BIOMERICA ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
-Sales up over 39% for the Quarter, Over 29% for first 6 months-
IRVINE, California, January 18, 2012 – Biomerica, Inc. (OTC BB: BMRA) today reported net sales of $1,616,606 for the three months ended November 30, 2011, compared to $1,160,842 for the same period in the previous year, an increase of $455,764, or 39.3%. Net sales were $3,024,271 for the first six months of fiscal 2012 compared to $2,338,554 for the first six months in fiscal 2011, an increase of $685,717 or 29.3%.
Biomerica announced net income for the three months ended November 30, 2011, of $195,092 or $0.03 per share versus a net income of $137 or $0.00 per share in the previous fiscal year during the same quarter. The net income for the six months ended November 30, 2011 was $312,884 or $0.05 per share, compared to net loss of $12,049 or $0.00 per share in the same period the previous fiscal year.
“While we are pleased with the continued sales gains and financial progress made in the quarter, we are working diligently to expanding our distribution and product offering during this fiscal year,” stated Zackary Irani, Biomerica CEO. “Our outlook remains positive for the remainder of the year.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians’ offices ) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company’s products are designed to enhance the health and well being of people, while reducing total healthcare costs. Biomerica primarily focuses on products for Diabetes, Gastrointestinal Disease and esoteric testing.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by Biomerica) contains statements that are forward-looking; such as statements relating to intended launch dates, sales potential, significant benefits, market size, growth prospects, new products, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future revenues or production volume of the Company, the launch or success of product and new product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of Biomerica. The potential risks and uncertainties include, among others, fluctuations in the Company’s operating results due to its business model and expansion plans, downturns in international and or national economies, the Company’s ability to raise additional capital, the competitive environment in which the Company will be competing, and the Company’s dependence on strategic relationships. The Company is under no obligation to update any forward-looking statements after the date of this release.