IDAHO FALLS, Idaho, Aug. 18 /PRNewswire-FirstCall/ -- International
Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the
second quarter and six-months ending June 30, 2008.
Revenue:
Revenue for the three and six-month periods ended June 30, 2008 were
$1,876,042 and $3,183,980 as compared to $1,203,305 and $2,105,937 for the
same periods in 2007, an increase of $672,737 and $1,078,043 or approximately
56% and 51% respectively.
Revenue From Sales of Cobalt Products:
The increase in total revenue was attributable to strong performance in
the cobalt and radiochemical products business segments. Revenue from the
sale of cobalt products for the six-month period ending June 30, 2008 were
$1,150,044 compared to $214,040 for the same period in 2007. Revenue from the
sale of cobalt products for the three-month period ending June 30, 2008 were
$879,516 compared to $175,015 for the same period in 2007. This represents
approximately a factor of five increase in revenue in the cobalt products
segment. The increase is largely attributable to a continued increase in
sales of sealed cobalt sources and teletherapy capsules to numerous customers.
The sales of bulk cobalt also had a significant impact on revenue for the
period. The timing of large bulk cobalt product sales during the course of
the calendar year has a significant impact on period comparisons.
Excluding bulk cobalt sales, revenue for the three-month period ended June
30, 2008, were $1,387,786 as compared to $1,203,305 for the same period in
2007, which represents an increase of $184,481 or 15%. Excluding bulk cobalt
product sales, revenue for the six-month period ended June 30, 2008, were
$2,695,724 as compared to $2,105,937 for the same period in 2007, which
represents an increase of $589,787 or 28%. Management believes that excluding
sales of bulk cobalt products from the period comparisons of revenue provides
useful information to investors. Historically the Company has excluded all
cobalt product sales for period comparisons. However, the growth in sales of
cobalt products, such as sealed sources warrants adjusting this comparison to
only exclude bulk cobalt product sales revenue for the period comparisons.
Please refer to the following tables for a further analysis of this measure:
Three-Month Financial Measure Reconciliation
Period ended Period ended
June 30, 2008 June 30, 2007
Total Revenue $1,876,042 $1,203,305
Bulk Cobalt Products Revenue $488,256 $0
Total Revenue Excluding Bulk
Cobalt Products Revenues $1,387,786 $1,203,305
Six-Month Financial Measure Reconciliation
Period ended Period ended
June 30, 2008 June 30, 2007
Total Revenue $3,183,980 $2,105,937
Bulk Cobalt Products Revenue $488,256 $0
Total Revenue Excluding Bulk
Cobalt Products Revenues $2,695,724 $2,105,937
Revenue From The Sale Of Radiochemical Products:
Revenue from the sale of radiochemical products for the three-month period
ending June 30, 2008, were $349,990 compared to $284,092 for the same period
in 2007. Revenues from the sale of radiochemical products for the six-month
period ending June 30, 2008, were $668,398 compared to $510,006 for the same
period in 2007. These represent increases in revenue of $65,898, or about
23%, and $158,392, or about 31% for the three and six-month periods
respectively. Increases in the segment performance are attributable to
increased sales of radiochemical iodine-131.
Revenue From The Sale of Nuclear Medicine Products:
Revenue from nuclear medicine products for the three-month period ending
June 30, 2008 were $464,288 compared to $455,910 for the same period in 2007.
Revenues from the sale of nuclear medicine products for the six-month period
ending June 30, 2008, were $911,698 compared to $919,778 for the same period
in 2007. This represents an increase in revenue of $8,378, or 1.1%, and a
decrease in revenue of $8,080, or less than 1%, respectively.
Revenue From The Radiological Services Segments:
Revenue from the radiological services segment for the three-month period
ending June 30, 2008 were $166,548 compared to $219,290 for the same period in
2007; a decrease of $52,742 or 24%. Revenue from radiological services
segment for the six-month period ending June 30, 2008, were $412,270 compared
to $366,899 for the same period in 2007. This represents an increase in
revenue of $45,371 or approximately a 12% increase and is primarily
attributable to increased volumes of gemstone processing that have resulted
following resolution of the regulatory issues that had limited revenues in
this segment during 2007.
Gross Profit:
Gross profit for the three and six-month period ended June 30, 2008, was
$950,671 and $1,649,073 compared to $555,417 and $929,030 for the same periods
in 2007. These represent increases of $395,254 or 71%, and $720,043, or 78%,
for the three and six month periods respectively.
Operating Expense:
Operating expenses increased to $1,177,670 and $2,323,177 for the three
and six-month period ended June 30, 2008 compared to $865,112 and $1,785,937
for the same periods of 2007. This represents an increase of $312,558, or
36%, and $537,240 or 30%, for the three and six-month periods respectively.
However, overall operating costs declined from 85% and 72% of sales for the
six and three-month periods in 2007, to 73% and 63% of sales for the same
periods in 2008.
Net Loss: Our net loss for the three and six-month periods ended June 30,
2008 was $246,710 and $712,654 compared to a loss of $351,448 and $869,994 for
the same periods in 2007. The reduction in loss was attributable to savings
in overall cost of goods sold and operational expense as they relate directly
to sales.
Steve T. Laflin, President and CEO of International Isotopes Inc. said,
"Major improvements in cobalt product sales and continued increases in our
radiochemicals segment have driven our improved financial performance this
year. We continue to improve our gross profit performance and reduce
operating cost when compared as a percentage of total revenue. In fact, much
of the increase in operating expense is attributed to the addition of full
time staff, subcontractors, and legal counsel necessary to support continued
growth of the fluorine products division including pilot plant demonstration
and efforts related to equipment acquisition, raising capital, and protecting
newly developed intellectual property. All of those efforts are directed at
furthering our long term goals and objectives of constructing a hybrid
depleted uranium de-conversion processing and fluorine extraction facility as
announced in June 2008."
International Isotopes Inc.
Three Months Ended June 30 Six Months ended June 30
2007 2008 2007 2008
Sales $1,203,305 $1,876,042 $2,105,937 $3,183,980
Gross Profit $ 555,417 $ 950,671 $929,030 $1,649,073
Total Operating
Expense $865,112 $1,177,670 $1,785,937 $2,323,177
Operating (Loss) ($309,695) ($226,999) ($856,907) ($674,104)
Other (Expense) ($41,753) ($19,711) ($13,087) ($38,550)
Net (Loss) ($351,448) ($246,710) ($869,994) ($712,654)
Net (Loss) Per Common
Share ($0.00) ($ 0.00) ($0.00) ($0.00)
Weighted Ave. Shares
Outstanding 238,935,747 277,122,436 229,244,222 270,055,656
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
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 the statement with
respect to improving our financial performance, decreasing our operating
expenses, and the Company's goals with respect to constructing a hybrid
depleted uranium de-conversion processing and fluorine extraction facility.
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-KSB for the
year ending December 31, 2007. 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 International Isotopes,
Inc. undertakes no obligation to publicly update such forward-looking
statements to reflect subsequent events or circumstances.
For More Information, Contact:
Steve Laflin, President and CEO
(208) 524-5300
SOURCE International Isotopes Inc.
