IRIS International, Inc. Reports Record First Quarter Revenue Bolstered by Strong Recurring Consumables and Service Revenue

CHATSWORTH, Calif., May 4, 2011 (GLOBE NEWSWIRE) -- IRIS International, Inc. (Nasdaq:IRIS), today announced record revenue of $26.9 million for the first quarter ended March 31, 2011, a 4% increase from revenue of $26.0 million in the prior year first quarter. Net income for the first quarter of 2011 was $523,000, or $0.03 per diluted share, which includes the net dilutive impact from Arista Molecular ("Arista") of $1.0 million or $0.05 per diluted share. The Arista results benefited from a one-time gain of $1.2 million, or $0.07 per share, resulting from the revaluation of contingent consideration related to the acquisition of Arista. This compares with net income of $1.0 million, or $0.06 per diluted share, in the first quarter of 2010, which preceded the acquisition of Arista. Diluted weighted average shares outstanding for the three months ended March 31, 2011 and 2010, were 17.8 million and 18.0 million, respectively.