BOHEMIA, N.Y., Sept. 30, 2015 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) -- The Company reported net income of $8,700 ($.01 earnings per basic share) on net sales of $7,848,400, for the fiscal year ended June 30, 2015, compared to a net loss of $75,300 ($.05 loss per basic share) on net sales of $6,793,200 for the fiscal year ended June 30, 2014.
The increased revenues resulted primarily from sales of Torbal brand products and increased sales of catalyst research instruments. The results also reflected significant increases in depreciation and amortization expenses, primarily related to the Company’s February 2014 acquisition of the Torbal division of its Benchtop Laboratory Equipment Operations, totaling $434,800 as compared with $262,800 for the fiscal years 2015 and 2014, respectively.
Ms. Helena R. Santos, President and Chief Executive Officer, remarked that she is optimistic about the upcoming year’s results as a result of the Company’s significantly higher sales backlog of $2.5 million which it expects to deliver in the fiscal year ending June 30, 2016, although no assurance can be given.
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.”