IRVINE, CA -- (Marketwired) -- 10/16/13 -- Biomerica, Inc. (OTCBB: BMRA), a global provider of advanced diagnostic products for the early detection of medical conditions, announced financial results today for the first fiscal quarter ended August 31, 2013.
Fiscal 2014 first quarter net sales for Biomerica were $1,013,739 for the three months ended August 31, 2013 as compared to $1,701,949 for the same period in the previous year. This represents a decrease of $688,210. The decrease was primarily due to decreased sales in Asia resulting from the restructuring of the Company's distribution channel in China. While the Company believes this restructuring will ultimately result in higher revenues and better margins long term, this restructuring is negatively impacting sales in the near term.
Net loss for the first quarter fiscal 2014 was $167,714, or $0.02 per share compared to a net income of $291,640, or $0.04 per share in fiscal 2013.
"The restructuring of our China distribution was a proactive strategy. While this strategy is negatively impacting sales in the near term, we are optimistic about the long term success in this market," said Zackary Irani, Biomerica Chief Executive Officer. "In addition the Company is pursuing technology that we believe will be patentable in the near term and will have a positive acceptance in the gastrointestinal market."
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 is 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, expected improvements in performance, new distribution, expected product introductions, belief that new strategies will yield higher sales and margins, sales potential, market size, growth of business, positive outlook, 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.