IDAHO FALLS, Idaho, Nov. 17 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces financial results for the third quarter and nine-month period ended September 30, 2005. Revenue for the three- and nine-month periods ended September 30, 2005 was $828,439 and $2,177,270 respectively, as compared to $985,072 and $2,195,756 respectively for the same periods in 2004, which represents a decrease of $156,633 and $18,486 respectively. The decrease in total revenue was attributable solely to the timing of cobalt product sales in 2004 compared to 2005. Cobalt product sales typically see large variations caused by the cyclical nature of cobalt production. The timing of cobalt product sales has a significant impact upon quarterly revenue reports and period comparisons.
Excluding cobalt product sales, revenue for the three-month period ended September 30, 2005 was $663,872 as compared to $553,984 for the same period in 2004, which represents an increase of $109,888 or 19%. Revenue for the nine- month period ended September 30, 2005 was $1,881,078 as compared to $1,401,159 for the same period in 2004, which represents an increase of $479,919 or 34%. Because of the significant impact of the timing of cobalt product sales, management believes that excluding sales of cobalt products from the period- to-period comparisons of revenue provides useful information to investors. Please refer to the table below for a further analysis of this measure.
Three-Month Financial Measure Reconciliation Three months ended Three months ended September 30, September 30, 2005 2004 Total Revenue $828,439 $985,072 Cobalt Products Revenue $164,567 $431,088 Total Revenue Excluding Cobalt Products Revenue $663,872 $553,984 Nine-Month Financial Measure Reconciliation Nine-months ended Nine-months ended September 30, September 30, 2005 2004 Total Revenue $2,177,720 $2,195,756 Cobalt Products Revenue $296,192 $794,597 Total Revenue Excluding Cobalt Products Revenue $1,881,078 $1,401,159
Gross profits for the three- and nine-month periods ended September 30, 2005 were $362,633 and $977,464 respectively, as compared to $402,654 and $844,603 respectively for the same periods in 2004, which represents a decrease of $40,021 for the three-month period and an increase of $132,861 for the nine-month period. Gross profit for the third quarter as a percentage of revenue rose from 40.8% in 2004 to 43.7% in 2005. Gross profit for the nine- month period rose from 38.4% in 2004 to 44.8% in 2005. The increase in gross profit was attributable to improved cost performance and further reductions in manufacturing costs.
Operating expenses increased by $58,919 or 14.5% to $463,022 and by 25.5% to $1,604,960 respectively for the three and nine-month periods ended September 30, 2005 compared to $404,103 and $1,278,751 respectively for the same periods in 2004.
The Company's net loss for the three- and nine-month periods ended September 30, 2005 was $144,915 and $748,537 respectively, as compared to a net loss of $39,863 and $541,548 respectively for the same period in 2004. The increase in net loss is attributable to increased operational expense attributed to staffing and development of the Fluorine Extraction Process.
Steve T. Laflin, President and CEO said, "We continue to see increased revenue and improved business performance in nearly every business segment. This improved performance coupled with our prospects for new product sales and the start of high purity fluoride gas production point towards a very optimistic outlook for the future of the Company."
International Isotopes Inc. Three Months Ended Nine Months Ended Sept. 30 Sept. 30 2005 2004 2005 2004 Sales $828,439 $985,072 $2,177,270 $2,195,756 Gross Profit $362,633 $402,654 $977,464 $844,603 Total Operating Expense $463,022 $404,103 $1,604,960 $1,278,751 Operating (Loss) ($100,389) ($1,449) ($627,496) ($434,148) Other (Expense) ($44,526) ($38,414) ($121,041) ($107,400) Net (Loss) ($144,915) ($39,863) ($748,537) ($541,548) Net (Loss) Per Common Share ($0.00) ($ 0.00) ($0.00) ($0.00) Weighted Average Share Outstanding 188,035,592 159,064,660 182,227,488 147,936,831 About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, manufactures a range of cobalt-60 products such as teletherapy sources, and provides a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications. The Company also 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 timing of cobalt sales and related effect on period-to-period revenue comparisons; prospects for new product sales; and the Company's future outlook 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, 2004. 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
Web site: http://www.intisoid.com/
