Revenue from the radiological services segment for the three months ended March 31, 2013 was $86,537, compared to $25,290 for the same period in 2012. This represents an increase of approximately 242% and is the result of increased volumes of gemstone processing and the start of certain field service activities including efforts to support recovery of disused sources under the Department of Energy's Orphan Source Recovery Program and installation or removal of certain cobalt therapy units.
The Company expects a significant increase in the revenue from field service activities for the remainder of this year.
Gross profit for the three months ended March 31, 2013 was $579,520, compared to $670,740 for the same period in 2012. This represents a decrease of approximately 14%. Operating expense decreased to $1,166,801 for the three months ended March 31, 2013, from $1,276,935 for the same period in 2012, a decrease of approximately 9%. The decrease in operating expense was attributable to small reductions in salary and contract labor, general administrative, and research and development costs.
The net loss for the three months ended March 31, 2013 was $668,892, compared to $590,247 for the same period in 2012. This is an increase in loss of approximately 13%. The increase in net loss for the period is due primarily to increased interest expense associated with the convertible debenture the Company entered into in July 2012.
SOURCE International Isotopes Inc
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