended December 31, 2018, compared to revenues of $1,892,400 and $3,173,300, respectively, for the three and six months ended December 31, 2017.
Net revenues increased $270,800 (14%) for the three month period ended December 31, 2018 compared to the prior year same period primarily as a result of increases in sales of benchtop laboratory equipment, principally the Company’s Torbal brand products, as well as increased sales of custom catalyst research instruments and increased royalties earned by the Company’s Bioprocessing Systems Operations. Net revenues increased $1,028,500 (32%) for the six month period ended December 31, 2018 compared to the same period last year mostly due to increased benchtop laboratory equipment product sales, especially the Company’s Genie brand products. The backlog for catalyst research instruments as of December 31, 2018 was approximately $617,400 compared to $752,500 at December 31, 2017. The current backlog is expected to ship during fiscal year ending June 30, 2019.
“We continue to be encouraged by the results of the first half of our fiscal year. Order rates and order backlog remains healthy despite some of the current global challenges related to trade and its potential effects,” commented Ms. Helena Santos, President and CEO of the Company.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-GenieÒ 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.”
Helena Santos, 888-850-6208
SOURCE: Scientific Industries