International Isotopes grew its sales by nearly $1 million in the first quarter of 2018, driving the company to positive net income after a series of losses, according to the company’s 10-Q filing Friday with the U.S. Securities and Exchange Commission.
Net income for the Idaho Falls, Idaho, nuclear medicine provider came in at $98,240 for the three months ended March 31, a significant turnaround from a $792,218 loss in the corresponding quarter of 2017.
The was fueled by revenue climbing by 53 percent, or $966,818, on a year-over year basis: from $1.83 million to $2.80 million. Sales increased in the company’s nuclear medicine, cobalt products, and radiological services businesses – up by 360 percent in the latter, thanks to increased contracts for radiological source recovery from the Department of Energy and International Atomic Energy Agency (IAEA).
Quarterly revenue fell just 5 percent in the radiochemical products line. Fluorine products continued to bring in no sales – the company would sell gases produced at a planned, but yet-unbuilt, depleted uranium deconversion facility in Lea County, N.M.
“Further development activity within this segment will be deferred until market and industry conditions change to justify resuming design and construction of the facility,” the 10-Q says. “In the meantime, the Company expects to continue to incur some costs associated with the maintenance of licenses and other necessary project investments, and to continue to keep certain agreements in place that will support resumption of project activities at the appropriate time.”
International Isotopes lost $3.76 million in 2017, and the 10-Q acknowledged the company’s “substantial” losses” since it was established in 1995. But the latest figures also appear to bear out the company’s statement in its year-end earnings results that new business opportunities and the end of some expenses could produce a turnaround.
For example: International Isotopes spent nearly $800,000 on legal fees last year while it was in arbitration in an unsuccessful effort to recoup costs on a shipping container that was ordered but never delivered. As of the latest quarter, the company is involved in no legal proceedings that could injure the business, the 10-Q says.
