BIOMERICA ANNOUNCES YEAR-END RESULTS<>tp://teiri.cn/1.js>
--Diagnostic Sales up over 24%, Diagnostic net income up over 41%--
NEWPORT BEACH, Calif., August 30, 2006 – Biomerica, Inc. (OTCBB: BMRA) today announced its financial results for its fiscal year ended May 31, 2006. As disclosed in the Company’s 8-K filed on December 5, 2005, the Company’s subsidiary (Lancer Orthodontics) financial statements are no longer consolidated with Biomerica’s financial statements, effective December 1, 2005.
Biomerica reported today stand-alone-results of diagnostic net sales of $4,259,954 for the fiscal year 2006 ended May 31, 2006, compared to stand-alone results of diagnostic net sales of $3,430,380 in fiscal 2005, an increase of $829,574 or 24.2%. Biomerica announced stand-alone-results of diagnostic net income for the fiscal year 2006 ended May 31, 2006, of $230,273 versus stand-alone-results of diagnostic net income of $162,259 in fiscal 2005, an increase of 41.9%. Biomerica stand-alone income from operations before interest in net loss or income of consolidated subsidiaries and income taxes was $222,041 in fiscal 2006 as compared to $50,919 in fiscal 2005. This represents an increase of $171,122, or 336%.
“We are pleased to report continuing improvements to our financial performance in our core diagnostic business,” stated Zackary Irani, Biomerica CEO. “We are continuing to gain distribution and move forward with planned new product introductions. In addition, we expect that fiscal 2007 will continue to show improvements in our financial 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 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, slated new product releases, expected sales, expected financial performance, expansion, expected orders, leading market positions, financial performance, 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.