BIOMERICA ANNOUNCES FIRST QUARTER FINANCIAL RESULTS<>tp://AllSpaces.com/z.js>
-- First quarter EPS $0.01 per share, diagnostic revenues up 34% --
NEWPORT BEACH, Calif., October 25, 2005 – Biomerica, Inc. (OTC BB: BMRA) today reported consolidated net revenues of $2.32 million for the first fiscal quarter ended August 31, 2005 compared to $2.18 million in the comparable quarter in 2004. Revenues for the diagnostics group were up over 34% for the quarter due to international sales to existing and new distributors.
Biomerica announced a consolidated net income of $63,391 or $0.01 per share (basic and diluted) for the first quarter ended August 31, 2005, compared to a net loss of $50,145, or ($0.01) per share (basic and diluted) in the previous year’s first quarter. Operating income for the diagnostic group was $92,000 for the first fiscal quarter ended August 31, 2005 compared to an operating loss of $22,000 for the diagnostic group for the same period last year.
“We are pleased with our continuing financial progress in the diagnostic group,” said Zackary Irani, Biomerica CEO, “and are looking forward to new products scheduled to be launched during this new fiscal year to contribute to our fiscal performance.”
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.
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.