BOHEMIA, N.Y., May 15, 2017 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) – The Company reported net income of $65,600 ($.04 per common share) and net income of $62,200 ($.04 per common share) for the three and nine months ended March 31, 2017 compared to net losses of $36,900 ($.02 per common share) and $2,600 ($.00 per common share) for the three and nine months ended March 31, 2016.
Net revenues for the three months ended March 31, 2017 increased by $236,600 (14.1%) to $1,910,900 from $1,674,300 for the three months ended March 31, 2016 primarily due to increased sales of benchtop laboratory products and bioprocessing royalties, while net revenues for the nine months ended March 31, 2017 increased by $1,006,900 (19.6%) to $6,153,800 compared to $5,146,900 for the nine months ended March 31, 2016, due primarily to increased sales of catalyst research instruments. The backlog for catalyst research instruments at the end of the current year quarter decreased to approximately $431,200 compared to $3,027,000 at the end of last year’s same quarter due to a significant overseas order in the prior year.
The increased net income for both periods reflects higher sales and gross margins for the Company’s Benchtop Laboratory Equipment Operations as well as higher royalties from the Bioprocessing Systems Operations, partially offset by lower profit margins for the Company’s Catalyst Research Instruments Operations.
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.