IRVINE, CA -- (Marketwired) -- 04/15/14 -- Biomerica, Inc. (OTCBB: BMRA) today reported net sales of $1,492,719 for the three months ending February 28, 2014, compared to $1,416,698 for the same period in the previous year. Sales for the nine months ending February 28, 2014 were $3,441,299, compared to $5,002,418.
Net income for the three months ended February 28, 2014 was $26,544 compared to a net loss of $35,614 during the same period in fiscal 2013. For the nine months ended February 28, 2014, the company reported a net loss of $384,532 compared to net income of $492,937 for the same period in the previous fiscal year.
"While we are pleased that we returned to profitability, we are more excited about the progress we have made in expanding our distribution through a relationship with a large multinational pharmaceutical company (over $40 billion in sales and over 70,000 employees) and product registrations both of which should contribute to our financial progress," stated Zackary Irani, Biomerica CEO. "We are also pleased with the progress and increased in sales in the China market in this quarter. Our outlook remains positive."
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.