|1st Quarter 2008 Financials -- October 16, 2007
|BIOMERICA ANNOUNCES FIRST QUARTER FINANCIAL RESULTS|
Income from operations up over 385%; First quarter Basic EPS $0.15; Diagnostic Sales up over 16%
NEWPORT BEACH, California, October 16, 2007 – Biomerica, Inc. (OTC BB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported diagnostic net sales of $1,340,065 for the first quarter fiscal 2008 ended August 31, 2007, compared to diagnostic net sales of $1,153,266 in the first fiscal quarter 2007, an increase of 16.2%.
Biomerica announced consolidated net income (including stock option expenses) for the first quarter fiscal 2008 ended August 31, 2007 of $885,386, versus consolidated net income of $36,703 in fiscal 2007. Consolidated basic earnings per common share were $0.15 for the first quarter of fiscal 2008 as compared to $.01 for fiscal 2007. This includes income of $697,034 on the sale of the Hollister-Stier Laboratories securities Biomerica held for investment.
Consolidated operating income (not including the gain on the sale of Hollister-Stier securities) for the first quarter fiscal 2008 ended August 31, 2007 was $214,417 (or $0.04 Basic EPS), versus consolidated operating income of $44,195 ($0.01 Basic EPS) in fiscal 2007, an increase of over 385%.
“We delivered another strong quarter in earnings as we work to execute our yearly plan across all aspects of our diagnostic business,” stated Zackary Irani, Biomerica CEO. “As we achieve milestones in expected new product introductions, we believe that fiscal 2008 will show improvements in our performance especially in the last two quarters of the fiscal year.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (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 medical conditions and 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, expected improvements in performance, expected product introductions, sales potential, 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.