Biomerica Announces Year End Results
Net income up 218%; EPS $0.28 for F2008 vs. EPS $0.09
NEWPORT BEACH, CA --Sep 2, 2008 -- Biomerica, Inc. (OTC BB:BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported net income (including stock options expenses) of $1,710,044 for the fiscal year 2008 ended May 31, 2008, compared to net income of $536,879 in fiscal 2007. This represents an increase of $1,173,165 or approximately 218%. Basic earnings per share were $0.28 for fiscal 2008 as compared to $0.09 per share for fiscal 2007.
Biomerica announced net income from operations $509,489, or $0.08 per share, in fiscal 2008 as compared to $520,790, or $0.09 per share, in fiscal 2007. Net sales for the fiscal year 2008 were $4,926,505 versus net sales of $5,748,319 in fiscal 2007. The reduction in sales was primarily due to the loss of a large Australian customer and smaller screening programs.
"We made significant progress in shoring up our balance sheet this year," stated Zackary Irani, Biomerica CEO. "The sale of Hollister-Stier warrants and our interest in Lancer Orthodontics yielded $1,780,478 and places us in a good position to grow our company through both internal product development and possible acquisitions. While we are disappointed in the loss of our large Australian customer, we are pleased with the positive trend of increasing our net operating margin. This coming year we are working diligently to expand our distribution, introduce new products and improve our financial performance."
About Biomerica (OTC BB:BMRA.OB - News)
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, new product introductions, sales potential, market size, growth of business, favorable positions, expansion, expected orders, leading market positions, expanded distribution, 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.