International Isotopes Inc. Announces First Quarter 2011 Financial Results
IDAHO FALLS, Idaho, May 19, 2011 /PRNewswire/ — International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ending March 31, 2011.
The Company will also be hosting shareholder conference call to discuss quarterly financials, provide an update on their general business status, and discuss its ongoing plans for the depleted uranium de-conversion project.
What: International Isotopes Inc. First Quarter 2011 Financial Results Conference Call
When: Monday, May 23, 2011 – 10:00AM Central Time
How: Live via phone by dialing 800-624-7038. Code: International Isotopes. Participants to the conference call should call in at least 5 minutes prior to the start time. For those who cannot attend the call, an audio replay with be archived on the Company’s web site www.internationalisotopes.com on Tuesday, May 24, 2011.
Revenue for the three-month period ended March 31, 2011, was $2,413,315, as compared to $1,109,551 for the same period in 2010, an overall increase of $1,303,764, or approximately 118%. All business segments reported increases in revenue for the period with the exception of the Radiochemical Products segment which reported a slight decrease in revenue of $2,740, or less than one percent. In December 2010, the Company entered into a 50/50 joint venture with RadQual, LLC and formed TI Services, LLC. Total revenue generated by TI Services, LLC for the quarter ended March 31 2011 was $831,757 and is being reported on a consolidated basis with all other business segment revenue and accounts for a significant amount of the revenue increase in the period comparison.
Gross Profit for the three-month period ended March 31, 2011 was $919,037, compared to $375,681, for the same period in 2010. This represents an increase of $543,356, or approximately 145%. The increase in gross profit is due to the significant increase in total sales coupled with an overall decrease in cost of sales. Gross profit includes TI Services, LLC revenues in the amount of $831,757 and TI Services, LLC cost of sales in the amount of $658,620. The total cost of product materials, as a percentage of revenues dropped from 66% in 2010 to 62% in 2011.
Operating Expenses increased to $2,496,886 for the three-month period ended March 31, 2011 compared to $1,546,611 for the same period in 2010, and includes $138,624 of operating expense attributable to TI Services, LLC. This represents an increase of $950,275 or approximately 61%. The increase in operating costs and expenses is directly attributable to research and development expenses associated with the planning and licensing of the planned depleted uranium de-conversion facility. Research and development costs increased by $751,546, or approximately 115%, for the three months ended March 31, 2011 as compared to same period in 2010.
Net Loss for the three-month period ended March 31, 2011, was $1,715,012, as compared to $1,264,862 for the same period in 2010. This is an increase in loss of $432,894, or approximately 34%, and was largely attributable to the increases in research and development related to the planned depleted uranium de-conversion and fluorine extraction processing facility.
Steve T. Laflin, President and CEO of International Isotopes Inc. said, “Nearly all of our core business segments displayed robust growth during the period as the result of our marketing and sales efforts as well as some improvement in the economic environment. The single most significant contributor to our revenue increase this year is, attributable to our new joint venture, TI Services, LLC which we formed with our partner RadQual, LLC at the end of 2010. TI Services, LLC has really jumped off to a great start this year and its excellent performance is a credit to the hard work of the outstanding team of TI Services’ employees. In our other major business area we continue to make good progress on the uranium de-conversion project licensing activities and anticipate receipt of the Nuclear Regulatory Commission (NRC) license sometime late in 2011 or early 2012. Also, this year we continue to discuss additional production supply contracts, collaborative arrangements with customers, and additional financing methods for the project and our various fluoride products. We remain confident in the business model for this project and our ability to see this effort to completion.”
International Isotopes Inc. Three Months Ended March 31 --------------------------- 2011 2010 Sales of Product $2,413,315 $1,109,551 Gross Profit $919,037 $375,681 Total Operating Expenses $2,496,886 $1,546,611 Operating (Loss) ($1,577,849) ($1,170,930) Total Other Income (Expense) $(119,907) ($93,932) Net (Loss) ($1,715,012) ($1,264,862) Net (Loss) Per Common Share basic and diluted ($0.01) ($0.00) Weighted Av. Share Outstanding basic and diluted 323,199,534 293,873,152
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 continued growth of the Company’s business segments, expected improvements in the economic environment, continued performance of TI Services, LLC, continued progress on the uranium de-conversion project, anticipate of the receipt of the Nuclear Regulatory Commission (NRC) license for the facility, the Company’s business model, additional production supply contracts or collaborative arrangements with customers, and the Company’s ability to secure additional financing for the Uranium De-Conversion project and our various Fluoride Products. 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, 2010. 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.
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SOURCE International Isotopes Inc.