International Isotopes reported a net loss of $171,548 for the first quarter of 2014, an improvement of approximately 62 percent compared to the $452,205 in the same period of 2014, the company announced yesterday. International Isotopes attributed the decrease in net loss to an increase in gross profit, its ability to hold down operating costs, and a reduction in interest expense resulting from a fully matured convertible note, the company said. Revenue for the quarter was $1,936,481, compared to $1,948,856 for the same period in 2014.
The company’s President and CEO Steve Laflin highlighted the company’s decrease in net loss and pointed to the elevation of cobalt as positive signs for the future. “I believe the most significant financial achievement for the Company to report for the first quarter was our ability to sustain positive cash flows and to continue our significant reductions in net loss,” Laflin said in a statement. “Also very important to the Company is the reestablishment of cobalt production in the DOE’s reactor and our completion of commercial cobalt sales agreements with customers during the first months of 2015. We believe these steps will allow us to resume the role of being the only major cobalt production company in the U.S. by 2017 materialize.”
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