IDAHO FALLS, Idaho, April 18 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces a 5% increase in revenues for the twelve months ended December 31, 2005.
Total revenues in 2005 were $2,985,434 compared to $2,848,844 in 2004, which represents an increase of $136,590 or 4.8%. Revenues generated by our largest segment, Nuclear Medicine, increased by $164,613 or 12% to $1,541,894 in 2005 from $1,377,281 in 2004 while revenues generated by the Radiochemical Segment increased $319,879 or 82% to $707,862 in 2005 from $387,983 in 2004. The Radiological Services segment increased $249,168 or 155% to $409,486 in 2005 compared to $160,318 in 2004. The success in these segments was largely offset by a decrease in the Cobalt Products segment. Revenue generated by the Cobalt Products segment decreased $597,070 or 64% from $923,262 in 2004 to $326,192 in 2005. The decrease was attributable to a routine maintenance shutdown of the Department of Energy (DOE) production reactor during 2005. Routine maintenance shutdowns of the DOE production reactor occur once every seven to nine years. Excluding Cobalt Product sales, revenue for the year ended December 31, 2005, was $2,659,242 as compared to $1,925,581 for the year ended December 31, 2004, which represents an increase of $733,661 or 38%. Because of the significant impact of the timing of cobalt product sales management believes that excluding sales of cobalt products from the year-to-year comparison of revenue provides useful information to investors. Please refer to the table below for a further analysis of this measure.
Business Segment Area 2004 2005 Percent Change Nuclear Medicine Products $1,377,281 $1,541,894 12% Radiochemical Products $387,983 $707,862 82% Cobalt Products $923,262 $326,192 (64%) Radiological Services $160,318 $409,486 155% Total Revenue $2,848,844 $2,985,434 5% Total Revenue Excluding Cobalt Products $1,925,581 $2,659,242 38%
Cost of revenue for 2005 was $1,601,361 compared to $1,719,252 in 2004, a decrease of $117,891 or 7%. Gross profit for 2005, was $1,384,073 or 46% as compared to $1,129,592 or 40% in 2004. Total operating costs and expenses for 2005, were $2,201,933, as compared to $1,828,293 in 2004, an increase of $373,640 or 20%. The increase was largely attributable to increased salaries and operating expenses related to the Fluorine Products subsidiary. The Net Loss was $982,953 in 2005 compared to a loss of $844,736 in 2004. The $138,217 increase in net loss was primarily attributable to increased operational expenses related to the new Fluorine Products subsidiary.
Steve Laflin, President and CEO, said, "In 2005, we continued to improve gross profit by implementing additional production efficiencies, adopting innovative cost-saving measures, and recycling materials. We expect to see continued financial improvement in 2006 because we do not expect additional significant increases in operational expenses and we expect increased revenues in all business segments. In addition, we expect to begin manufacturing and realizing revenues in our Fluorine Products segment. During 2005, the Company exhibited excellent growth in most of our business segments, completed Fluorine Extraction Process licensing and plant construction, and obtained Nuclear Regulatory Commission approval for a wide range of cobalt sources for teletherapy and irradiator uses. In 2006, we plan to continue to expand our customer base and increase revenues in each business segment, while continuing to reduce production and operating costs."
International Isotopes Inc. Year Ended Dec. 31 2004 2005 Change $'s Change % Sales of Products $2,848,844 $2,985,434 $136,590 5% Gross Profit $1,129,592 $1,384,073 $254,481 22% Total Operating Expense $1,828,293 $2,201,933 $373,640 20% Operating Loss Before Other Expense ($698,701) ($817,860) $119,159 (17%) Other Expense ($146,035) (165,093) $19,058 (13%) Net Loss ($844,736) ($982,953) ($138,217) (16%) Net (Loss) Per Common Share ($0.01) ($0.01) Weighted Ave. Sh. Outstanding 150,721,137 186,630,510 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 improving our financial performance; increasing our revenues; decreasing our operating expenses; realizing revenues from our FEP segment, and expanding our customer base 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. We do not intend to update any such factors or to publicly announce developments or events relating to the matters described herein.
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/
