International Isotopes has reported the financial results for the 2007 fiscal year, which ended Dec. 31, 2007.
For the year, total revenue was $4.7 million compared to $4.5 million in 2006, which the company said represents an increase of 5 percent.
The overall increase in revenue was affected to a great extent by an 11 percent reduction in Cobalt product revenue in 2007 compared to 2006 that was due primarily to normal cyclical fluctuations in bulk cobalt sales. These fluctuations cause large variations in the revenue that impacts period to period comparisons, according to International Isotopes.
Excluding cobalt product sales, the company reported revenue for the year ended was $3.6 million as compared to $3.3 million for the same period in 2006.
Due to the significant impact of the timing of cobalt product sales, International Isotopes said excluding the sales of cobalt products from the period comparisons of revenue provides useful information to investors and may provide a more accurate projection of our actual revenue growth trends.
For the year, the company booked a net loss of $1.7 million in 2007 compared to a net loss of $1.04 million in 2006. The increase in net loss was attributable to four contributing factors namely, FEP production supplies and equipment depreciation; wages attributable to the cost of stock options; increased legal and auditing services related to our private placement as well as other corporate actions, and costs associated with the Phase I research and development grant from the National Science Foundation, according to the company.