BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS<>
-- Third Quarter EPS $0.01 --
NEWPORT BEACH, Calif., April 15, 2005 – Biomerica, Inc. (OTC BB: BMRA) today reported consolidated net sales of $2.34 million for the third quarter ended February 28, 2005, compared to consolidated net sales of $2.46 million for the comparable quarter ended February 29, 2004. Consolidated net sales for the first nine months totaled $6.69 million in fiscal year 2005 compared to $6.90 million in the previous year.
Biomerica announced a consolidated net income of $72,136, or $0.01 per share (basic and diluted) for the quarter ended February 28, 2005, compared to a consolidated net income of $63,176, or $0.01 per share (basic and diluted) in the same quarter the previous fiscal year. The consolidated net loss for the nine months ended February 28, 2005, was $46,843 or $0.01 per share (basic and diluted) versus a net loss of $268,307 or $0.05 per share (basic and diluted) in the previous fiscal year during the same period.
“We are continuing to improve the financial bottom line in our diagnostic products group. Biomerica operating profit from diagnostic products, net of intercompany adjustments, during the third quarter ended February 2005 was approximately $97,000, up from approximately $42,000 during the previous year,” stated Zackary Irani, Biomerica CEO. “We introduced one new diabetes product in the third quarter and are working on a number of new product introductions.”
About Biomerica (OTC BB: BMRA)
Biomerica, Inc. (http://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 significant medical conditions and serious diseases.
# # #
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 improvements to the Company’s financial performance, launch dates, expansion, expected orders, leading market positions, anticipated future sales revenues 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 new business model and expansion plans, 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.