BOHEMIA, N.Y., Nov. 14, 2014 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) -- For the three months ended September 30, 2014, the Company reported a net loss of $161,300 ($.11 loss per basic share) on net sales of $1,662,100, compared to net income of $2,100 ($.00 earnings per basic share) on net sales of $1,436,100 for the three months ended September 30, 2013.
The loss was primarily derived from its Torbal division of the Benchtop Laboratory Equipment Operations which had lower than expected sales of its brand products since the acquisition in February 2014 and acquisition-related amortization costs, and decreased sales to overseas customers of Genie brand products.
Ms. Helena R. Santos, President and Chief Executive Officer, remarked she is hopeful for improved results for the remainder of the year due to an expected increase in orders for catalyst research instruments to increase including its current backlog of $439,500, all of which is expected to be shipped by the end of the current fiscal year.
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."