International Isotopes has reported it financial results for the 2008 third quarter, which ended Sept. 30.
For the quarter, the company booked a net loss of approximately $740,000 compared to a loss of approximately $276,000 for the same period in 2007. The increase in loss was attributable to increases in operating costs related to the support and continued growth of the fluorine products, the company said.
Operating expenses increased to $1.3 million and for the three-month period, compared to $970,000 for the year-ago period. International Isotopes attributed the increase in operating costs to increased salaries, contract labor and legal expense related to engineering design, licensing, addition of full time staff, subcontractors and legal counsel necessary to support continued growth of the fluorine products division.
Revenue for the three-month period was $1.2 million and as compared to $1.5 million for the same period in 2007, a decrease of approximately $240,000, or 16 percent. The decline in revenue for the three-month period was attributable to normal variations in the sale of bulk cobalt for the period comparisons, the company said.
Revenue from the sale of radiochemical products for the quarter was approximately $349,000 compared to approximately $249,000 for the same period in 2007. The company reported that its nuclear medicine products revenue was approximately $488,000 compared to approximately $466,000 for the same period in 2007. Revenue from radiological services segment for the three-month period was approximately $115,000 compared to approximately $137,000 for the same period in 2007.
“While we expect to generate sufficient cash flows from the existing business segments to meet operational needs during 2008, there is no assurance these cash flows will occur. In addition, we will require additional capital to support ongoing efforts to expand our business to include the envisioned large scale uranium de-conversion processing and fluorine extraction plant,” said Steve T. Laflin, president and CEO.