Scientific Industries Reports Results for Quarter

BOHEMIA, N.Y., Nov. 14, 2016 (GLOBE NEWSWIRE) -- For the three months ended September 30, 2016, Scientific Industries Inc. (OTCBB:SCND) reported a net loss of $48,800 ($.03 loss per basic share) on net sales of $1,559,100, compared to a net loss of $60,100 ($.04 loss per basic share) on net sales of $1,444,500 for the three months ended September 30, 2015.

During the same period, revenues increased by $114,600. The increase in revenues was primarily a result of a $193,800 increase in benchtop laboratory equipment sales offset by decreases in sales of catalyst research instruments, and bioprocessing revenues of $75,500 and $3,700, respectively.

The backlog for catalyst research instruments at the end the current year quarter was approximately $1,167,000 compared to $2,944,000 at the end of last year’s same quarter. The Company expects to ship the majority of its current backlog during fiscal year 2017.

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.”

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Source:Scientific Industries