INTERNAT’L ISOTOPES REPORTS DOWN REVENUE, NET LOSS FOR Q1

International Isotopes yesterday reported that the first quarter of 2013 continued the downward momentum the company saw in 2012, with revenue down 14 percent to $1.6 million as compared to $1.9 million for the same period in 2012. The net loss for the company also increased to $668,892 for the quarter, more than the net loss of $590,247 for the same quarter of 2012. However, some of the company’s business segments showed signs of improvement, a welcome sign after INIS reported in March that all its business segments had seen a decline in 2012 overall. “While there is a decrease in revenue for the first quarter, our radiochemical business segment is clearly showing positive signs of returning to historic growth rates,” Steve Laflin, president and CEO of INIS, said in a statement yesterday.

 

The bright spot for the company, in the quarter and predicted to continue through the year, was its radiological services segment. Revenue in that segment skyrocketed by more than 240 percent in the first quarter of 2013, to $86,537 compared to $25,290 for the same period in 2012. That positive upswing was the result of “increased volumes of gemstone processing and the start of certain field service activities including efforts to support recovery of disused sources under the Department of Energy’s Orphan Source Recovery Program and installation or removal of certain cobalt therapy units,” INIS wrote. INIS “expects a significant increase in the revenue from field service activities for the remainder of this year.” In addition, INIS will deploy its AOS-100A isotope transport casks throughout the year, which will generate more transportation revenues.