IDAHO FALLS, Idaho, Aug. 9 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces financial results for the second quarter and six months period ended June 30, 2006. The Company is reporting a loss of $261,428 in the second quarter of 2006 compared to a loss of $374,451 in the second quarter of 2005. For the six months period ended June 30, 2006, the Company is reporting a loss of $403,421 compared to a loss of $603,622 for the same period in 2005. This represents a reduction in net loss of $113,023 for the quarter and $200,201 for the six months period.
Revenue: Revenue increased from $663,264 in the second quarter of 2005 to $985,895 in the second quarter of 2006, an increase of $322,631 or 49%. Revenue increased from $1,348,831 for the six months period ended June 30, 2005, to $2,182,838, for the six months period ended June 30, 2006, an increase of $834,007 or 62%. A portion of the increase in total revenues for the six months period was attributable to the timing of cobalt sales in 2006 compared to 2005. The timing of cobalt product sales during the course of the calendar year has a significant impact upon period comparisons. Excluding cobalt product sales, revenue for the second quarter of 2006, was $897,351 as compared to $606,639 in the second quarter of 2005, an increase of $290,712 or 48%. Excluding cobalt product sales, revenue for the six months period ended June 30, 2006, was $1,701,208 as compared to $1,217,206 for the same period in 2005, an increase of $484,002 or 40%. Management believes excluding cobalt product sales from the period comparisons of revenues provides useful information to investors. Please refer to the following tables for further analysis of this measure:
Three Months Financial Measure Reconciliation Period ended Period ended June 30, 2006 June 30, 2005 Total Revenue $985,895 $663,264 Cobalt Products Revenue $88,544 $56,625 Total Revenue Excluding Cobalt Products Revenue $897,351 $606,639 Six Months Financial Measure Reconciliation Period ended Period ended June 30, 2006 June 30, 2005 Total Revenue $2,182,838 $1,348,831 Cobalt Products Revenue $481,630 $131,625 Total Revenue Excluding Cobalt Products Revenue $1,701,208 $1,217,206
Gross Profit: Gross profit increased from $282,011 in the second quarter of 2005, to $496,385 in the second quarter of 2006, an increase of $214,374 or 76%. Gross profit increased from $ 614,831 for the six months period ended June 30, 2005, to $ 1,067,720 for the six months period ended June 30, 2006, an increase of $452,889 or 74%. The increase in operating expense was attributed to costs associated with supporting the Company’s new transportation services and fluorine products subsidiaries.
Steve T. Laflin, President and CEO said, “This has been a quarter and six months of significant growth and progress for the Company. Our revenue is up for both the quarter and six months period and our losses are getting smaller. Both lines are trending in the right direction. As for revenue, each of our business segments continue to demonstrate steady growth and improved financial cost performance. For the six months period, Nuclear Medicine Products increased 31%, Radiological Services increased 124%, and Radiochemical Products increased 19%. These core business segments have significantly contributed to our 62% increase in revenue in the first six months of 2006, compared to the first six months of 2005. The noteworthy increase in Radiological Services revenue is attributable in part to the contributions of the Company’s new transportation services. I am very pleased with the market acceptance of this new service. As for profits, while we are still reporting an aggregate loss for the quarter and six months, the loss is down by about 30% and is predominately comprised of start-up costs associated with our newly constructed Fluorine Extraction Process plant, which continue to mask our improving bottom line, business performance, and outlook. I expect the fluorine products division to gain greater market acceptance and to begin generating revenue in the fourth quarter of 2006. We are also making discernable progress in the implementation of our strategic business plan, which includes increasing shareholder value.”
International Isotopes Inc. Three Months Ended Six Months ended June 30 June 30 2006 2005 2006 2005 Sales $985,895 $663,264 $2,182,838 $1,348,831 Gross Profit $496,385 $282,011 $1,067,720 $614,831 Total Operating Expense $711,030 $617,393 $1,384,495 $1,141,938 Operating (Loss) ($214,645) ($335,382) ($316,775) ($527,107) Other (Expense) ($46,783) ($39,069) ($86,646) ($76,515) Net (Loss) ($261,428) ($374,451) ($403,421) ($603,622) Net (Loss) Per Common Share ($0.00) ($0.00) ($0.00) ($0.00) Weighted Average Share Outstanding 211,080,365 183,575,567 210,025,332 179,323,436 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 relating to the Company’s growth and improved cost performance in its business segments, revenue generated by fluorine products division, and implementation of the Company’s strategic business plan are made pursuant to the safe harbor provision 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, 2005. The Company does not intend to publicly 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
