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."
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International Isotopes Inc.
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Three
Months Ended March 31,
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2012
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2011
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Sales of
Product
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$1,949,343
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$2,413,315
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Gross
Profit
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$670,740
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$919,037
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Total
Operating Expenses
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$1,276,935
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$2,496,886
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Operating
(Loss)
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($606,195)
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($1,577,849)
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Total
Other Income (Expense)
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$14,281
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($119,907)
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Net
(Loss)
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($590,247)
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($1,715,012)
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Net (Loss)
Per Common Share
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($0.00)
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($0.01)
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basic and
diluted
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Weighted
Av. Share Outstanding
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359,477,920
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323,199,534
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basic and
diluted
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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.
FOR MORE INFORMATION CONTACT:
Jim Drewitz
Creative Options Communications
Investor and Public Relations
jim@jdcreativeoptions.com
Phone: 830-669-2466
For more information, please visit the Company web site:
www.internationalisotopes.com
SOURCE International Isotopes Inc