International Isotopes Inc. announces third quarter and nine-months 2008 financial results

International Isotopes is looking to continue plant expansion in Idaho Falls during the next year.

Site study and initial design and licensing activities for the new facility are proceeding on schedule, according to Steve T. Laflin, president and CEO.

“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,” he stated during a third-quarter earnings report press conference.

The eastern Idaho manufacturer produces nuclear medicine and a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications and provides a host of analytical, measurement, recycling, and processing services on a contract basis.

“Certainly our engineering design and licensing activities will continue into 2009,” he stated. “These efforts are important to the strategic direction the company is taking to position ourselves as the only major commercial provider of uranium processing and fluorine extraction in the U.S.”

International Isotopes Inc. financial results for the third quarter and nine-months ending Sept. 30, 2008, was $1.2 million and $4 million respectively as compared to $1.4 million and $3.5 million for the same periods in 2007, a decrease of $240,948, or 16 percent, for the three-month period and an increase of $837,095, or 23 percent, for the nine-month period.

The increase in total revenue for the nine-month period was attributable to strong performance in cobalt and radiochemical product business segments.

The decline in revenue for the three-month period was attributable to normal variations in the sale of bulk cobalt for the period comparisons, according to a release.