Jeremy L. Dillon
RW Monitor
11/21/2014
International Isotopes (INIS) suffered another quarter at a net loss, although the company did improve compared to the same period last year, International Isotopes announced this week. INIS reported a net loss of $267,487 in the third quarter of 2014, compared to $424,107 for the same period in 2013, a 37 percent reduction. For 2014 so far, the company suffered a net loss of $1.2 million, compared to $1.5 net loss in the same period of 2013. INIS attributed the better performance to an increase in gross profit percentage, as well as a reduction in operating costs and expenses. “The Company has continued to see improved financial performance through the third quarter of 2014 and we strongly believe this will continue through the remainder of the year,” INIS President and CEO Steve Laflin said in a statement. “Our improvements in cost controls, coupled with reduced operating expense have also improved our net profit percentage in all business segments for the three month comparison and for the nine month comparison to 2013 in all but one business segment.”
Gross profit for the third quarter was $784,474, compared to $623,942 for the same period in 2013, an increase of approximately 26 percent. Revenue for the third quarter was $1,985,956, compared to $1,680,696 for the same period in 2013, an increase of approximately 19 percent. Revenue for the year to date was $5,743,393, as compared to $5,153,534 for the same period in 2013, an increase of approximately 12 percent. For the first three quarters of 2014, net cash provided by operating activities was $451,840 compared to cash used in operating activities of $915,182 for the same period in 2013, a $1.3 million dollar improvement in cash flow, Laflin said.
INIS experienced an improvement in its financial results from last year mainly due to to increased sales and avoiding costs, Laflin said. “The very significant improvement in cash flow for the Company was primarily attributed to increased sales and reduced expenditures on projects such as the depleted uranium de-conversion and fluorine extraction project,” Laflin said. “While we continue to believe there will be a future opportunity to continue that project, the Company will continue to consistently build its core business segments and focus on other new business opportunities related to those segments.” Although the company remains hopeful about moving the de-conversion facility forward in the future, it announced last year that active engineering and construction work for the facility, to be built in New Mexico, needed to be put on hold after it could not secure financing without contract commitments.
