Scientific Industries Confirms Significant Increase in Net Earnings for Interim Periods


BOHEMIA, N.Y., May 17, 2004 (PRIMEZONE) -- Scientific Industries, Inc. (OTCBB:SCND) today confirmed its previously announced estimate of significantly higher net income and revenues for the three and nine month periods ended March 31, 2004 compared to the same periods last year. Net income increased to $48,600 ($.05 per share) and $139,300 ($.14 per share) for its three and nine month periods ended March 31, 2004, respectively, compared to $23,800 ($.02 per share) and $23,500 ($.02 per share) for the year earlier periods.

Revenues were $856,900 and $2,600,500 for the three and nine month periods ended March 31, 2004, respectively, representing increases of 8% and 5% over revenues of $792,600 and $2,476,600 for the same periods last year.

Helena Santos, President and CEO of the Company said "The growing success of the Company's financial performance evidenced by these results is due in large measure to the Company's expanded marketing efforts, new product development, and effective cost cutting measures."

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


                                                    March 31, 2004
                                                    --------------
                        ASSETS
 Current Assets                                       $2,084,800
 Property and Equipment, Net                             155,700
 Deferred Taxes                                          113,600
 Other Assets and Deferred Charges                        78,300
                                                      ----------
     Total Assets                                     $2,432,400
                                                      ==========

          LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities                                  $  301,000
 Deferred Compensation                                    34,700
 Shareholders' Equity                                  2,096,700
                                                      ----------
     Total Shareholders' Equity & Liabilities         $2,432,400
                                                      ==========


                      SCIENTIFIC INDUSTRIES, INC.
         UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME


                      For the Three Month       For the Nine Month
                         Periods Ended             Periods Ended
                            March  31,                March 31,
                     -----------------------   -----------------------
                        2004         2003         2004         2003
                     ----------   ----------   ----------   ----------

 Net Sales           $  856,900   $  792,600   $2,600,500   $2,476,600
                     ----------   ----------   ----------   ----------

 Gross Profit           401,800      320,700    1,220,600    1,007,600
                     ----------   ----------   ----------   ----------

 Operating Expenses     333,800      293,100    1,034,000      984,800
                     ----------   ----------   ----------   ----------
 Income from
  Operations             68,000       27,600      186,600       22,800
 Interest and Other
  Income                  5,600        2,600       12,700        7,100
                     ----------   ----------   ----------   ----------
 Income Before Income
  Taxes                  73,600       30,200      199,300       29,900

 Income Taxes            25,000        6,400       60,000        6,400
                     ----------   ----------   ----------   ----------
 Net Income          $   48,600   $   23,800   $  139,300   $   23,500
                     ==========   ==========   ==========   ==========
 Net Income per
  common share
  - basic:           $      .05   $      .02   $      .14   $      .02

 Net Income per
  common share
  - diluted:         $      .05   $      .02   $      .14   $      .02

 Weighted average
  number of
  outstanding shares:
   Basic                964,398      957,474      961,817      954,180
   Diluted            1,037,074      990,250    1,010,788      996,045

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