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Scientific Industries Reports Results for Quarter

Nov 14, 2017

OTC Disclosure & News Service

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BOHEMIA, NY / ACCESSWIRE / November 14, 2017 / Scientific Industries, Inc. (OTCQB: SCND). For the three months ended September 30, 2017, the Company reported a net loss of $232,600 ($.16 loss per basic share) on net sales of $1,280,800, compared to a net loss of $48,800 ($.03 loss per basic share) on net sales of $1,559,100 for the three months ended September 30, 2016.

During the same period, revenues decreased by $278,300. The decrease in revenues was primarily a result of $257,400 and $48,800 decreases in benchtop laboratory equipment and catalyst research instrument sales, respectively, partially offset by an increase in bioprocessing revenues of $27,900. The results for the three months ended September 30, 2017 were also negatively impacted by lower gross margins due to fixed overhead costs and materials.

The backlog for catalyst research instruments at the end the current year quarter was approximately $323,900 compared to $1,167,000 at the end of last year's same quarter. The Company expects to ship the current backlog during fiscal year 2018.

About Scientific Industries

Scientific Industries designs, manufactures, and markets a variety of laboratory equipment, including the world-renowned Vortex-GenieÒ 2 Mixer and balances; produces and sells customized catalyst research instruments and the research, development, and production of bioprocessing systems and methods. Scientific Industries' products are generally used and designed for research purposes in laboratories of universities, hospitals, pharmaceutical companies, chemical companies, and medical device manufacturers.

"Statements made in this press release that relate to future events, performance or financial results of the Company are forward-looking statements which involve uncertainties that could cause actual events, performance or results to materially differ. The Company undertakes no obligation to update any of these statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Accordingly, any forward-looking statement should be read in conjunction with the additional information about risks and uncertainties set forth in the Company's Securities and Exchange Commission reports, including our annual report on Form 10-K."

CONTACT:

888-850-6208
hsantos@scientificindustries.com

SOURCE: Scientific Industries

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