International Isotopes has reported an increase in revenue and a decrease in net loss for its financial results for the second quarter, which ended June 30.
Revenue for the quarter was $1.87 million compared to $1.2 million for the same period in 2007, a 56 percent increase, the company said.
The Idaho Falls, Idaho-based company attributed the increase in revenues to strong performance in the cobalt and radiochemical products business segments. Revenue from the sale of cobalt products for the quarter was approximately $880,000 compared to $175,000 for the same period in 2007, due to a continued increase in sales of sealed cobalt sources and teletherapy capsules to numerous customers.
Revenue from the sale of radiochemical products was approximately $350,000 compared to $284,000 for the same quarter last year, due to increased sales of radiochemical iodine-131, the company said.
International Isotopes also booked a lower net loss for the second quarter of approximately $247,000 compared to a loss of approximately $350,000 for the year-ago quarter. The decrease was attributable to savings in overall cost of goods sold and operational expense as they relate directly to sales, according to Steve T. Laflin, president and CEO.
"Major improvements in cobalt product sales and continued increases in our radiochemicals segment have driven our improved financial performance this year…All of those efforts are directed at furthering our long term goals and objectives of constructing a hybrid depleted uranium de-conversion processing and fluorine extraction facility as announced in June 2008,” Laflin said.