IDAHO FALLS, Idaho, Nov. 11 /PRNewswire-FirstCall/ -- International
Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the
third quarter and nine-months ending September 30, 2008.
Revenue for the three and nine-month period ended September 30, 2008, was
$1,245,164 and $4,429,144 respectively as compared to $1,486,112 and
$3,592,049 for the same periods in 2007, a decrease of $240,948, or 16%, for
the three-month period and an increase of $837,095, or 23%, for the nine-month
period. The increase in total revenue for the nine-month period was
attributable to strong performance in cobalt and radiochemical product
business segments. The decline in revenue for the three-month period was
attributable to normal variations in the sale of bulk cobalt for the period
comparisons. Since the timing of large bulk cobalt product sales during the
course of the calendar year has a significant impact upon period comparisons,
the Company believes excluding sales of bulk cobalt product from the period
comparisons of revenue provides useful information to investors.
Excluding bulk cobalt sales, revenue for the three-month period ended
September 30, 2008 was $1,245,164 as compared to $1,038,835 for the same
period in 2007, which represents an increase of 20%. Excluding bulk cobalt
product sales, revenue for the nine-month period ended September 30, 2008 was
$3,940,888 as compared to $3,144,773 for the same period in 2007, which
represents an increase of 25%. Please refer to the following tables for a
further analysis of this measure:
Three-Month Financial Measure Reconciliation
Period Ended Period Ended
Sept. 30, 2008 Sept. 30, 2007
Total Revenue $1,245,164 $1,486,112
Bulk Cobalt Products Revenue $0 $447,277
Total Revenue Excluding Bulk Cobalt
Products Revenue $1,245,164 $1,038,835
Nine-Month Financial Measure Reconciliation
Period Ended Period Ended
Sept. 30, 2008 Sept. 30, 2007
Total Revenue $4,429,144 $3,592,049
Bulk Cobalt Products Revenue $488,256 $447,276
Total Revenue Excluding Bulk Cobalt
Products Revenue $3,940,888 $3,144,773
Revenue from the sale of radiochemical products for the three-month period
ending September 30, 2008, was $348,968 compared to $248,228 for the same
period in 2007. Revenue from the sale of radiochemical products for the
nine-month period ending September 30, 2008, was $1,017,366 compared to
$758,235 for the same period in 2007. These represent increases in revenue of
$100,740, or about 40%, and $259,131, or about 34% for the three and
nine-month periods respectively. Increases in the segment performance are
attributable to increased sales of radiochemical iodine-131.
Revenue from nuclear medicine products for the three-month period ending
September 30, 2008 was $487,640 compared to $466,435 for the same period in
2007. Revenue from the sale of nuclear medicine products for the nine-month
period ending September 30, 2008, was $1,399,338 compared to $1,386,213 for
the same period in 2007. This represents an increase in income of $21,205, or
about 4%, and an increase in income of $13,125, or 1%, respectively.
Revenue from radiological services segment for the three-month period
ending September 30, 2008, was $115,262 compared to $136,978 for the same
period in 2007; a decrease of $21,716 or 16%. Revenue from radiological
services segment for the nine-month period ending September 30, 2008, was
$527,532 compared to $503,877 for the same period in 2007. This represents an
increase in revenue of $23,655 or approximately a 5% increase. The
fluctuations in revenue from this segment were attributable to typical
variations in the volume of gemstone processing.
Gross profit for the three and nine-month periods ended September 30,
2008, was $597,282 and $2,246,355 compared to $689,849 and $1,618,879 for the
same periods in 2007. This represents a decrease of $92,567 or 13% and an
increase of $627,476 or 39%, for the three and nine month periods
respectively. However, gross profit as a percentage of revenue grew from 46%
to 48% for the three-month period and from 45% to 50% for the nine-month
period comparisons. The Company reported the improvement in gross profit
percentage was the result of improvements in production costs and production
efficiencies.
Operating expenses increased to $1,324,266 and $3,647,443 for the three
and nine-month period ended September 30, 2008, compared to $970,115 and
$2,756,052 for the same periods of 2007. This represents an increase of
$354,151 or 36%, and $891,391 or 32%, for the three and nine-month periods
respectively. The Company reports operating costs have increased in the
period comparisons due to increased salaries, contract labor, and legal
expense related to engineering design, licensing, addition of full time staff,
subcontractors, and legal counsel necessary to support continued growth of the
fluorine products division. This includes pilot plant demonstrations and
efforts related to equipment acquisition, raising capital, and protecting
newly developed intellectual property.
The Company's net loss for the three and nine-month periods ended
September 30, 2008 was $739,161 and $1,451,815 compared to a loss of $276,287
and $1,146,281 for the same periods in 2007. This increase in loss was
attributable to increases in operating costs related to the support and
continued growth of the fluorine products.
Steve T. Laflin, President and CEO of International Isotopes Inc. said,
"We believe that continued growth in our current business segments will
continue to improve revenue and cash flow for the Company. However, the
Company will also continue to invest in development of the fluorine extraction
process technology as well as design and licensing of a larger scale uranium
de-conversion and fluorine extraction facility. While we expect to generate
sufficient cash flows from the existing business segments to meet operational
needs during 2008, there is no assurance these cash flows will occur. In
addition, we will require additional capital to support ongoing efforts to
expand our business to include the envisioned large scale uranium
de-conversion processing and fluorine extraction plant. Site studies as well
as initial design and licensing activities for that new facility are
proceeding on schedule and will continue through the remainder of 2008.
Certainly our engineering design and licensing activities will continue into
2009. These efforts are important to the strategic direction the Company is
taking to position ourselves as the only major commercial provider of uranium
processing and fluorine extraction in the U.S."
International Isotopes Inc.
Three Months Ended Nine Months Ended
Sept. 30 June 30
2007 2008 2007 2008
Sales $1,486,112 $1,245,164 $3,592,049 $4,429,144
Gross Profit $689,849 $597,282 $1,618,879 $2,246,355
Total Operating Expense $970,115 $1,324,266 $2,756,052 $3,647,443
Operating (Loss) ($280,266) ($726,984) ($1,137,173) ($1,401,088)
Other Income (Expense) $3,979 ($12,177) ($9,108) ($50,727)
Net (Loss) ($276,287) ($739,161) ($1,146,281) ($1,451,815)
Net (Loss) Per Common
Share ($0.00) ($0.00) ($0.00) ($0.00)
Weighted Ave. Shares
Outstanding
247,646,540 280,402,224 235,378,328 273,051,820
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 statements with
respect to expected continued improvement in financial performance, cash from
operations, and the Company's goals with respect to constructing a 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. For example, the Company may not
be successful in pursuing its strategy with respect to the fluorine extraction
process and uranium de-conversion. 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.
