BOHEMIA, N.Y., Feb. 16, 2016 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported net income of $94,400 ($.06 earnings per basic share) and $34,300 ($.02 earnings per basic share) for the three and six months ended December 31, 2015 compared to a net loss of $138,000 ($.09 loss per basic share) and $299,300 net loss ($.20 loss per basic share) for the three months and six months ended December 31, 2014.
Total revenues increased by $337,100 and $119,400 to $2,028,200 and $3,472,600 for the three and six months ended December 31, 2015 compared to $1,691,100 and $3,353,200 for the three and six months ended December 31, 2014, primarily as a result of increases in sales of Benchtop Laboratory Equipment. The backlog at the end the period for catalyst research instruments was approximately $3,102,000, the majority of which is expected to be shipped during fiscal year 2016 compared to $949,000 at the end of last year’s same period.
The results for both the three and six month periods ended December 31, 2015 also benefitted from lower overhead costs of the Benchtop Laboratory Equipment Operations and lower operating expenses including sales commissions due to sales mix of catalyst research instruments and the absence of moving costs that were incurred last 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."