Biomerica Announces First Quarter Financial Results
NEWPORT BEACH, CA--(MARKET WIRE)--Oct 16, 2008 -- Biomerica, Inc. (OTC BB:BMRA.OB - News), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported diagnostic net sales of $1,194,345 for the first quarter of fiscal 2009 ended August 31, 2008, compared to diagnostic net sales of $1,340,065 for the first quarter of fiscal 2008.
Biomerica announced operating income for the first quarter fiscal 2009 ended August 31, 2008 of $147,258 versus operating income of $214,417 in fiscal 2008. Consolidated net income for the first quarter fiscal 2009 was $140,812, versus consolidated net income of $885,386 in fiscal 2008. Fiscal 2008 results include income of $697,034 on the sale of the Hollister-Stier Laboratories securities Biomerica held for investment.
"We are disappointed with our revenues for this quarter. We missed our revenue goals and are committed to resuming our revenue growth in upcoming fiscal quarters," stated Zackary Irani, Biomerica CEO. "As we achieve milestones in expected new product introductions, we believe that fiscal 2009 will show improvements in our 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, 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.