IDAHO FALLS, Idaho, Nov. 17, 2014 /PRNewswire/ -- International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the third quarter and nine-months ended September 30, 2014.
Revenue for the three months ended September 30, 2014 was $1,985,956, as compared to $1,680,696 for the same period in 2013, an overall increase of approximately 19%. Revenue for the nine-month period ended September 30, 2014 was $5,743,393, as compared to $5,153,534 for the same period in 2013, an increase of approximately 12%.
Revenue from the sale of radiochemical products for the three months ended September 30, 2014 was $427,588, compared to $450,285 for the same period in 2013. This represents a decrease in revenue of approximately 5%. Revenue from the sale of radiochemical products for the nine-month period ended September 30, 2014 was $1,306,980, compared to $1,316,909 for the same period in 2013, or a decrease in revenue of approximately 1%. Reductions in production and operating costs within this segment have resulted in an 18% and 36% improvement in net profit for the segment for the three- and nine-month periods, respectively.
Revenue from the sale of cobalt products for the three months ended September 30, 2014 was $558,168, compared to $332,295 for the same period in 2013. This represents an increase in revenue of approximately 68%. Revenue from the sale of cobalt products for the nine-month period ended September 30, 2014 was $1,252,216 compared to $777,424, for the same period in 2013. This represents an increase in revenue of approximately 61%. The net income for cobalt products increased approximately 146% for the three months ended September 30, 2014 compared to the same period in 2013, and by approximately 179% for the nine-month period ended September 30, 2014 compared to the same period in 2013. The significant increase in net income for both periods is attributable to the increase in sealed source sales and reductions in production costs.
Revenue from nuclear medicine products for the three months ended September 30, 2014 was $924,143, compared to $736,238 for the same period in 2013. This represents an increase in revenue of approximately 26%. Revenue from nuclear medicine products for the nine-month period ended September 30, 2014 was $2,536,732 compared to $2,455,987 for the same period in 2013, an increase of approximately 4%. The improvement in revenue in this segment, for both the three and nine-month periods was primarily attributable to the launch of the new lightweight flood source during the second quarter and an improvement in the financial performance of our joint venture, TI Services, LLC in the third quarter and increased sales to RadQual LLC, with which the Company has an exclusive manufacturing agreement for nuclear medicine products. TI Services, LLC sales for the three months ended September 30, 2014, were $400,217 as compared to $333,548, for the same period in 2013, an increase of approximately 20%. TI Services, LLC sales for the nine months ended September 30, 2014 were $1,072,516, compared to $1,148,860 for the same period in 2013, a decrease of approximately 7%. The decrease in TI Services, LLC sales during the nine-month period ended September 30, 2014 is primarily attributable to a drop in sales of paper products by T I Services LLC used in nuclear medicine imaging which is the result of clinics shifting towards maintaining electronic records. Overall, however, the nuclear medicine product segment net income remained steady at about 18% of revenue for the three and nine month periods ended September 30, 2014 compared to the same periods in 2013.
Revenue from radiological services for the three months ended September 30, 2014 was $65,057, compared to $143,380 for the same period in 2013, a decrease of approximately 55%. Revenue for the nine-month period ended September 30, 2014 was $565,540 compared to $484,416 for the same period in 2013, an increase of approximately 17%. The decrease in revenue for the quarter comparison was due to the irregular nature of requests for field service contract work. The increase in revenue within this segment for the nine month period is primarily the result of increased field service activity for the year to date. Net income for the three months ended September 30, 2014 increased from 14% to 25% of segment revenue compared to the same period in 2013, and net income for the nine-month period decreased from 45% to 34% of segment revenue compared to the same periods in 2013. We anticipate revenue and net income within this segment to improve for the remainder of 2014 and beyond as much of the initial costs related to launching the field services work will diminish.
