IDAHO FALLS, Idaho, Aug. 17 International Isotopes Inc. (OTC Bulletin Board: INIS) announces financial results for the second quarter and six-months ended June 30, 2010.
Revenue for the three-month period ended June 30, 2010, was $1,485,293, as compared to $1,485,599 for the same period in 2009, a decrease of $306 or less than 1%. Revenue for the six-month period ended June 30, 2010, was $2,594,844, as compared to $3,185,269 for the same period in 2009, a decrease of $590,425 or approximately 19%. The Company believes the lack of revenue growth for the period has been influenced to a great extent by current economic conditions. Another significant factor contributing to the decline in revenue for the six-month period was attributed to differences in bulk cobalt sales for the period comparisons. Because each bulk cobalt sale represents a material dollar amount, these sales can create significant variations in period-to-period comparisons. Therefore, management believes a comparison of total revenue excluding bulk cobalt sales, as provided in the following table, provides meaningful information to investors because of these large period-to-period variations. This information has limitations as an analytical tool and you should not consider it in isolation or as a substitute for total revenue.
The Company's operating expenses increased to $2,290,438 for the three-month period ended June 30, 2010, compared to $1,557,774 for the same period in 2009. This represents an increase of $732,664 or approximately 47%. Operating expenses were $3,837,049 for the six-month period ended June 30, 2010, compared to $2,997,908 for the same period in 2009. This represents an increase of $839,141 or approximately 28%.
The Company reported a net loss for the three-month period ended June 30, 2010, of $1,707,070, as compared to $758,634 for the same period in 2009 and representing an increase in loss of $948,436, or 125%. The reported net loss for the six-month period was $2,971,932, as compared to $1,346,561 for the same period in 2009, representing an increase in loss of $1,625,371, or 121%. For both periods the increase in operating expense and net loss was attributable to research and development costs related to the Company's continuing efforts to fund, license, design, and construct its planned uranium de-conversion and fluorine extraction processing facility.
Steve T. Laflin, President and CEO of International Isotopes Inc. said, "We are continuing our plan to construct the country's first commercial depleted uranium de-conversion and fluorine extraction processing facility and we have spent more than $3 million thus far in the first six months of 2010 directly and indirectly on this project. One of several options we have undertaken for funding a considerable portion of the project is the pursuit of a loan guarantee under the Department of Energy's loan guarantee program solicitation for renewable energy and energy savings in manufacturing projects. The Company's part 1 application for that loan guarantee was recently approved by the DOE and the Company has been invited to submit its part 2 application, which we plan to complete by year end. While we are making continuous progress on this project, we will continue to incur significant costs. We expect the Company will continue to incur significant losses until the planned uranium de-conversion facility commences commercial production, which we do not expect to occur until the first quarter of 2013 at the earliest."
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 statements with respect to our plan to construct the country's first commercial depleted uranium de-conversion and fluorine extraction processing facility, future plans to raise additional capital for the project through a public or private offering, a listing on the Toronto Stock Venture exchange, our opinion about market conditions, opportunities for a loan guarantee under the Department of Energy's loan guarantee program, the schedule for the start of uranium de-conversion plant operations, and the revenue and return on investment to our shareholders. 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 ending December 31, 2009. 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:
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For more information, please visit the Company web site: www.intisoid.com
Six months ended June 30,
SOURCE International Isotopes Inc.