BIOMERICA ANNOUNCES SECOND QUARTER <>tp://><
NEWPORT BEACH, California, January 18, 2005 – Biomerica, Inc. (OTC BB: BMRA) today reported consolidated net sales of $ 2.16 million for the second quarter ended November 30, 2004, compared to consolidated net sales of $2.27 million for the comparable quarter ended November 30, 2003. Consolidated net sales for the first six months totaled $4.35 million in fiscal year 2005 compared to $4.43 million in the previous year.
Biomerica announced a consolidated net loss of $68,834, or $0.01 per share (basic and diluted) for the second quarter ended November 30, 2004, compared to a consolidated loss of $113,596, or $0.02 per share (basic and diluted) in the same quarter the previous fiscal year. The consolidated net loss for the six months ended November 30, 2004, was $118,978 or $0.02 per share (basic and diluted) versus a net loss of $331,483or $0.06 per share (basic and diluted) in the previous fiscal year during the same period.
“The financial turnaround in our diagnostic products group continues. Biomerica diagnostic products sales increased 7% for the second quarter ended November 2004. The operating loss net of intercompany adjustments from diagnostic products during the second quarter ended November 2004 was about $46,000, down significantly from approximately $127,000 during the previous year,” stated Zackary Irani, Biomerica CEO. “We are working on a number of new products and looking forward to reporting our progress during this fiscal year.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global medical technology company, based in Newport Beach, CA. The Company’s diagnostics division manufactures and markets advanced diagnostic products used at home, in hospitals, and in physicians’ offices for the early detection of medical conditions and diseases.
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 of business, favorable positions, expansion, expected orders, leading market positions, anticipated future revenues 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.