BOHEMIA, N.Y., Feb. 16, 2010 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND) reported increases in net income and net sales for both the three and six month periods ended December 31, 2009 compared with those of the same periods of the prior fiscal year. Net income increased by $39,300 to $159,300 ($.13 per basic share) from $120,000 ($.10 per basic share) for the three month periods and by $161,000 to $202,800 ($.17 per basic share) from $41,800 ($.04 per basic share) for the six month periods. Net sales increased by $72,400 (4.1%) to $1,827,500 for the three month comparative periods and by $344,100 (12.6%) to $3,071,500 for the six month comparative periods.
The increases in the Company's net income for the second quarter compared to the prior year's same quarter was principally due to increased sales and gross margins generated by the Benchtop Laboratory Equipment Operations, while the increase in the net income for the current six month period compared to the prior year's same period was primarily due to increased sales and gross margins of the Benchtop Laboratory Equipment Operations and the Catalyst Research Instruments Operations' higher sales and gross margins and a reduction in operating expenses. As of December 31, 2009, the order backlog for catalyst research instruments was $1.2 million, substantially all of which is expected to be shipped by end of fiscal year 2010.
Ms. Helena R. Santos, CEO, stated that she was pleased that despite the general economic downturn during the year, the Company has been able to continue to improve its revenues, and especially its profits. She remained hopeful for the last half of fiscal year 2010 noting the results obtained by the recent expansion of the sales staff of the Benchtop Laboratory Equipment Operations and the significant order backlog of the Catalyst Research Operations.
About Scientific Industries
Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-Genie(R)2 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."