Marks Improvement Over 2014 1Q
Jeremy L. Dillon
RW Monitor
5/22/2015
International Isotopes reported a net loss of $171,548 for the first quarter of 2014, an improvement of approximately 62 percent compared to the $452,205 net loss in the same period of 2014, the company announced this week. International Isotopes attributed the decrease in net loss to an increase in gross profit, its ability to hold down operating costs, and a reduction in interest expense resulting from a fully matured convertible note, the company said. Revenue for the quarter was $1,936,481, compared to $1,948,856 for the same period in 2014.
President and CEO Steve Laflin highlighted the company’s decrease in net loss and pointed to the elevation of cobalt as positive signs for the future. “I believe the most significant financial achievement for the Company to report for the first quarter was our ability to sustain positive cash flows and to continue our significant reductions in net loss,” Laflin said in a statement. “Also very important to the Company is the reestablishment of cobalt production in the DOE’s reactor and our completion of commercial cobalt sales agreements with customers during the first months of 2015. We believe these steps will allow us to resume the role of being the only major cobalt production company in the U.S. by 2017.”
Last October, International Isotopes entered into an agreement with the Department of Energy to use its Advanced Test Reactor at the Idaho National Laboratory for the irradiation of cobalt targets for the production of cobalt-60. The agreement allows the company to use the reactor for the next 10 years at a fixed price for all cobalt material, with an annual five percent escalation in price, a Securities and Exchange Commission filing from October said.
Revenue from the sale of cobalt products for the first quarter was $253,315, compared to $541,948 for the same period in 2014, or a decrease of approximately 53 percent. The irradiation of cobalt takes about three years to reach the desired level of activity, and the Company anticipates having high specific activity cobalt available for customers and for fabricating its own sealed sources by the middle of 2017 and every year thereafter through at least 2024, International Isotopes said.
