Biomerica Announces Year End Results: Sales up over 24%; Net Income $0.08 per share versus $0.02 per share
IRVINE, CA –August 30, 2012 -- Biomerica, Inc. (OTC BB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net income of $548,435, or $0.08 per share, for the fiscal year ended May 31, 2012, compared to net income of $157,447, or $0.02 per share, in fiscal 2011. Net sales for the fiscal year 2012 were $6,081,131 versus net sales of $4,899,375 in fiscal 2011, an increase of 24.1%. Gross profit for the fiscal year ended May 31, 2012 of $2,297,176 increased over 50% compared with $1,525,589 for the 2011 year end.
Commenting on the Company's financial performance, Zackary Irani, Biomerica's Chief Executive Officer, said, "Our year end results continued the strong momentum begun earlier in the fiscal year with increasing demand for our products in Asia and Europe despite the tough economic climate. We are diligently working on launching several new products while at the same time have been pursuing new distribution in several countries in South East Asia and South America. Our outlook remains positive for continued growth during the year.”
About Biomerica (OTC BB: BMRA.OB)
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, expected improvements in performance, new product introductions, sales potential, market size, continued growth, favorable positions, expansion, expected orders, leading market positions, expanded distribution, anticipated increases in sales or production volume of the Company, 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.