IDAHO FALLS, Idaho, May 15, 2014 /PRNewswire/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the first quarter ended March 31, 2014.
Revenue for the three months ended March 31, 2014 was $1,948,856, as compared to $1,672,789 for the same period in 2013, an overall increase of approximately 17%. Most of the increase in revenue was attributable to the performance of the cobalt products and radiological services segments.
Revenue from the sale of radiochemical products for the three months ended March 31, 2014 was $418,404, compared to $440,020 for the same period in 2013. This represents a decrease in revenue of approximately 5%. Sale of radiochemical products is driven primarily by sales of iodine-131, and during the fourth quarter of 2013, the Company's main supplier experienced a temporary curtailment in production. The Company identified an alternate source of material, however, this interruption had a negative impact on sales that carried over into the beginning of 2014. In April 2014, the Company re-established normal product supplies. In spite of the decline in revenue, the segment reported approximately a 17% increase in net profit for the three months ended March 31, 2014, as compared to the same period in 2013.
Revenue from nuclear medicine products for the three months ended March 31, 2014 was $813,523, compared to $908,266 for the same period in 2013. This represents a decrease in revenue attributable to this segment of approximately 10%. This period-to-period comparison includes sales from TI Services, LLC, a 50/50 joint venture that was formed with RadQual, LLC in December 2010, to distribute products and services for nuclear medicine, nuclear cardiology and Positron Emission Tomography (PET) imaging. TI Services, LLC sales for the three months ended March 31, 2014 declined approximately 21% largely due to the continued drop in sales of paper products used in nuclear medicine imaging. Sales of the other nuclear medicine products in this segment decreased approximately 1% in the period comparison. Net income for this segment for the three months ended March 31, 2014 was $158,976, compared to $165,101 for the same period in 2013, or a reduction of approximately 4%.
Revenue from the sale of cobalt products for the three months ended March 31, 2014 was $541,948, compared to $191,266 for the same period in 2013. This represents an increase in revenue of approximately 183%. This increase in revenue was due to increased sealed source sales. Gross profit for cobalt products for the three months ended March 31, 2014 was $281,016, compared to $78,152 for the same period in 2013 and operating expense decreased by approximately 16%. The net income for cobalt products was $199,765 for the three months ended March 31, 2014, as compared to a net loss of $18,675 for the same period in 2013.
Revenue from radiological services for the three months ended March 31, 2014 was $124,756, compared to $86,537 for the same period in 2013, an increase of approximately 44%. Revenue in this segment is generated by gemstone processing and radiological service consulting work which is performed in conjunction with sealed source sales and expended source disposal services. The majority of the increased revenue within this segment was the result of increased field service activity. Net income for the three months ended March 31, 2014 was $66,975, as compared to $27,897 for the same period in 2013.
Gross profit for the Company for the three months ended March 31, 2014 was $804,428, compared to $579,520 for the same period in 2013. This represents an increase of approximately 38%. The Company's operating expense decreased to $976,527 for the three months ended March 31, 2014, from $1,166,801 for the same period in 2013. The decrease of approximately 16% is the result of overall operating expense reductions through management's continued efforts to reduce discretionary costs where possible and secure beneficial pricing on general operating purchases.
The net loss for the Company for the three months ended March 31, 2014 was $452,205, compared to $668,892, for the same period in 2013. This is a decrease in loss of approximately 32%, and is the result of the increased gross profit percentage as well as the reduction in overall operating costs and expenses; particularly the reduction in research and development expense incurred for the depleted uranium de-conversion project.
Steve T. Laflin, President and CEO of the Company said, "We have been renewing our focus upon our long-standing core business segments. This includes working to improve production efficiencies and to create new business opportunities within those segments. The results of these efforts have been fairly successful and have led to positive cash flow produced by operating activities during the first quarter for the first time in the Company's operating history. While there can be no assurance that this positive cash flow from operations will continue, the Company will work towards that goal and towards continuing to improve revenue performance in all of our current business segments."
International Isotopes Inc.
Three Months Ended March 31st
Sales of Product
Total Operating Expenses
Total Other Income (Expense)
Net (Loss) Per Common Share
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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 improvements in production efficiencies and revenue performance, the creation of new business opportunities, and continued positive cash flow. 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, 2013. 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