IRVINE, CA--(Marketwire - April 15, 2010) - Biomerica, Inc. (OTCBB: BMRA) today reported net income before taxes for the quarter ended February 28, 2010 of $133,625 compared to net income before tax benefit of $218,902 for the same period in fiscal 2009. For the nine months ended February 28, 2010 the company reported a net loss of $164,147 compared to a net income of $314,540 during the same period in the previous fiscal year. The net loss for the nine months ended February 29, 2010 was primarily due to non-recurring move expenses associated with the move to a new building.
Biomerica announced net sales of $1,429,675 for the third quarter fiscal 2010 ended February 28, 2010, compared to net sales of $1,373,604 in fiscal 2009. Net sales for the first nine months of fiscal 2010 were $3,678,076 compared to net sales of $3,688,524 for the first nine months in fiscal 2009.
“We are continuing to make progress in expanding our distribution network, including the most recent agreement with IVAX Diagnostics,” stated Zackary Irani, Biomerica CEO. “We also expect significant new product introductions during the calendar year.”
About Biomerica (OTCBB: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical company that develops, manufactures and markets advanced diagnostic products used at the point-of-care (in home and in physicians’ offices ) and in hospital/clinical laboratories for the early detection of medical conditions and diseases. The Company’s products are designed to enhance the health and well being of people, while reducing total healthcare costs. Biomerica primarily focuses on products for Diabetes, Gastrointestinal Disease and esoteric testing.
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.
Contact: Zackary Irani
949-645-2111
