International Isotopes reported that its net loss increased by 114 percent in fiscal year 2009, despite posting a 9 percent increase in revenues for the year, which ended Dec. 31.
The $4.6 million net loss in 2009 (compared to the $2.2 million loss in 2008) was driven primarily by the company’s expenses for the proposed uranium de-conversion and fluorine extraction facility and the write-down of cobalt inventory, according to the Idaho Falls, Idaho-based company. Gross profit decreased from 49 percent in 2008 to 33 percent in 2009.
The overall revenue increase from $5.6 million in 2008 to $6.1 million in 2009 was primarily the result of increases in sales in three business segments: cobalt, radiochemical products and transportation, the company said. Operating costs, exclusive of research and development expenses, decreased approximately 9 percent in 2009, while the inclusion of those expenses increased operating costs by approximately 37 percent, said International Isotopes.
International Isotopes noted that the significant increase in research and development expense is a result of costs associated with the planned uranium de-conversion facility. The company also reported that research and development costs for that project increased by $2.21 million to $2.61 million in 2009, compared with $403,000 in 2008.