Contact Information: Contact: Zackary Irani 949-645-2111
Biomerica Announces Second Quarter Financial Results
Income From Operations Up Over 38% for the 6 Months Ended November 30, 2007
| Source: Biomerica, Inc.
NEWPORT BEACH, CA--(Marketwire - January 15, 2008) - Biomerica, Inc. (OTCBB : BMRA ) today
reported net sales of $2,367,599 for the first six months of fiscal 2008
compared to $2,485,442 for the first six months in fiscal 2007, a decrease
of $117,843, or 4.7%. Net sales were $1,027,534 for the three months ended
November 30, 2007, compared to $1,332,176 for the same period in the
previous year. The primary result of the decrease in sales was due to the
loss of one large customer in Australia.
Biomerica announced net income for the six months ended November 30, 2007,
of $888,744 versus a net income of $171,020 in the previous fiscal year
during the same period, an increase of $717,724, or 419.0%. This includes
income of $697,034 on the sale of the Hollister-Stier Laboratories
securities Biomerica held for investment. The net income for the three
months ended November 30, 2007 was $3,358, compared to net income of
$106,448 in the same quarter the previous fiscal year.
Consolidated operating income (not including the gain on the sale of
Hollister-Stier securities) for the first six months of fiscal 2008 ended
November 30, 2007 was $220,680, versus consolidated operating income of
$159,358 in fiscal 2007, an increase of over 38%.
"While we are disappointed with sales this quarter, we continue to be
optimistic about the growth prospects for our products both current and
new," stated Zackary Irani, Biomerica CEO. "We are looking forward to
introducing a number of new products during this fiscal year."
About Biomerica (OTCBB : BMRA )
Biomerica, Inc. (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 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, sales potential, significant benefits, market size,
growth prospects, new products, 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.