Nine-Months Revenue Increases 23% Compared to 2007; Gross Profit Percentage
Increases from 45% to 50% of Revenue
IDAHO FALLS, Idaho, Nov. 11 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the third quarter and nine-months ending September 30, 2008.
Revenue for the three and nine-month period ended September 30, 2008, was $1,245,164 and $4,429,144 respectively as compared to $1,486,112 and $3,592,049 for the same periods in 2007, a decrease of $240,948, or 16%, for the three-month period and an increase of $837,095, or 23%, for the nine-month period. The increase in total revenue for the nine-month period was attributable to strong performance in cobalt and radiochemical product business segments. The decline in revenue for the three-month period was attributable to normal variations in the sale of bulk cobalt for the period comparisons. Since the timing of large bulk cobalt product sales during the course of the calendar year has a significant impact upon period comparisons, the Company believes excluding sales of bulk cobalt product from the period comparisons of revenue provides useful information to investors.
Excluding bulk cobalt sales, revenue for the three-month period ended
September 30, 2008 was $1,245,164 as compared to $1,038,835 for the same
period in 2007, which represents an increase of 20%. Excluding bulk cobalt
product sales, revenue for the nine-month period ended September 30, 2008
was $3,940,888 as compared to $3,144,773 for the same period in 2007, which
represents an increase of 25%. Please refer to the following tables for a
further analysis of this measure:
Three-Month Financial Measure Reconciliation
Period Ended Period Ended
Sept. 30, 2008 Sept. 30, 2007
Total Revenue $1,245,164 $1,486,112
Bulk Cobalt Products Revenue $0 $447,277
Total Revenue Excluding Bulk Cobalt
Products Revenue $1,245,164 $1,038,835
Nine-Month Financial Measure Reconciliation
Period Ended Period Ended
Sept. 30, 2008 Sept. 30, 2007
Total Revenue $4,429,144 $3,592,049
Bulk Cobalt Products Revenue $488,256 $447,276
Total Revenue Excluding Bulk Cobalt
Products Revenue $3,940,888 $3,144,773
Revenue from the sale of radiochemical products for the three-month period ending September 30, 2008, was $348,968 compared to $248,228 for the same period in 2007. Revenue from the sale of radiochemical products for the nine-month period ending September 30, 2008, was $1,017,366 compared to $758,235 for the same period in 2007. These represent increases in revenue of $100,740, or about 40%, and $259,131, or about 34% for the three and nine-month periods respectively. Increases in the segment performance are attributable to increased sales of radiochemical iodine-131.
Revenue from nuclear medicine products for the three-month period ending September 30, 2008 was $487,640 compared to $466,435 for the same period in 2007. Revenue from the sale of nuclear medicine products for the nine-month period ending September 30, 2008, was $1,399,338 compared to $1,386,213 for the same period in 2007. This represents an increase in income of $21,205, or about 4%, and an increase in income of $13,125, or 1%, respectively.
Revenue from radiological services segment for the three-month period ending September 30, 2008, was $115,262 compared to $136,978 for the same period in 2007; a decrease of $21,716 or 16%. Revenue from radiological services segment for the nine-month period ending September 30, 2008, was $527,532 compared to $503,877 for the same period in 2007. This represents an increase in revenue of $23,655 or approximately a 5% increase. The fluctuations in revenue from this segment were attributable to typical variations in the volume of gemstone processing.
Gross profit for the three and nine-month periods ended September 30, 2008, was $597,282 and $2,246,355 compared to $689,849 and $1,618,879 for the same periods in 2007. This represents a decrease of $92,567 or 13% and an increase of $627,476 or 39%, for the three and nine month periods respectively. However, gross profit as a percentage of revenue grew from 46% to 48% for the three-month period and from 45% to 50% for the nine-month period comparisons. The Company reported the improvement in gross profit percentage was the result of improvements in production costs and production efficiencies.
Operating expenses increased to $1,324,266 and $3,647,443 for the three and nine-month period ended September 30, 2008, compared to $970,115 and $2,756,052 for the same periods of 2007. This represents an increase of $354,151 or 36%, and $891,391 or 32%, for the three and nine-month periods respectively. The Company reports operating costs have increased in the period comparisons due to increased salaries, contract labor, and legal expense related to engineering design, licensing, addition of full time staff, subcontractors, and legal counsel necessary to support continued growth of the fluorine products division. This includes pilot plant demonstrations and efforts related to equipment acquisition, raising capital, and protecting newly developed intellectual property.
The Company's net loss for the three and nine-month periods ended September 30, 2008 was $739,161 and $1,451,815 compared to a loss of $276,287 and $1,146,281 for the same periods in 2007. This increase in loss was attributable to increases in operating costs related to the support and continued growth of the fluorine products.
Steve T. Laflin, President and CEO of International Isotopes Inc. said,
"We believe that continued growth in our current business segments will
continue to improve revenue and cash flow for the Company. However, the
Company will also continue to invest in development of the fluorine
extraction process technology as well as design and licensing of a larger
scale uranium de-conversion and fluorine extraction facility. While we
expect to generate sufficient cash flows from the existing business
segments to meet operational needs during 2008, there is no assurance these
cash flows will occur. In addition, we will require additional capital to
support ongoing efforts to expand our business to include the envisioned
large scale uranium de-conversion processing and fluorine extraction plant.
Site studies as well as initial design and licensing activities for that
new facility are proceeding on schedule and will continue through the
remainder of 2008. Certainly our engineering design and licensing
activities will continue into 2009. These efforts are important to the
strategic direction the Company is taking to position ourselves as the only
major commercial provider of uranium processing and fluorine extraction in
International Isotopes Inc.
Three Months Ended Nine Months Ended
Sept. 30 June 30
2007 2008 2007 2008
Sales $1,486,112 $1,245,164 $3,592,049 $4,429,144
Gross Profit $689,849 $597,282 $1,618,879 $2,246,355
Total Operating Expense $970,115 $1,324,266 $2,756,052 $3,647,443
Operating (Loss) ($280,266) ($726,984) ($1,137,173) ($1,401,088)
Other Income (Expense) $3,979 ($12,177) ($9,108) ($50,727)
Net (Loss) ($276,287) ($739,161) ($1,146,281) ($1,451,815)
Net (Loss) Per Common
Share ($0.00) ($0.00) ($0.00) ($0.00)
Weighted Ave. Shares
247,646,540 280,402,224 235,378,328 273,051,820
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 statements with respect to expected continued improvement in financial performance, cash from operations, and the Company's goals with respect to constructing a depleted uranium de-conversion processing and fluorine extraction facility. 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. For example, the Company may not be successful in pursuing its strategy with respect to the fluorine extraction process and uranium de-conversion. 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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