Revenue Increase 30% to $ 1.6 Million - Continued Increases In Nearly All Business Segments
IDAHO FALLS, Idaho, May 19 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ending March 31, 2009.
Revenue for the three-month period ended March 31, 2009, were $1,699,670 as compared to $1,307,938 for the same period in 2008, an increase of $391,732, or 30%. The increase in total revenue for the three-month period was attributable to strong performance in cobalt, nuclear medicine, and radiochemical product business segments. Since the timing of large bulk cobalt product sales during the course of the calendar year has a significant impact upon period comparisons, management believes that excluding sales of bulk cobalt product from the period comparisons of revenues provides useful information to investors.
Excluding bulk cobalt sales, revenue for the three-month period ended March 31, 2009, were $1,205,009 as compared to $1,307,938 in 2008, which represents a decrease of 7.9%. Please refer to the following tables for a further analysis of this measure:
Three-Month Financial Measure Reconciliation Period ended March 31, 2009 Period ended March 31, 2008 Total Revenues $1,699,670 $1,307,938 Bulk Cobalt Products Revenues $494,661 $0 Total Revenues Excluding Bulk Cobalt Products Revenues $1,205,009 $1,307,938
Revenue from the sale of radiochemical products for the three-month period ending March 31, 2009, were $348,771 compared to $318,408 for the same period in 2008. This represents an increase in revenue of $30,363, or about 10%. Increases in the segment performance are attributable to increased sales of the radiochemical iodine. Revenue from nuclear medicine products for the three-month period ending March 31, 2009 were $488,986 compared to $447,410 for the same period in 2008 - an increase of $41,576, or about 9%. Revenue from radiological services segment for the three-month period ending March 31, 2009, were $80,353 compared to $245,722 for the same period in 2008; a decrease of $165,369 or 67%. The decline in this segment's revenue was largely attributable to a decline in the volume of gemstone processing. Current economic conditions are having a negative impact upon the gemstone industry which directly affects this segments performance.
Gross profit for the three-month period ended March 31, 2009, was $868,934 compared to $698,402 for the same period in 2008 - an increase of $170,532 or 24%. Operating expenses increased to $1,440,134 for the three-month period ended March 31, 2009, compared to $1,145,507 for the same period of 2008 - an increase of $294,627 or 26%. Operating costs have increased in the period comparisons due to increased general administrative and consultant expense related to engineering design, and licensing efforts to support the planned depleted uranium de-conversion and fluorine extraction process facility. This includes fluorine extraction pilot plant demonstrations, efforts related to raising additional capital, and the consulting services of our subcontractor, Advanced Process Technology Services (APTS). We also realized a significant increase in stock based compensation expense. Salaries and contract labor expenses for the three-month period ended March 31, 2009 were $536,054 as compared to $512,612 for the same period of 2008. General administrative expenses totaled $898,645 for the three-month period ended March 31, 2009 as compared to $617,167 for the same period of 2008.
Our net loss for the three-month period ended March 31, 2009 was $587,927 compared to a loss of $465,944 for the same period in 2008. This is an increase in loss of $121,983 or 26%, and was attributable to increases in general administrative and consultant costs related to the support and continued development of the license application and plant design of the planned depleted uranium de-conversion and fluorine extraction processing facility.
Steve T. Laflin, President and CEO of International Isotopes Inc. said, "In spite of a difficult economic environment, I am proud of our execution and continued improvement in our critical areas of business. Most of our core business segments continue to demonstrate positive growth as the result of better market penetration and capitalizing upon market opportunities. As we navigate through the balance of 2009, we will continue to experience losses in the coming year due to our planned commitment to design, license, and construction of the first commercial depleted uranium de-conversion and fluorine extraction facility in the U.S. We believe this is time and money well spent and presents a significant opportunity for our future growth and long-term, positive shareholder returns."
International Isotopes Inc. Three Months Ended March 31 2009 2008 Sales of Product $1,699,670 $1,307,938 Gross Profit $868,934 $698,402 Total Operating Expenses $1,440,314 $1,145,507 Operating (Loss) ($571,200) ($447,105) Total Other Income (Expense) $(16,727) ($18,839) Net (Loss) ($587,927) ($465,944) Net (Loss) Per Common Share basic and diluted ($0.00) ($ 0.00) Weighted Av. Share Outstanding basic and diluted 288,802,293 262,570,892
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 statements with respect to improving market penetration, capitalizing upon market opportunities, expected future losses, plans to construct a commercial depleted uranium de-conversion facility, future growth opportunities, and the prospect of positive shareholder returns. 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 www.sec.gov, including our annual report on Form 10-KSB for the year ending December 31, 2008. 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 (208) 524-5300
|SOURCE International Isotopes Inc.|
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