BOHEMIA, N.Y., Sept. 25, 2009 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) yesterday reported that for the year ended June 30, 2009, net income was $319,500 ($.27 per basic share) on net sales of $5,989,100. For the year ended June 30, 2008, net income was $391,500 ($0.34 per basic share) on net sales of $6,669,400. Pre-tax income for the fiscal 2009 and 2008 periods was $403,900 and $544,500, respectively.
The Company reported that the $72,000 (18.4%) reduction in net income was principally the result of a drop of $758,200 in sales of its Catalyst Research Instruments Operations which was partially offset by an increase of $77,900 in net sales of its Benchtop Laboratory Equipment Operations and lower operating expenses.
Ms. Helena R. Santos, President and Chief Executive Officer, stated that while the Company is moderately pleased with the results in face of the recent and current economic slowdown, it is cautiously optimistic as to the expected results for the fiscal year ending June 30, 2010. She noted the backlog of orders for the Catalyst Research Instruments products of $1.2 million as of June 30, 2009, which the Company expects to fill by December 31, 2009, and the anticipated continued increase in net sales of its Benchtop Laboratory Equipment operations for the current fiscal year.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R) Mixer, and produces and sells customized catalyst research instruments. Scientific Industries' products are generally used for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.
The Scientific Industries logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=715
"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."