IRVINE, CA--(Marketwire - October 16, 2009) - Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, today reported diagnostic net sales of $1,148,521 for the first quarter of fiscal 2010 ended August 31, 2009, compared to diagnostic net sales of $1,194,345 for the first quarter of fiscal 2009. Consolidated net income for the first quarter fiscal 2010 was $7,934, versus consolidated net income of $140,812 in fiscal 2009.
“Based on our fiscal year plan, we expected relatively flat revenues and lower income for this quarter. The lower net income for quarter fiscal 2010 as compared to fiscal 2009 was due to higher capitalization of labor and overhead in fiscal 2009 and higher CE Mark expenses, outside services and repairs/maintenance in fiscal 2010,” stated Zackary Irani, Biomerica CEO. “We are working diligently to achieve milestones in expected new product introductions which we believe will favorably impact our financial performance in fiscal 2010. In addition, we are moving our company to new state-of-the-art office and lab facilities.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global medical technology company, based in Irvine, 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.
Contact:
Zackary Irani
949-645-2111
