Scientific Industries Reports Results for First Quarter of Fiscal 2013

Scientific Industries

BOHEMIA, N.Y., Nov. 14, 2012 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported a net loss of $62,200 ($.05 loss per basic share) on net sales of $1,351,700, for the three months ended September 30, 2012, as compared with net income of $59,400 ($.05 earnings per basic share) on net sales of $1,541,000 for the three months ended September 30, 2011.

The loss for the three months ended September 30, 2012 was principally due to the $75,700 increase in the loss by the Catalyst Research Instrument Operations which experienced a $181,600 decline in net sales and the $75,000 loss incurred by the newly commenced Bioprocessing Systems Operations. The Company reported, however, a $1,240,000 order backlog as of September 30, 2012 for its catalyst research instruments as compared to an order backlog of $268,000 as of September 30, 2011.

About Scientific Industries

Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie® 2 Mixer; produces and sells customized catalyst research instruments and since November 2011 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.

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"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