BOHEMIA, N.Y., Sept. 27, 2013 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported for the year ended June 30, 2013 net income of $396,400 ($.30 per basic share), on record revenues of $7,134,500. The results reflect a $330,300 increase in income from $66,100 ($.05 per basic share) and a $931,900 increase in revenues from $6,202,600 for the year ended June 30, 2012.
The major contributors to the substantial improvements were increased sales and gross margins for the Catalyst Research Instruments Operations, and increased sales for the Benchtop Laboratory Equipments Operations.
Ms. Helena R. Santos, President and Chief Executive Officer, noted that the improved results were achieved in the face of the continued slowness in the scientific research products markets which she attributed principally to customer funding constraints.
The Company also reported the declaration on September 20, 2013 of a cash dividend of $.08 per share payable on November 4, 2013 to holders of record as of the close of business on October 11, 2013.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer; 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."