Contact Information: Contact: Zackary Irani 949-645-2111
Biomerica Announces First Quarter Financial Results
| Source: Biomerica
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.