Full Press Release Details
NEWPORT BEACH, CA -- (MARKET WIRE) -- April 17, 2007 --Biomerica, Inc. (OTCBB: BMRA) today
reported stand-alone results of diagnostic net sales of $1,311,609 for the
third quarter fiscal 2007 ended February 28, 2007, compared to stand-alone
results of diagnostic net sales of $998,070 in fiscal 2006, an increase of
$313,539 or 31.4%. Stand-alone results of diagnostic net sales for the
first nine months of fiscal 2007 were $3,797,051 compared to stand-alone
results of diagnostic net sales of $2,792,222 for the first nine months in
fiscal 2006, an increase of $1,004,829 or 36%.
Biomerica announced stand-alone results of diagnostic net income for the
nine months ended February 28, 2007, of $264,521 versus a net income of
$162,285 in the previous fiscal year during the same period, an increase of
$102,236, or 63.0%. The stand-alone results for the three months ended
February 28, 2007 of diagnostic net income was $121,370, compared to
stand-alone results of diagnostic net income of $29,615 in the same quarter
the previous fiscal year, an increase of $91,755, or 309.8%.
As disclosed in the Company's 8-K filed on December 5, 2005, the Company's
subsidiary's (Lancer Orthodontics) financial statements are no longer
consolidated with Biomerica's financial statements, effective December 1,
2005. Therefore consolidated net sales for the nine months of fiscal 2007
are lower (see financials below).
"We expect continued growth in our diagnostic business," stated Zackary
Irani, Biomerica CEO. "As we close the ninth consecutive quarter of
profitability, we look forward to new product introductions in the upcoming
months that should enhance our product lines."
About Biomerica (OTCBB: 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, 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.
The following financial statements reflect the operating results of
Biomerica as reported in the Company's Form 10-QSB filed on April 16, 2007.
The full financial statements and management's discussion and analysis are
available in the above-mentioned Form 10-QSB.
The deconsolidation of Lancer Orthodontics from Biomerica occurred December
1, 2005. Therefore, the three and nine months ended February 28, 2007
include ONLY the results of operations for Biomerica and the results for
the nine months ended February 28, 2006 include operations of nine months
of Biomerica and six months of Lancer Orthodontics.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS (UNAUDITED)
Nine Months Ended Three Months Ended
February 28, February 28,
------------ ------------ ------------ ------------
Net sales $ 3,797,051 $ 5,717,260 $ 1,311,609 $ 998,070
Cost of sales (2,427,578) (3,820,715) (836,204) (649,468)
------------ ------------ ------------ ------------
Gross profit 1,369,473 $ 1,896,545 $ 475,405 $ 348,602
------------ ------------ ------------ ------------
and administrative 943,601 1,866,470 308,403 272,890
development 170,759 193,360 71,246 38,779
------------ ------------ ------------ ------------
1,114,360 2,059,830 379,649 311,669
------------ ------------ ------------ ------------
continuing operations 255,113 (163,285) 95,756 36,933
------------ ------------ ------------ ------------
Other Expense (income):
Interest expense 22,626 36,751 6,385 7,248
Other income, net (40,040) (45,575) (40,005) (730)
------------ ------------ ------------ ------------
(17,414) (8,824) (33,620) 6,518
------------ ------------ ------------ ------------
continuing operations,
interest in net loss
income taxes 272,527 (154,461) 129,376 30,415
Minority interest in
consolidated subsidiary -- 251,670 -- --
------------ ------------ ------------ ------------
Income from continuing
income taxes 272,527 97,209 129,376 30,415
Income tax expense 8,006 2,400 8,006 800
------------ ------------ ------------ ------------
continuing operations 264,521 94,809 121,370 29,615
Discontinued operations:
operations, net (27,869) -- -- --
------------ ------------ ------------ ------------
Net income 292,390 94,809 121,370 29,615
securities (36,868) (240,100) (8,662) (236,286)
------------ ------------ ------------ ------------
Comprehensive income
(loss) income $ 255,522 $ (145,291) $ 112,708 $ (206,671)
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