Gross profit for the three months ended September 30, 2014 was $784,474, compared to $623,942 for the same period in 2013. This represents an increase of approximately 26%. Cost of sales increased to $1,201,482 for the three months ended September 30, 2014 from $1,056,754 for the same period in 2013, an increase of approximately 14%. Gross profit for the nine-month period ended September 30, 2014 was $2,268,788, compared to $1,991,574, for the same period in 2013, an increase of approximately 14%.
Operating expenses decreased to $922,121 for the three months ended September 30, 2014, from $951,452 for the same period in 2013. This is a decrease of approximately 3%. Operating expenses were $2,823,946 for the nine-month period ended September 30, 2014, compared to $3,199,908 for the same period in 2013. This represents a decrease of approximately 12%. The reductions in operating expense are the result of management’s continued efforts to reduce discretionary costs where possible and secure beneficial pricing on general operating purchases.
Net loss for the three months ended September 30, 2014 was $267,487, compared to $424,107 for the same period in 2013. This is a decrease in loss of approximately 37%. Our net loss for the nine-month period ended September 30, 2014, was $1,247,990 as compared to $1,492,209 for the same period in 2013. This is a decrease in loss of approximately 17%. The decrease in net loss is the result of the increase in gross profit percentage as well as a significant reduction in overall operating costs and expenses.
Steve T. Laflin, President and CEO of the Company said, “The Company has continued to see improved financial performance through the third quarter of 2014 and we strongly believe this will continue through the remainder of the year. Our improvements in cost controls, coupled with reduced operating expense have also improved our net profit percentage in all business segments for the three month comparison and for the nine month comparison to 2013 in all but one business segment.”
“Perhaps the most significant sign of our improving business performance can be seen in our cash flow statements for the periods. For the nine months ended September 30, 2014 net cash provided by operating activities was $451,840 compared to cash used in operating activities of $915,182 for the same period in 2013. This represents more than a $1.3 million dollar improvement in cash flow in the period comparison. The very significant improvement in cash flow for the Company was primarily attributed to increased sales and reduced expenditures on projects such as the depleted uranium de-conversion and fluorine extraction project. While we continue to believe there will be a future opportunity to continue that project, the Company will continue to consistently build its core business segments and focus on other new business opportunities related to those segments.”
International Isotopes Inc. | |||||
Three Months Ended Sept 30, | Nine Months Ended Sept 30, | ||||
2014 | 2013 | 2014 | 2013 | ||
Sales of Product | $1,985,956 | $1,680,696 | $5,743,393 | $5,153,534 | |
Gross Profit | $784,474 | $623,942 | $2,268,788 | $1,991,574 | |
Total Operating Expenses | $922,121 | $951,452 | $2,823,946 | $3,199,908 | |
Operating (Loss) | ($137,647) | ($327,510) | ($555,158) | ($1,208,334) | |
Total Other Income (Expense) | ($119,453) | ($103,691) | ($683,260) | ($309,216) | |
Net (Loss) | ($267,487) | ($424,107) | ($1,247,990) | ($1,492,209) | |
Net (Loss) Per Common Share | $0.00 | $0.00 | $0 | $0 | |
basic and diluted | |||||
Weighted Av. Shares Outstanding | 369,443,913 | 363,502,559 | 369,327,455 | 361,989,965 | |
basic and diluted | |||||
About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards 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
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 statements with respect to expectations of continued improvements to financial performance, the ability of the Company to control production and operation cost, the prospect for continued positive cash flow, the future opportunity to continue work on the depleted uranium de-conversion and fluorine extraction processing facility, and the ability of the Company to secure new business opportunities. 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 ended December 31, 2013. 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 the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
FOR MORE INFORMATION CONTACT:
David Drewitz
Creative Options Communications
Investor and Public Relations
david@creativeoptionscommunications.com
www.creativeoptionsmarketing.com
Phone: 972-814-5723
For more information, please visit the Company web site: www.internationalisotopes.com
SOURCE International Isotopes Inc.
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