Source Scientific Systems Inc

Alton Group Inc., which makes medical instruments, said Wednesday that it has signed a letter of intent to buy Source Scientific Systems Inc. of Garden Grove for $2.25 million. Alton, based in Irvine, manufactures analytical instruments--including a blood oxygen monitor used during open-heart surgery. Source Scientific, a unit of MicroProbe Corp. in Bothell, Wash., makes laboratory testing equipment.

Source Scientific Inc., a developer and manufacturer of clinical instrumentation and biomedical devices, reported a profit of $111,000, or 1 cent a share, for the third fiscal quarter. The company lost $279,000, or 2 cents a share, for the same period a year ago. Sales rose 45% to $1.6 million from $1.1 million. The company attributed the improved results to increased customer orders, new contracts, a cost-containment plan and continuation of its program to restructure debt.

Source Scientific Inc., a small biomedical company, announced Monday that it's switching merger partners. The maker of diagnostic instruments said its new prospective buyer is Biopool International Inc., a Ventura maker of medical test kits. The company also said it called off plans announced last summer to merge with XCEL Corp. of Ontario, Calif.

Biomedical company Source Scientific Inc. has lost its second proposed merger partner this year. Biopool International Inc., a Ventura maker of medical test kits, said Tuesday that it had dropped plans to buy Source Scientific, a maker of diagnostic instruments. The proposed deal was announced Nov. 6, the same day that Source Scientific called off plans to merge with Ontario-based XCEL Corp. Richard A.

Michael D. Bick, chairman and chief executive of Biopool International Inc. in Camarillo, said he expects his biotech company to double its revenues next year, if a merger agreed to last week is approved. In what would be the largest acquisition in the public company's seven-year history, Biopool is set to take over Source Scientific Inc. of Garden Grove. For the 1994-95 fiscal year ended Sept.

Source Scientific Inc., a developer and manufacturer of clinical instrumentation and biomedical devices, reported a profit of $111,000, or 1 cent a share, for the third fiscal quarter. The company lost $279,000, or 2 cents a share, for the same period a year ago. Sales rose 45% to $1.6 million from $1.1 million. The company attributed the improved results to increased customer orders, new contracts, a cost-containment plan and continuation of its program to restructure debt.