International Isotopes Inc. Announces First Quarter 2012 Financial Results
IDAHO FALLS, Idaho, May 15, 2012 /PRNewswire/ — International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ended March 31, 2012.
Revenue for the three-month period ended March 31, 2012 was $1,949,343, as compared to $2,413,315 for the same period in 2011, an overall decrease of approximately 19%. While the Company reported a decline in revenue from all business segments for the period, the net loss for the three-month period ended March 31, 2012 was $590,247, compared to $1,715,012 for the same period in 2011, an improvement of nearly 66%, and is primarily due to the decrease in research and development expense related to the licensing and planning for the proposed de-conversion facility.
Cost of sales decreased to $1,278,603 for the three-month period ended March 31, 2012 from $1,494,278 for the same period in 2011 and was tied directly to the decrease in sales for the same period comparison. Gross profit for the three-month period ended March 31, 2012 was $670,740, compared to $919,037 for the same period in 2011, representing a decrease of approximately 4% in gross profit percentage of revenue.
The Company also reported a decrease in operating expenses for the period. Operating expense decreased to $1,276,935 for the three-month period ended March 31, 2012, from $2,496,886 for the same period in 2011, an overall decrease of approximately 49% which was primarily attributable to capitalizing certain research and development costs related to the planning, and licensing of the proposed de-conversion facility. The Company also noted that salaries and contract labor expense decreased by approximately 19% in the period comparisons as a result of a decrease in the amount of non-cash equity based compensation expense recorded for the three months ended March 31, 2012.
Steve T. Laflin, President and CEO of the Company said, “In spite of the decline in revenue of each business segment during the first quarter, I remain optimistic about overall business performance for the remainder of 2012. While it is unlikely that our revenue totals for 2012 will meet or exceed the levels in 2011, we still expect improving sales and financial performance for the remainder of the year in most segments. We expect to continue to expand upon international sales of our Nuclear Medicine products. We are finishing implementation of a wide range of Current Good Manufacturing Practice (CGMP) corrective actions and initiatives that should improve our marketing efforts of radiochemical products to regain historical sales levels in the segment. We anticipate strong sales in the cobalt products segment for the remainder of 2012 based on current customer commitments. We are seeing an improving trend in the volume of business expected in our Radiological Services segment that should translate into improved revenue in this segment later in the year. And lastly, the small loss reported by our joint venture, TI Services, LLC in the first quarter was the result of a prior year unrecorded expense correction that eliminated what would have otherwise been a small profit for the joint venture in the first quarter. While I expect revenue this year to remain below 2011 levels we expect to be able to continue to control costs and add some new business to help improve the overall margins with several segments for the rest of 2012.”
“We also wish to report the Nuclear Regulatory Commission (NRC) continues to make progress on our license application review for the planned depleted uranium de-conversion and fluorine extraction processing facility. The most recent NRC website update on our license status indicates that the NRC expects to issue the final Safety Evaluation Report by about June 2012, the final Environmental Impact Statement by about September 2012, and issue our construction and 40 year operating license in October 2012. In parallel with this licensing process, work continues on the formal design of the facility. We expect to continue to incur capital costs associated with this project in 2012 based on our ability to raise funds to support it.”
International Isotopes Inc. Three Months Ended March 31, 2012 2011 ---- ---- Sales of Product $1,949,343 $2,413,315 Gross Profit $670,740 $919,037 Total Operating Expenses $1,276,935 $2,496,886 Operating (Loss) ($606,195) ($1,577,849) Total Other Income (Expense) $14,281 ($119,907) Net (Loss) ($590,247) ($1,715,012) Net (Loss) Per Common Share ($0.00) ($0.01) basic and diluted Weighted Av. Share Outstanding 359,477,920 323,199,534 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 business expectations for business performance in 2012, expansion of international sales, the impact of implementing Current Good Manufacturing Practices, customer commitments for future sales, the improving trend expected in the Radiological Services segment, performance of the joint venture TI Services, LLC, improved margins within business segments, the timing and receipt of our Nuclear Regulatory Commission license, and the Company’s ability to raise funds to support that project. 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 ended December 31, 2011. 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 the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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SOURCE International Isotopes Inc