Contact Information: Contact: Francis Capitanio 949-645-2111
Biomerica Announces First Quarter Financial Results
| Source: Biomerica
NEWPORT BEACH, CA--(Marketwire - October 16, 2008) - Biomerica, Inc. (OTCBB : BMRA ), a global
provider of advanced diagnostic products for the early detection of medical
conditions, today reported diagnostic net sales of $1,194,345 for the first
quarter of fiscal 2009 ended August 31, 2008, compared to diagnostic net
sales of $1,340,065 for the first quarter of fiscal 2008.
Biomerica announced operating income for the first quarter fiscal 2009
ended August 31, 2008 of $147,258 versus operating income of $214,417 in
fiscal 2008. Consolidated net income for the first quarter fiscal 2009 was
$140,812, versus consolidated net income of $885,386 in fiscal 2008. Fiscal
2008 results include income of $697,034 on the sale of the Hollister-Stier
Laboratories securities Biomerica held for investment.
"We are disappointed with our revenues for this quarter. We missed our
revenue goals and are committed to resuming our revenue growth in upcoming
fiscal quarters," stated Zackary Irani, Biomerica CEO. "As we achieve
milestones in expected new product introductions, we believe that fiscal
2009 will show improvements in our performance."
About Biomerica (OTCBB : BMRA )
Biomerica, Inc. (www.biomerica.com) is a global medical technology company,
based in Newport Beach, 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.