BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
-- Diagnostic Revenues up over 19% for the 9 months ended
February 28, 2006 --
NEWPORT BEACH, Calif., April 14, 2005 – Biomerica, Inc. (OTC BB: BMRA) today announced its financial results for the quarter ended February 28, 2006. As disclosed in the Company’s 8-K filed on December 5, 2005, Lancer Orthodontics’ financial statements will no longer be consolidated with Biomerica’s financial statements, effective December 1, 2005. Today’s announcement is for the first quarter that Biomerica has reported its financial statements on a stand-alone basis, unconsolidated from the financial statements of Lancer.
Biomerica reported today stand-alone-results of diagnostic net sales of $998,070 for the third quarter ended February 28, 2006, compared to stand-alone results of diagnostic net sales of $872,996 for the comparable quarter ended February 28, 2005. Stand-alone results of diagnostic net sales for the first nine months ended February 28, 2006 totaled $2.79 million compared to $2.33 million in the previous year, an increase of over 19%.
Biomerica announced stand-alone-results of diagnostic net income for the nine months ended February 28, 2006, of $162,285 versus a net loss of $3,590 in the previous fiscal year during the same period. The stand-alone results for the three months ended February 28, 2006 of diagnostic net income was $29,615, compared to stand-alone-results of diagnostic net income of $80,576 in the same quarter the previous fiscal year.
“We expect to continue improving both the top line and bottom line in our diagnostic business,” stated Zackary Irani, Biomerica CEO. “We have several new products that we plan to introduce in the upcoming months that should enhance our product line significantly.”
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.
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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.