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Reflect Scientific Inc. Releases First Quarter 2021 Financials
Reflect Scientific Inc. Releases First Quarter 2021 Financials.
About this update from Reflect Scientific, Inc.
[{"type":"text","content":"\n OREM, Utah, June 02, 2021 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, today announced financial results for the first quarter of 2021. “The first quarter of 2021 had improved margins due to the sales mix trending toward our more profitable Cryometrix freezers and chillers. Because of this, the quarter was profitable even though revenues were down. The time for site preparation required for installation of the ULT freezers makes the revenue figure for Reflect choppy,” stated Mr. Kim Boyce, CEO of Reflect Scientific. The following unaudited table summarizes revenue, cost of goods sold, and operating expenses for the three months ended March 31, 2021 and 2020:      Three Months EndedMarch 31, 2021Three Months EndedMarch 31, 2020Increase(Decrease)Revenue$562,362 $983,808 $ (421,446)Cost of Goods Sold 143,795  470,631  (326,836)Gross Profit 418,567  513,177  (94,610)Operating expenses:   Salaries and wages 136,604  116,791  (19,813)Research and development expense 8,697  113,084  (104,387)General and administrative expense 136,763  117,586  19,177 Total operating expenses 282,064  347,461  (65,397)    Income (loss) from operations 136,503  165,716  (29,213)    Other income (expense) 111,265  (121) 111,386     Net income (loss)$247,768 $165,595 $82,173            Financial Highlights* For the three months ending March 31, 2021, Net income was $247,768, an increase of $82,173 from the three months ending March 31, 2020. Change in product mix to more profitable freezers and chillers is responsible for this increase. About Reflect Scientific, Inc. Based in Orem, Utah, Reflect Scientific develops and markets innovative, proprietary technologies in cryogenic cooling for the biotechnology, pharmaceutical, medical, and transportation markets. Among Reflect Scientific’s products are low-temperatu...