BOHEMIA, N.Y., Feb. 10, 2017 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) – The Company reported net income of $45,300 ($.03 per common share) and net loss of $3,400 ($.00 per common share) for the three and six months ended December 31, 2016 compared to $94,400 ($.06 per common share) and $34,300 ($.02 per common share) for the three and six months ended December 31, 2015.
Net revenues for the three months ended December 31, 2016 increased by $655,600 (32.3%) to $2,683,800 from $2,028,200 for the three months ended December 31, 2015, while net revenues for the six months ended December 31, 2016 increased by $770,300 (22.2%) to $4,242,900 compared to $3,472,600 for the six months ended December 31, 2015. The increases were due primarily to increased sales of catalyst research instruments in both periods. The backlog for catalyst research instruments at the end the current year quarter decreased to approximately $397,300 compared to $3,102,000 at the end of last year’s same quarter due to a significant overseas order in the prior year.
The reduced net income for the three months ended December 31, 2016 was primarily due to lower gross profit amounts generated by the Benchtop Laboratory Equipment Operations and higher operating expenses, which also negatively impacted the current six month period.
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.”