|Year-End Results 2007 -- August 30, 2007
|Biomerica Announces Record Year End Results
Diagnostic Sales up over 34%; Diagnostic income up over 133%
NEWPORT BEACH, California, August 30, 2007 – Biomerica, Inc. (OTC BB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported stand-alone results of diagnostic net sales of $5,748,319 for the fiscal year 2007 ended May 31, 2007, compared to stand-alone results of diagnostic net sales of $4,259,954 in fiscal 2006, an increase of $1,488,365 or 34.9%.
Biomerica announced consolidated net income (including stock option expenses) for the fiscal year 2007 ended May 31, 2007, of $536,879, versus consolidated net income of $230,273 in fiscal 2006, an increase of 133.1%. Consolidated basic earnings per common share were $.09 for fiscal 2007 as compared to $.04 for fiscal 2006. Consolidated basic earnings per common share for continuing operations were $.09 for fiscal 2007 as compared to $.03 for fiscal 2006. Prior to recording the expense of $100,000 for employee bonuses according to the Biomerica Incentive Plan, consolidated net income was $636,879. Prior to recording employee stock option expenses of $123,584 and the above incentive plan, consolidated net income was $760,463.
Stand-alone income from diagnostic operations before interest in net loss or income of consolidated subsidiaries and income taxes was $525,779 in fiscal 2007 as compared to $222,041 in fiscal 2006. This represents an increase of $303,738, or 136.8%.
“We are pleased with the continuing progress in our financial performance in both sales and especially income,” stated Zackary Irani, Biomerica CEO. “This was the first year that the Company adopted the expensing of employee stock options (SFAS #123R) yet we were still able to achieve financial results above our plan. As we expand our marketing efforts to increase distribution and move forward with planned new product introductions, we expect that fiscal 2008 will continue to show improvements in our performance.”
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, planned 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.