IRVINE, CA -- (Marketwire) -- 04/17/12 -- Biomerica, Inc. (OTCBB: BMRA) today reported net income for the nine months ended February 29, 2012 of $494,329 compared to a net income of $61,354 during the same period in fiscal 2011. For the quarter ended February 29, 2012 the company reported a net income of $181, 445 compared to net income of $73,403 for the same period in the previous fiscal year.
Biomerica announced net sales of $4,538,944 for the first nine months of fiscal 2012 compared to net sales of $3,684,454 for the first nine months in fiscal 2011. Net sales were $1,514,673 for the third quarter of fiscal 2012 ended February 29, 2012, compared to net sales of $1,345,900 in fiscal 2011.
"While we are pleased with the continued financial progress, we have opportunities to expand our distribution in Asia and South America," stated Zackary Irani, Biomerica CEO. "Our outlook remains positive for the remainder of the year."
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 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.