IDAHO FALLS, Idaho, Aug. 22 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces financial results for the second quarter and six months ending June 30, 2007.
REVENUE: Revenue for the three and six-month period ended June 30, 2007 was $1,203,305 and $2,105,937 as compared to $985,895 and $2,182,838 for the same periods in 2006. That represents an increase of approximately 22% for the quarter and a decline of 3% for the six-month period comparisons. The Company reported the increased revenue for the three-month period was attributable to increased sales of certain cobalt products and improvements in both radiological and transportation services segments performance. The 3% decline in revenue for the six-month period was attributable to the timing of cobalt sales in 2007 compared to 2006. The timing of large cobalt product sales during the course of the calendar year has a significant impact upon period comparisons. Excluding cobalt product sales, revenue for the six-month period ended June 30, 2007, was $1,891,897 as compared to $1,701,208 for the same period in 2006, which represents an increase of 11%. Management believes that excluding sales of cobalt products from the period comparisons of revenues provides useful information to investors. Please refer to the following tables for a further analysis of this measure:
Three-Month Financial Measure Reconciliation Period ended Period ended June 30, 2007 June 30, 2006 Total Revenue $1,203,305 $985,895 Cobalt Products $175,015 $88,544 Revenue Total Revenues Excluding $1,028,290 $897,351 Cobalt Products Revenue Six-Month Financial Measure Reconciliation Period ended Period ended June 30, 2007 June 30, 2006 Total Revenue $2,105,937 $2,182,838 Cobalt Products $214,040 $481,630 Revenue Total Revenues Excluding $1,891,897 $1,701,208 Cobalt Products Revenue
GROSS PROFIT: Gross profit for the three and six-month period ended June 30, 2007, was $555,417 and $929,030 compared to $496,385 and $1,067,720 for the same periods in 2006. These represent increases of $59,032, or 12%, and a decrease of $138,690, or 13%, for the three and six month periods respectively. Operating expenses increased to $865,112 and $1,785,937 for the three and six-month period ended June 30, 2007 compared to $711,030 and $1,384,495 for the same periods of 2006. This represents an increase of $154,082, or 22%, and $401,442, or 29%, for the three and six-month periods respectively. The increase in operating expense is attributed to the addition of full time staff members to support our new International Isotopes Transportation Services Inc. subsidiary, facility operational expense related to the Fluorine Products segment, and increased stock option expense. NET LOSS: Net loss for the three and six-month periods ended June 30, 2007 was $351,448 and $869,994 compared to a loss of $261,428 and $403,421 for the same periods in 2006.
Steve T. Laflin, President and CEO of International Isotopes Inc said, "There were several major accomplishments during the quarter that demonstrate the significant strides the Company has taken towards building a profitable future. First, the Company acquired 6% ownership in RadQual LLC and has an option to acquire additional shares totaling up to about 20% of that company. This purchase represents our commitment towards securing a stronger, long term, and more profitable position within that industry. Second, many of our major investors agreed to convert a long-term note into common stock in the Company, thus making a considerable improvement in the Company's balance sheet. And third, the Company received a prestigious Safety and Health recognition award by the regional OSHA office. That is an award provided only to a handful of small businesses in the state and is indicative of the excellent caliber of our employees and their highly professional work ethic. I am very optimistic about the balance of 2007. The events over the past six months and in particular the last three months position us well for future financial growth and improving shareholder value."
International Isotopes Inc. Three Months Ended June 30 Six Months Ended June 30 2007 2006 2007 2006 Sales $1,203,305 $985,895 $2,105,937 $2,182,838 Gross Profit $555,417 $496,385 $929,030 $1,067,720 Total Operating Expense $865,112 $711,030 $1,785,937 $1,384,495 Operating (Loss) ($309,695) ($214,645) ($856,907) ($316,775) Other (Expense) ($41,753) ($46,783) ($13,087) ($86,646) Net (Loss) ($351,448) ($261,428) ($869,994) ($403,421) Net (Loss) Per Common Share ($0.00) ($ 0.00) ($0.00) ($0.00) Weighted Ave. Shares Outstanding 238,935,747 211,080,365 229,244,222 210,025,332
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
