BIOMERICA ANNOUNCES FIRST QUARTER FINANCIAL RESULTS<>tp://AllSpaces.com/z
-- First quarter EPS $0.01 per share, diagnostic revenues up 18.5% --
NEWPORT BEACH, Calif., October 17, 2006 – Biomerica, Inc. (OTC BB: BMRA) today announced its financial results for its first fiscal quarter ended August 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 consolidated net sales of $1,153,266 for the first fiscal quarter 2007 ended August 31, 2006, compared to consolidated net sales of $2,350,150 in the first fiscal quarter 2006. It should be noted that fiscal 2006 results include six months of Lancer Orthodontic sales, which has been deconsolidated and not included in fiscal 2007 results. Biomerica announced consolidated net income for the first fiscal quarter 2007 ended August 31, 2006, of $64,572 versus consolidated net income of $63,391 in fiscal 2006.
“We are pleased with our continuing growth in the diagnostic revenues,” said Zackary Irani, Biomerica CEO, “and have hired additional personnel to meet anticipation of higher production volumes and growth.”
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.