|3rd Quarter 2008 Financials -- April 15, 2008
|BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Operating Income up over 33% for the 9 months ended February 29, 2008
NEWPORT BEACH, Calif., April 15, 2008 – Biomerica, Inc. (OTC BB: BMRA) today reported results of net income for the nine months ended February 29, 2008 of $1,012,588 versus a net income of $264,521 during the same period in the previous fiscal year, an increase of $748,067. Operating income from continued operations for the nine months ended February 29, 2008 was $340,166 compared to operating income from continued operations of $255,113 for the same period in fiscal 2007, an increase of over 33%. The results of net income for the three months ended February 29, 2008 was $123,844, compared to net income of $121,370 in the same quarter the previous fiscal year. Operating income from continued operations for the quarter ended February 29, 2008 was $118,009 compared to operating income from continued operation of $95,756 for the same period in fiscal 2007, an increase of over 23%.
Biomerica announced results of net sales of $1,240,809 for the third quarter fiscal 2008 ended February 29, 2008, compared to net sales of $1,311,609 in fiscal 2007. Net sales for the first nine months of fiscal 2008 were $3,608,408 compared to net sales of $3,797,051 for the first nine months in fiscal 2007. The primary result of the decrease in sales was due to the loss of one large customer in Australia.
“As we close the thirteenth consecutive quarter of profitability, we continue to make progress in expanding our international distribution and developing new distribution relationships in the domestic market,” stated Zackary Irani, Biomerica CEO. “We remain excited about the growth prospects in our diagnostic business.”
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.
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, continued growth in business, launch dates, expansion, expected orders, growth prospects, leading market positions, anticipated future sales revenues of the company, success of product(s) and new product introductions. 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.