2013-01-17 13:39:11 -
IRVINE, CA -- (Marketwire) -- 01/17/13 -- In the news release, "Biomerica Announces Second Quarter Financial Results," issued by Biomerica, Inc. (OTCBB: BMRA), we are advised by the company that the second sentence of the second paragraph should read "The net income for the six months ended November 30, 2012 was $528,550 or $0.08 per share, compared to net profit of $312,884 or $0.05 per share in the same period the previous fiscal year" rather than "The net income for the six months ended November 30, 2012 was $528,550 or $0.08 per share, compared to net loss of $312,884 or $0.05 per share in the same period the previous fiscal year" as originally issued. Complete corrected text follows.
Biomerica Announces Second Quarter Financial Results
Sales up Over 18% for First 6 Months; Net Income up Over 68%
IRVINE, CA -- January 15, 2013 -- Biomerica, Inc. (OTCBB: BMRA) today reported net sales of $1,883,771 for the three months ended November 30, 2012, compared to $1,616,606 for the same period in the previous year, an increase of $267,165, or 16.5%. Net sales were $3,585,719 for the first six months of fiscal 2013 compared to $3,024,271 for the first six months in fiscal 2012, an increase of $561,448 or 18.6%.
Biomerica announced net income for the three months ended November 30, 2012, of $236,919 or $0.03 per share versus a net income of $195,092 or $0.03 per share in the previous fiscal year during the same quarter. The net income for the six months ended November 30, 2012 was $528,550 or $0.08 per share, compared to net profit of $312,884 or $0.05 per share in the same period the previous fiscal year.
"Our net income this quarter was lower due to a onetime restructuring in our Mexico facility which should make us more efficient in the future as well as higher R&D costs in the quarter and 6 month period," stated Zackary Irani, Biomerica CEO. "We are working diligently to expand our distribution and product offering and we are excited about our prospects for both these areas."
Biomerica, Inc. ( www.biomerica.com : 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.
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, sales potential, significant benefits, market size, prospects, new products, favorable outlook, new distributors, expansion, increases in productivity and margins, expected orders, leading market positions, anticipated future revenues or production volume of the Company, the launch or 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.