Revenue Increase 45% to $ 1.3 Million - Increases in Nearly All Business
IDAHO FALLS, Idaho, May 12 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ending March 31, 2008.
REVENUE: Revenue for the three-month period ended March 31, 2008 was $1,307,938 as compared to $902,632 for the same period in 2007, an increase of $405,306 or approximately 45%. The increase in total revenue was attributable to especially strong performance in cobalt products, radiochemical products, and radiological services business segments.
Revenue from the sale of cobalt products for the three-month period ending March 31, 2008 was $270,528 compared to $39,025 for the same period in 2007. This represents nearly a six fold increase in revenue in the segment and is attributable to increased sales of sealed cobalt sources and teletherapy capsules to numerous customers.
Revenue from the sale of radiochemical products for the three-month period ending March 31, 2008 was $318,408 compared to $225,914 for the same period in 2007. This represents an increase in revenue of $92,495 or nearly 41% and is attributable to increased sales of radiochemical iodine-131.
Revenue from the radiological services segment for the three-month period ending March 31, 2008 was $245,722 compared to $147,609 for the same period in 2007. This represents an increase in revenue of $98,113 or approximately a 66% and is primarily attributable to increased volumes of gemstone processing that have resulted following resolution of the regulatory issues that had limited revenues in this segment during 2007.
GROSS PROFIT: Gross profit for the three-month period ended March 31, 2008 was $698,402 (or 53% of revenue) compared to $373,613 (or 41% of revenue) for the same period in 2007. Operating expenses for the period were $1,145,507 for the three-month period ended March 31, 2008 compared to $920,825 for the same period of 2007. Although operating expense increased by $224,682, or 24%, in the period comparisons, it is important to note that when compared to revenue, operating expense actually declined as a percentage of revenue, from 102% of revenue for the three-month period ended December 31, 2007, to approximately 88% of revenue for the same period in 2008. The most significant factor in the increased operating expense was attributable to an increase in contract labor expense, and cost of stock option benefits during the period. Salaries and contract labor expenses totaled $512,612 for the three-month period ended March 31, 2008, as compared to $336,262 for the same period of 2007, an increase of $176,350 or 52% and primarily attributable to accounting methods of costing stock options. General and administrative (G&A) expense, for the three-month period ended March 31, 2008, were $617,167 as compared to $575,705 for the same period of 2007, an increase of $41,462 or 7%, and was attributable to small increases in salaries and additions to administrative staff.
NET LOSS: The Company's reported loss for the three-month period ended March 31, 2008 was $465,944, compared to a loss of $518,546 for the same period in 2007. This represents a decrease in loss of $52,608 for the periods in comparison. The major elements responsible for this decreased loss was increased revenue in the three major segments discussed above and the reduction in costs of goods sold that has resulted in improved gross profit performance, and reductions in operating costs as compared to the percentage of total revenue for the period.
Steve T. Laflin, President and CEO of International Isotopes Inc. said,
"Most of our core business segments continue to demonstrate positive growth
as the result of better market penetration and capitalizing upon market
opportunities. The reduction in operating expense as compared to revenue is
the result of increased efficiencies in operations. During this first
quarter, the Company also continued to incur significant legal expenses for
protection of intellectual property. I believe the results of this quarter
are indicative of the positive trend in financial performance I expect to
see for the remainder of the year. I am encouraged by these financial
results and look forward to the remainder of the 2008. Company wide, to a
person, we are dedicated to improving shareholder value."
International Isotopes Inc.
Three Months Ended March 31
Sales of Product $ 902,632 $1,307,938
Gross Profit $ 373,613 $698,402
Total Operating Expenses $920,825 $1,145,507
Operating (Loss) ($547,212) ($447,105)
Total Other Income (Expense) $28,666 ($18,839)
Net (Loss) ($518,546) ($465,944)
Net (Loss) Per Common Share
basic and diluted ($0.00) ($ 0.00)
Weighted Av. Share
and diluted 219,552,696 262,570,892
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a variety of cobalt-60 products such as teletherapy sources. The Company also provides a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications and provides a host of analytical, measurement, recycling, and processing services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including the statement with respect to improving our financial performance and decreasing our operating expenses. Information contained in such forward-looking statements is based on current expectations and is subject to change. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of International Isotopes, Inc. to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Other factors, which could materially affect such forward-looking statements, can be found in International Isotopes, Inc.'s filings with the Securities and Exchange Commission at http://www.sec.gov, including our annual report on Form 10-KSB for the year ending December 31, 2007. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and International Isotopes, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
For More Information, Contact:
Steve Laflin, President and CEO
|SOURCE International Isotopes Inc.|
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