International Isotopes Inc. Announces First Quarter 2010 Financial Results
IDAHO FALLS, Idaho, May 19 /PRNewswire-FirstCall/ — International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ending March 31, 2010.
Revenue for the three-month period ended March 31, 2010, was $1,109,551, as compared to $1,699,670 for the same period in 2009, a decrease of $590,119 or 35%. Gross profit for the three month period ended March 31, 2010 was $375,681, compared to $868,934 for the same period in 2009. This represents a decrease of $493,253, or 57%. This reported decrease in revenue and gross profit is primarily due to a bulk cobalt sale which took place in the period ended March 31, 2009, with no comparable sale for the same period in 2010.
The Company did not record any bulk cobalt sales for the period ended March 31, 2010, but there were $494,661 of bulk cobalt sales during the same period in 2009. These normal fluctuations in bulk cobalt sales can create large variations in period-to-period comparisons. The following table presents a period-to-period comparison of total revenue, as well as a period-to-period comparison of total revenue excluding bulk cobalt sales. By excluding bulk cobalt sales, management believes a comparison of total revenue still provides meaningful information to investors because of the large period-to-period fluctuations in bulk cobalt sales. However, this information has limitations as an analysis tool and you should not consider it in isolation or as a substitute for total revenue. Excluding bulk cobalt sales our total revenues declined approximately 8% for the first quarter of 2010 compared to the same period in 2009.
Three-Month Financial Measure Reconciliation Period ended March 31, Period ended March 31, 2009 2010 Total Revenues $1,699,670 $1,109,551 Bulk Cobalt Products Revenues $494,661 $0 -------------------- -------- --- Total Revenues Excluding Bulk Cobalt Products Revenues $1,205,009 $1,109,551 ------------------------ ---------- ----------
Operating expenses increased to $1,546,411 for the three-month period ended March 31, 2010, compared to $1,440,134 for the same period in 2009. This represents an increase of $106,477, or approximately 7%, and is largely attributable to costs associated with the planning and licensing of the planned depleted uranium de-conversion facility. Salaries and contract labor decreased by $16,973, or approximately 3%, for the three-month period ended March 31, 2010, as compared to the same period in 2009. General administrative costs decreased by $60,276, or approximately 14%, to $371,365 in 2010, as compared to $431,641 in the same period in 2009. Research and development costs increased by $183,726, or approximately 39% for the three months ended March 31, 2010, to $656,165 in 2010, as compared to $472,439 in the same period in 2009. The slight decrease in salaries and contract labor expense is due to staffing adjustments and the decrease in general administrative costs is a result of management’s continued efforts to control costs in this area. The significant increase in research and development expense is almost entirely due to the planning and licensing efforts for the depleted uranium de-conversion facility. These research and development expenses are expected to continue to increase as the uranium de-conversion project progresses.
Our net loss for the three-month period ended March 31, 2010 was $1,264,862, as compared to $587,927 for the same period in 2009. This is an increase in loss of $676,935 and was almost totally attributable to the increases in research and development expense, as well as other costs related to the planned depleted uranium de-conversion and fluorine extraction processing facility.
Steve T. Laflin, President and CEO of International Isotopes Inc. said, “The radiochemical products segment reported a 27% increase in revenue for the first quarter of the 2010 fiscal year, as compared to the same period in 2009. Our nuclear medicine business segment was adversely affected by the supply interruption of some isotope supplies which had a negative effect upon nuclear medicine imaging procedures, and subsequently upon our nuclear medicine calibration products. We expect these conditions to improve over the balance of the year and we anticipate at least two bulk cobalt sales will improve our overall revenue to near prior year levels by year end. We are continuing to make good progress on the uranium de-conversion project licensing and design activities and anticipate starting the selection process for our design and build contractor in the second and third quarters of 2010. We want to continue to reinforce that a substantial amount of work and additional capital will be required to build the depleted uranium processing facility and those investments will continue to impact our top and bottom lines. But I fully believe we are building the foundation for a bigger and better company for our shareholders and our efforts should prove fruitful in the years ahead.”
International Isotopes Inc. Three Months Ended March 31 ------------------------- 2009 2010 Sales of Product $1,699,670 $1,109,551 Gross Profit $868,934 $375,681 Total Operating Expenses $1,440,134 $1,546,611 Operating (Loss) ($571,200) ($1,170,930) Total Other Income (Expense) $(16,727) ($93,932) Net (Loss) ($587,927) ($1,264,862) Net (Loss) Per Common Share ($0.00) ($0.00) basic and diluted Weighted Av. Share Outstanding 288,802,293 293,873,152 basic and diluted
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 the effects of the economic environment, isotope shortage impacts upon our nuclear medicine calibration products, our expectation of improving economic conditions, our forecast of 2010 revenue, and plans and progress on the uranium de-conversion and fluorine extraction processing 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. 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-K for the year ending December 31, 2009. 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: Jim Drewitz Creative Options Communications Investor and Public Relations firstname.lastname@example.org Phone: 830-669-2466
For more information, please visit the Company web site: www.intisoid.com
SOURCE International Isotopes Inc.