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Scientific Industries, Inc. (OTCMKTS:SCND) Net Loss Widens As Backlog Declines

Scientific Industries, Inc. (OTCMKTS:SCND) sunk into a net loss of $138,000 or 0.09 a share for the three months ending December 31, 2014, which the company attributes to increased costs in depreciation, amortization as well as asset acquisition of the Torbal Division. For the six months ending December 31, 2014 the company posted a net loss of $299, 300.

When the company reported results for the three months ended September 30, 2014 CEO, Helena R. Santos had aired confidence that full-year earnings would be impacted by increased orders for catalyst research instruments. Scientific Industries, Inc. (OTCMKTS:SCND) saw its net revenue for the three months ending December 31, 2014 come in at $1,691, 100. Revenues for the six months on the other end came in at $3, 353, and 200.

Scientific Industries, Inc. (OTCMKTS:SCND) net income for the three months ending December 31, 2013 came in at $135,000 or $0.10 per basic share on revenues of $1,747,800. For the six months ending December 31, 2013 net income stood at $137,200 on revenue of $3, 183, and 900.

The net loss for the three months and six months was primarily derived from the Torbal division of Benchtop Laboratory Equipment that continues to generate lower than expected sales at the back of increased amortization costs. Decreased sales overseas to customers of Genie brand products was also a contributing factor to Scientific Industries, Inc. (OTCMKTS:SCND) plummeting into losses.

Scientific Industries, Inc. (OTCMKTS:SCND) closed 2014 fiscal year with an order backlog of $949,000 for its catalyst research instruments. This was slightly low compared to a backlog of $1,063,900 as of close of business on December 31, 2013. The Benchtop Laboratory Equipment Operations on the other hand had a backlog of $600,000 as of a close of business on December 31, 2014. The backlog in this case was attributed to production delays caused by Bohemia as well as the New York facility move and increased orders.

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