BOHEMIA, N.Y., Sept. 29, 2014 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), reported a net loss of $75,300 ($.05 loss per basic share) on net sales of $6,793,200, for the fiscal year ended June 30, 2014, compared to net income of $396,400 ($.30 earnings per basic share) on net sales of $7,134,500 for the fiscal year ended June 30, 2013.
The Company's results for the year were impacted by decreased sales of its catalyst research instruments and Genie® brand products, coupled with increased costs and expenses related to the recent acquisition of the Torbal balances business.
Ms. Helena R. Santos, President and Chief Executive Officer, remarked that while the fiscal 2014 results were lackluster, she noted that the Company is poised for a prosperous fiscal 2015 based on its current backlog of catalyst research instrument orders of $1,042,000 and new products to be released.
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."