IDAHO FALLS, Idaho, April 1 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces the financial results for fiscal year ended December 31, 2009.
Cobalt Products
For 2009, Cobalt Product sales (which includes bulk cobalt sales) accounted for approximately 36% of total revenue, as compared to 29% in 2008. In 2009, bulk cobalt sales account for approximately 44% of total Cobalt Product sales. Fluctuations in bulk cobalt sales can create large variations in period to period comparisons. The following table presents a year to year comparison of total revenue by segment, as well as a year to year comparison, of total revenue including and excluding bulk cobalt sales. We believe the total revenue excluding bulk cobalt sales provides meaningful information to investors because of the large period-to-period fluctuations in bulk cobalt sales. However, this information has limitations as an analytical tool and you should not consider it in isolation or as a substitute for total revenue including bulk cobalt sales.
During 2009, the Company recorded a significant write-down in cobalt inventory. This write-down totaled $740,719 and was incurred due to removing numerous targets from continued irradiation in the U.S. Department of Energy's reactor because of their level of activity. This adjustment is unusual with regard to the amount of material removed from production, is not indicative of anticipated future trends, and does not represent a reduction in planned cobalt production volumes in the future.
Nuclear Medicine Standards
Sales of nuclear medicine standards accounted for approximately 29% of our total sales revenue in 2009. Sales in this segment decreased by approximately 3% to $1,800,935 in 2009, as compared to $1,864,099 in 2008. This small decrease is believed to be the result of the nationwide recession, significant cuts in health care reimbursement, and new laws affecting outpatient imaging.
Steve Laflin, President and CEO said, "In 2009, we continued to build our various business segments, make investments into facilities and infrastructure, launch new products, and enter into new agreements we believe will increase our future revenue. Broadly defined, our business strategy is to continue to build our reputation as a leader in the nuclear medicine, and nuclear products industries. We remain dedicated to our core business segments even as we pursue our long range business strategy to construct the nation's first commercial depleted uranium de-conversion and fluorine extraction process facility. Progress on this project in 2009, has been significant. During the year we issued a conceptual design report for the facility, completed an exhaustive site selection process that resulted in our selection of a site location near Hobbs, New Mexico, completed an agreement with the New Mexico Environment Department, and prepared and submitted a license application with environmental report to the Nuclear Regulatory Commission."
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 the statements with respect to the Company's goals with respect to future trends in cobalt production, economic impact to our business attributable to the economy, our plans for investments in facilities and infrastructure, our ability to launch new products, and enter into new agreements, forecasts of future revenues, rates of expenditure on the depleted uranium project, and the significance of the commercial opportunity that project provides to the Company. 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 ending December 31, 2009. 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 International Isotopes, Inc. undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Steve Laflin, President and CEO, +1-208-524-5300
Web site: http://www.intisoid.com/
