Company Shows A 5% Increase In Total Revenue To $4.7 Million
IDAHO FALLS, Idaho, March 28 /PRNewswire-FirstCall/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces the financial results for fiscal year ended December 31, 2007.
Total revenue in 2007 was $4,690,588 compared to $4,469,538 in 2006,
which represents an increase of $221,050 or 5%. The overall increase in
revenue was affected to a great extent by an 11% reduction in Cobalt
product revenue in 2007 compared to 2006 that was due primarily to normal
cyclical fluctuations in bulk cobalt sales. These fluctuations cause large
variations in the revenue that impacts period to period comparisons.
Excluding cobalt product sales, revenue for the year ended December 31,
2007 was $3,625,861 as compared to $3,277,514 for the same period in 2006,
which represents an increase of $348,347 or 11%. Because of the significant
impact of the timing of cobalt product sales, management believes excluding
sales of cobalt products from the period comparisons of revenue provides
useful information to investors and may provide a more accurate projection
of our actual revenue growth trends. Please refer to the tables below for a
further analysis of this measure and a year to year comparison of the
individual business segments.
Business Segment Area 2006 2007 Percent Change
Nuclear Medicine Products $1,684,727 $1,819,049 8%
Radiochemical Products $844,014 $1,062,477 26%
Cobalt Products $1,192,024 $1,064,727 (11%)
Radiological Services $641,411 $590,160 (8%)
Total Revenue $4,469,538 $4,690,588 5%
Total Revenue Excluding
Cobalt Products $3,277,514 $3,625,861 11%
Cost of revenue for 2007, was $2,660,781 compared to $2,462,715 in 2006, an increase of $198,066 or 8%. Gross profit for 2007, was $2,029,807 or 43% as compared to $2,006,823 or 45% in 2006. The increase in cost of goods sold was attributable to the rapidly escalating price of lead, increased manufacturing costs due some changes in manufacturing processes, and increases in oil prices which have impacted packaging product materials. We have several measures in place to compensate for these increased expenses in the coming year.
Total operating costs and expenses for 2007, were $3,645,549 as compared to $2,871,295 in 2006, an increase of $774,254 or 27%. The increase was equally attributable to four contributing factors namely, FEP production supplies and equipment depreciation; wages attributable to the cost of stock options; increased legal and auditing services related to our private placement as well as other corporate actions, and costs associated with the Phase I research and development grant from the National Science Foundation.
Net Loss was $1,719,055 in 2007 compared to a net loss of $1,037,312 in 2006. The $681,743 increase in net loss was attributable to the factors discussed above.
Steve Laflin, President and CEO said, "We made several significant
advances in our business in 2007. The following is a list of some of the
more significant accomplishments.
-- "We increased revenues in our major business segments and continued to
diversify our customer base.
-- "We completed a private placement with Firebird Global Master Fund II,
Ltd. affiliated with New York-based Firebird Management LLC, which has
made considerable investments in the areas of uranium, fluorine, and
germanium. This investment provides us with a stronger financial
platform from which we can further develop our products and future
business potential associated with FEP.
-- "We acquired a 6% ownership position in RadQual, a major customer that
represents sales totaling 58% of our gross revenue in 2007. This
purchase agreement provides us with an option to acquire up to a total
of 20% in RadQual through December 31, 2008. This purchase agreement
is our first step towards acquiring even greater control of our
contract manufacturing future in the Nuclear Medicine products segment.
-- "We have continued to add new cobalt products, including a several
models of sealed source capsules, and expanded sales agreements with
new international customers.
-- "We were awarded several contracts by the Department of Energy to
assist with efforts related to the Orphan Source Recovery Project for
on site recovery and packaging of orphaned radioactive materials.
-- "We received a grant to complete Phase I research into use of germanium
tetrafluoride as a fluorinating agent for production of hydro
fluorocarbon from the National Science Foundation.
-- "We entered into an agreement with Alpha Omega Services to become its
exclusive worldwide distributor of its new family of type B radioactive
-- "We were recognized by the Occupational Safety and Health
Administration (OSHA), through their Safety and Health Award
Recognition Program (SHARP), as just the seventh business in Idaho, and
a select few nationwide, to have demonstrated an exemplary safety and
health management program and flawless worker safety record.
-- "We expanded our management team to include a new Chief Financial
Officer to support the continued growth of our existing business and
expansion into new business areas," concluded Steve Laflin
Laflin also identified the following goals and objectives for the
Company in 2008 based upon the investments made in the Company's production
facilities and the expanded products developed during 2007:
-- To begin commercial production and sale of germanium tetrafluoride
using our FEP gas production plant and explore larger scale production
of other FEP gasses such as silicon tetrafluoride or boron trifluoride.
-- To pursue additional opportunities for various source recovery and
recycle programs expected to be funded through the federal government
and to which we are uniquely suited to provide services.
-- Continue to advertise and promote the use of International Isotopes
Transportation Services (IITS) and increase our revenues from
Transportation Services to commercial customers.
-- To continue to expand our customer base, increase revenues in every
business segment, continue to reduce production and operating costs,
and attempt to achieve profitability.
International Isotopes Inc.
Year Ended Dec. 31
2006 2007 Change $'s Change %
Sales of Products $4,469,538 $ 4,690,588 $221,050 5%
Gross Profit $2,006,823 $2,029,807 $22,984 1%
Expense $2,871,295 $3,645,549 $774,254 27%
Before Other Expense ($864,472) ($1,615,742) $751,270 87%
Other Expense ($172,840) (103,313) $69,527 (41%)
Net Loss ($1,037,312) ($1,719,055) ($681,743) (65%)
Net (Loss) Per
Common Share ($0.00) ($0.01)
Weighted Ave. Sh.
Outstanding 211,984,394 238,939,638
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; increasing our revenues; decreasing our operating expenses; realizing revenues from our FEP segment, and expanding our customer base. 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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