IDAHO FALLS, Idaho, May 21 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces financial results for the first quarter ending March 31, 2007.
Revenues for the period were $902,632 as compared to $1,196,943 for the same period in 2006, a decrease of $294,311 or approximately 25%. All of the decrease in total revenues was attributable to the timing of cobalt sales in 2007 compared to 2006. The Company typically only has one or two large sales of high activity cobalt product during the course of the calendar year and the timing of those sales had a significant impact upon quarterly revenue reports and period comparisons.
Excluding cobalt product sales, revenues for the three-month period ended March 31, 2007, were $863,607 as compared to $803,857 for the same period in 2006, which represents an increase of $59,750 or approximately 7%.
Because of the significant impact of the timing of cobalt product sales, management believes that excluding sales of cobalt products from the period comparisons of revenues provides useful information to investors. Please refer to the tables below for a further analysis of this measure:
Three-Month Financial Measure Reconciliation Period ended Period ended March 31, 2006 March 31, 2007 Total Revenue $1,196,943 $902,632 Cobalt Products Revenue $393,086 $39,025 Total Revenue Excluding Cobalt Products Revenue $803,857 $863,607
Gross profit for the three-month period ended March 31, 2007 was $373,613 (41% of revenue) compared to $571,335 (or 48% of revenue) for the same period in 2006. Operating expenses increased to $920,825 for the three-month period ended March 31, 2007 compared to $673,465 for the same period of 2006, an increase of $247,360 or 37%. The most significant factors in the increased operating expense were attributable to an increase in general and administrative (G&A) and operational expense during the period. G&A expenses totaled $575,705 for the three-month period ended March 31, 2007 as compared to $368,057 for the same period of 2006, an increase of $207,648 or 56%. Most of this increase was attributable to added expense in the Fluorine Production segment including equipment depreciation, grant activities, operating supplies, utilities, health and safety items, and insurance. With the exception of the expense related to the Phase I grant activities, all of these costs are the result of the fluorine production facility changing status to an active operational production facility.
The Company also incurred $43,000 in expense related to the settlement of a lawsuit with a former employee. Operational expense, salaries and contract labor for the three-month period ended March 31, 2007 were $336,262 as compared to $290,617 for the same period of 2006, an increase of $45,645 or 16%. The increase in operational expense and salaries was attributable to increased costs for the Fluorine Products and transportation subsidiaries.
The Company’s loss for the three-month period ended March 31, 2007 was $518,546 compared to a loss of $141,993 for the same period in 2006. This represents an increase in loss of $376,553 for the periods in comparison.
Steve T. Laflin, the Company President and CEO said, “In spite of the loss for the period we remain optimistic about the Company’s progress in many areas. The core nuclear product business segments remain strong and continue to grow. Our most significant costs are in our Fluorine Products segment but there have been significant accomplishments in Fluorine Products which indicate we are on track to begin supplying commercial quantities of germanium tetrafluoride gas later this year. Another positive indicator is our progress on experiments directed at exploring use of germanium tetrafluoride as a fluorinating agent are proceeding very well. I am confident the prospects created by these successes will provide the Company with future opportunities unique to a business of our size.”
International Isotopes Inc. Three Months Ended March 31 2007 2006 Sales of Product $902,632 $1,196,943 Gross Profit $373,613 $571,335 Total Operating Expenses $920,825 $673,465 Operating (Loss) ($547,212) ($102,130) Total Other Income (Expense) $28,666 ($39,863) Net (Loss) ($518,546) ($141,993) Net (Loss) Per Common Share basic and diluted ($0.00) ($0.00) Weighted Average Share Outstanding basic and diluted 219,552,696 209,112,994
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
Forward-looking statements in this press release are made pursuant to the safe harbor provisions of the federal securities laws. Information contained in forward-looking statements is based on current expectations and is subject to change. Actual results may differ materially from the forward-looking statements. Many factors could cause actual results to differ materially from the forward-looking statements. Readers are directed to read the risk factors detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-KSB for the year ending December 31, 2006. The Company does not intend to release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For More Information, Contact:
Steve Laflin, President and CEO
(208) 524-5300
International Isotopes Inc.
CONTACT: Steve Laflin, President and CEO of International Isotopes Inc.,+1-208-524-5300
Web site: http://www.intisoid.com/
