BOHEMIA, N.Y., May 14, 2015 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) – The Company reported earnings of $19,000 ($.01 earnings per basic share) on net sales of $1,729,200, for the three months ended March 31, 2015; and a net loss of $280,300 ($.19 loss per basic share) on revenues of $5,082,400 for the nine-month period ended March 31, 2015.
For the same three and nine month periods of the prior year, the Company reflected a net loss of $59,700 ($.04 loss per basic share) on revenues of $1,786,200 and net income of $77,500 ($.06 earnings per basic share) on revenues of $4,970,200.
The results reflected increased depreciation and amortization expenses, primarily related to the Company's February 2014 acquisition of the Torbal division of its Benchtop Laboratory Equipment Operations, of $107,100 and $327,200 compared to $65,500 and $154,000 for same periods last year. The Company's catalyst research instruments operations had an order backlog as of March 31, 2015 of $1,154,000 compared to $505,200 as of March 31, 2014, and the Benchtop Laboratory Equipment Operations had an order backlog as of March 31, 2015 of $300,000 due to production delays and increased orders, all of which has since been fulfilled.
The Company's net income for the three-month period ended March 31, 2015 increased compared to the prior year's net loss for the same period as a result of increased sales of benchtop laboratory equipment, and the absence of acquisition costs that were incurred in the same period last year. The Company's net loss for the current nine-month period resulted primarily from the increased depreciation and amortization expenses described above, facility moving expenses, and lower sales of the Company's catalyst research instruments.
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."