BOHEMIA, N.Y., Feb. 14, 2005 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) reported today for the six months ended December 31, 2004, unaudited net income of $119,400, a $28,700 (31.6%) increase over $90,700 for the same period last year. Unaudited earnings per share increased to $.12 per basic share ($.11 per diluted share), compared to $.09 per share (basic and diluted) for the same period last year. The increase was primarily due to lower selling and research and development expenses.
Mainly due to lower foreign sales in the first quarter of the year and production interruptions during the second quarter caused by supplier related problems which were subsequently remedied, net sales for the six months ended December 31, 2004 were $1,696,900, (2.7%) lower than $1,743,600 for the comparable period last year. Approximately $270,000 in order backlog resulting mostly from the supplier problems has already been shipped during the current fiscal quarter.
Earnings per share for both the three month periods ended December 31, 2004 and December 31, 2003, were $.06 per share on net income of $60,800 for this year's quarter, as compared to $60,700 for last year's quarter. Principally as a result of the production interruptions mentioned above, net sales for the three months ended December 31, 2004 decreased 2.8% to $845,100 from $869,700 for the three months ended December 31, 2003.
About Scientific Industries
Scientific Industries manufactures and markets laboratory equipment, including the world-renowned Vortex-Genie(R) 2 Mixer. Scientific's products are used by research laboratories, clinics, pharmaceutical manufacturers, medical device manufacturers, and other industries.
"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-KSB."
SCIENTIFIC INDUSTRIES, INC. AND SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
December 31, 2004
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ASSETS
Current Assets $2,382,300
Property and Equipment, Net 152,200
Deferred Taxes 8,800
Other and Intangible Assets 77,000
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Total Assets $2,620,300
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $ 329,600
Deferred Compensation 39,200
Shareholders' Equity 2,251,500
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Total Shareholders' Equity & Liabilities $2,620,300
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SCIENTIFIC INDUSTRIES, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
For the Three Month For the Six Month
Periods Ended Periods Ended
December 31, December 31,
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2004 2003 2004 2003
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Net Sales 845,100 $ 869,700 $1,696,900 $1,743,600
--------- ---------- ---------- ----------
Gross Profit 408,600 401,500 805,900 810,500
--------- ---------- ---------- ----------
Operating Expenses 337,700 325,300 665,000 691,900
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Income from
Operations 70,900 76,200 140,900 118,600
Interest and Other
Income 7,900 4,500 14,500 7,100
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Income Before Income
Taxes 78,800 80,700 155,400 125,700
Income Taxes 18,000 20,000 36,000 35,000
--------- ---------- ---------- ----------
Net Income 60,800 $ 60,700 $ 119,400 $ 90,700
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Basic earnings per
common share: .06 $ .06 $ .12 $ .09
Diluted earnings per
common share: .06 $ .06 $ .11 $ .09
Cash dividends
declared per share: -- $ -- $ .07 $ --
Weighted average
number of
outstanding shares:
Basic 976,736 960,541 976,139 960,541
Diluted 1,053,272 1,005,820 1,048,975 997,660