|3rd Quarter Financials -- April 14, 2009
|BIOMERICA ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
Sales up over 10.7% and Operating Income up over 81% for the 3 months ended February 28, 2009
NEWPORT BEACH, Calif., April 14, 2009 – Biomerica, Inc. (OTC BB: BMRA) today reported operating income from continued operations for the quarter ended February 28, 2009 of $214,101 compared to operating income from continued operations of $118,009 for the same period in fiscal 2008, an increase of over 81%. Net income for the three months ended February 28, 2009 was $276,744 compared to net income of $123,844 in the same quarter the previous fiscal year.
The results of net income for the nine months ended February 28, 2009 were $314,540 versus a net income of $1,012,588 during the same period in the previous fiscal year. Net income in the nine months ended February 29, 2008 includes a significant one time gain from the sale of marketable securities. Operating income from continued operations for the nine months ended February 28, 2009 was $254,089 compared to operating income from continued operations of $340,166 for the same period in fiscal 2008.
Biomerica announced results of net sales of $1,373,604 for the third quarter fiscal 2009 ended February 28, 2009, compared to net sales of $1,240,809 in fiscal 2008. Net sales for the first nine months of fiscal 2009 were $3,688,524 compared to net sales of $3,608,408 for the first nine months in fiscal 2008.
“Even in this difficult economic environment, we continue to make good progress in expanding our international distribution and developing new distribution relationships in the domestic market,” stated Zackary Irani, Biomerica CEO. “As we achieve milestones in expected new product introductions and regulatory approvals, we believe that fiscal 2009 will show improvements in our performance.”
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.